Financial Wellbeing In 2025: How To Achieve Your Money Goals

With two in five Australians struggling to stay on track with their long-term financial goals, the end of the year offers a perfect opportunity to reassess finances.

Whether it's saving more, maximizing your superannuation, or getting expert advice, making small adjustments now can have a big impact on your financial wellbeing in 2025 and beyond.

Here's how you can take control of your money and set yourself up for a stronger financial future.

1. Set clear goals and budget

Three in five Australians struggle to save money. To fix this, calculate how much you can save each payday and stick to it. Even small savings add up. Government website, Moneysmart, offers helpful tools like budget planners to get you started, reports Moneymag.com.

2. Boost your retirement savings with tax benefits

Your employer contributes 11.5% of your pre-tax salary to your super fund, which will increase to 12% from July 1, 2025. You can boost your savings by salary sacrificing extra amounts, as these contributions are taxed at just 15%, unless you earn over AU$250,000. This tax-effective way helps you reach a long-term saving goal.

You can also add more through salary sacrifice. Consider using the extra income from the government's Stage 3 tax cuts to add to your super.

3. Use carryforward contributions to catch up

If you've contributed less than your super cap in past years, you can catch up using carry-forward contributions.

If you haven't reached your super contribution cap in the past five years, you may be able to contribute more than AU$30,000 at a 15% tax rate through carry-forward contributions. This option is helpful if you've taken time off work for reasons like caring for a relative or illness. However, you must have a super balance under AU$500,000 as of June 30 and enough taxable income to make the contributions.

4. Consider special retirement provisions

For those approaching retirement, options like the Downsizer Contribution and the Transition to Retirement (TTR) pension can help top up your super and maintain cash flow. Both allow you to save while still working.

Downsizer contribution for superannuation

If you're 55 or older, you can contribute up to AU$300,000 from the sale of your home to your super. If you and your partner use this option, you can contribute a total of AU$600,000. This contribution is tax-free, and you can also withdraw it tax-free later. The Association of Superannuation Funds recommends a super balance of AU$690,000 for couples or AU$595,000 for singles, so this contribution can help you reach your goal.

Transition to retirement (TTR)

If you're 60 and not retired, a TTR pension could be beneficial. It allows you to work full-time, withdraw up to 10% of your pension tax-free, and keep contributing to your super. This can increase your cash flow and allow you to make extra contributions to your super, boosting your savings.

5. Seek professional advice

Consulting a financial adviser can help you make smart decisions. Professional advice can guide you in managing your money and planning for the future. Some of these fees may even be tax-deductible, especially if they relate to managing your tax (like salary sacrifice) or income-producing investments outside your super.

6. Practice self-compassion

Money can be stressful, especially at the end of the year. Financial therapist and author Vicky Reynal suggests practicing self-compassion, reflecting on what you can do differently next year instead of dwelling on past mistakes, reports CNBC Make It.

7. Audit your financial health

Take stock of your financial situation by reviewing these five key areas: short-term debt, family protection (insurance and a will), emergency savings, pension savings, and investment plans. This audit will help you create a solid financial plan.

8. Keep your budget simple

Avoid complex spreadsheets and use budgeting apps that track your spending. A daily "five-minute check-in" can help you stay on top of your finances without feeling overwhelmed.

9. Set achievable goals

Avoid ambitious money resolutions. Start with small, actionable goals to build confidence and momentum. Automate monthly savings for long-term goals like retirement or holidays. Over time, these small wins will lead to bigger financial success.

10. Be mindful of your spending habits

It's okay to treat yourself, but reflect on how your spending makes you feel. If it causes stress, cut back on those habits. Spend on things that bring you joy and avoid the purchases that make you anxious.