Financial goals every woman should set before the new year begins

Most resolutions fail. January isn’t a normal month, with schools out, people travelling and lingering holiday lethargy. Plus, we’ve just come off the silly season spendathon.

Suddenly, February arrives and we feel like we’ve failed before we’ve really started, and so give up altogether. Why not try things differently this year and get started in December? That way, you’ll begin the new year from a place of keeping the momentum going rather than starting from scratch. 

Kick off with the following goals if “be better with money” is on your resolutions list (and even if it’s not!):

Embrace your independence

We’re heading into 2026 – the second quarter of this century! Women don’t need a partner or parent to support us anymore. We can – and should – be independent. What does financial independence actually involve?

It’s things like:

• Your own bank account. It’s important to have at least some money that is yours and only yours.
• Shared decision-making. Having your partner solely responsible for household finances means more room for mistakes, hides wrongdoing, and leaves you exposed if the relationship breaks down or your partner dies.
• Qualified advice. Don’t just take your gal pal’s word or trust some wannabe on social media. Professional advice from your own qualified and experienced accountant and financial adviser will help ensure money movements are in your own best interests.
• Being proactive. Planning is crucial but so is putting those plans into action and then regularly monitoring their progress. Income, relationships, family, health, the economy and regulations change over time, and your financial arrangements must adapt accordingly.

Get the basics right

Financial foundations are like shoes: strong ones help us stand tall, live well and look great; dodgy ones can cause us to lose our footing and land in the shit. 

Take a look at your foundations and see if they’re as strong as they could be: 

• Emergency fund. This is your cash stash to get you out of trouble in a hurry (like fleeing domestic violence, a natural disaster or chronic illness). Here are some tips for building an emergency fund.
• Spending and investment plan. It’s nicer sounding and more comprehensive than a budget, with visibility over what you own, what you earn and what you spend.
• Insurances. Right-size your policies to provide full coverage against losses but only pay for what you need.
• Superannuation. Get the right structure and growth strategy for you and embrace relevant benefits (like spousal, downsizer or low-income earner co-contributions).
• Estate planning. A valid will, nominated beneficiaries and executor(s), letter of wishes (like funeral plans), guardianship and healthcare directives, Power of Attorney, and appropriate structures so beneficiaries don’t lose their inheritance to tax or fees.

Put supports in place

Juggling motherhood, ageing parents and in-laws, a household, work and everything in between means women today have never been busier. It’s only natural to forget things or push items down the to-do list. 

This is where technology can lend a helping hand, with tools like:

• Calendar reminders on your phone when bills are due, to avoid late fees and credit card interest.
• Automatic transfers from each pay cycle into your savings account and emergency fund.
• A mortgage offset account to reduce how much interest you’re charged.
• Expenses apps to photograph and store receipts for work and self-education expenses, to claim from your employer or at tax time.
• A low value, hard limit on your credit card to avoid overspending.

A word of warning, though: don’t let tech alone control your finances. It’s still important to review bank statements for superfluous spending (like direct debits you no longer use) and troublesome transactions (scams or duplicated charges).

Celebrate the holidays – responsibly

Giving generously this festive season doesn’t have to mean starting the new year with a maxed-out credit card. Just give wisely, such as:

• Setting a budget and sticking to it. Using cash instead of credit will help.
• Not leaving your shopping to the last minute, so you don’t miss out on sales and aren’t forced to impulse buy at any price.
• Gifting your time or handmade goodies instead of bought ones, which save money and are more meaningful.
• Making a donation, in the recipient’s name, to charitable cause close them – then claim the tax deduction.
• Giving gifts that empower the recipients, such as self-education books (e.g. managing money) or classes to learn a new skill they could use to earn money (like photography or pottery).
• Sharing the load – do a Secret Santa among your adult relatives to reduce your overall spend; divvy up the meal so the host doesn’t bear all the cost and effort.

By not overstretching yourself financially, you’ll be able to relax and enjoy the holidays even more. That’s very merry indeed!

Disclaimer: The information in this article is of a general nature only and does not constitute personal financial or product advice. Any opinions or views expressed are those of the authors and do not represent those of people, institutions or organisations the owner may be associated with in a professional or personal capacity unless explicitly stated. Helen Baker is an authorised representative of BPW Partners Pty Ltd AFSL 548754.