Starting the new year with strong financial habits can transform your money situation in 2026 and beyond. According to the Australian Securities and Investments Commission (ASIC) MoneySmart, Australians with a written budget save an average of 20% more each year than those without one. Here are the most impactful financial resolutions you can make — and keep — in 2026.

1. Build a Budget That Actually Works in 2026

A realistic budget is the foundation of financial health. In 2026, the average Australian household spends approximately $2,200 per week on living expenses (ABS Household Expenditure Survey). Start by listing your after-tax income, then categorise spending into needs (50%), wants (30%), and savings/debt repayment (20%) — the 50/30/20 rule remains one of the most effective frameworks for Australians.

  • Track every expense for 30 days using a free app like ASIC's TrackMySPEND
  • Automate transfers to a separate savings account on pay day
  • Review your subscriptions — the average Australian wastes $600/year on unused services
  • Include irregular costs: car registration, insurance renewals, school fees

2. Pay Down High-Interest Debt First

Credit card interest rates in Australia average 19–22% p.a. in 2026, making high-interest debt the single biggest drain on household wealth. The "avalanche method" — targeting the highest-rate debt first while paying minimums on others — saves more interest than any other repayment strategy. If you're juggling multiple debts, speak to your accountant about debt consolidation options.

3. Boost Your Superannuation Contributions

The 2026 concessional (before-tax) super contribution cap is $30,000 per year, including employer contributions. If your employer pays the Super Guarantee (currently 11.5% of ordinary time earnings), you may have room to make additional salary-sacrifice contributions and reduce your taxable income at the same time. Every extra $1,000 in super now can be worth over $7,000 at retirement due to compound earnings.

  • Salary sacrifice: Arrange with your employer to contribute extra pre-tax dollars
  • Personal deductible contributions: Self-employed? Claim super contributions as a tax deduction
  • Spouse contributions: Contribute to a lower-income spouse's super and receive an 18% tax offset (up to $540)
  • Government co-contributions: Earn under $58,445? The government matches 50c per $1 of after-tax contributions, up to $500

4. Build a 3-Month Emergency Fund

Financial advisers recommend keeping 3–6 months of living expenses in a liquid, high-interest savings account. In 2026, several Australian banks offer savings accounts with rates above 5% p.a. (conditional). An emergency fund means you won't need to raid your super or go into debt when unexpected costs hit — car repairs, medical bills, or a period out of work.

5. Review Your Tax Position Before 30 June 2026

The end of the 2025–26 financial year on 30 June is your last chance to take advantage of tax-year strategies. Key actions to consider before EOFY 2026:

  • Pre-pay eligible deductible expenses (income protection insurance, professional memberships)
  • Purchase depreciable business assets under the $20,000 instant asset write-off (now permanent)
  • Top up concessional super contributions to the $30,000 cap
  • Harvest capital losses to offset capital gains
  • Claim working-from-home deductions using the ATO's fixed rate method (70 cents per hour)

6. Get Professional Financial Advice

Australia's tax system is complex and changes every year. A qualified tax accountant or financial adviser can identify opportunities and traps that generic online calculators miss. At AWTS, we work with individuals, sole traders, and small businesses across Australia to optimise tax positions and build long-term financial health.

Frequently Asked Questions

How much should I have in savings in 2026?

Financial experts recommend a minimum of 3 months of living expenses in an accessible savings account, plus separate funds for planned expenses (holidays, car, home maintenance). Beyond that, invest surplus savings in super or diversified investments for long-term growth.

What is the super guarantee rate in 2026?

The Superannuation Guarantee (SG) rate is 11.5% of ordinary time earnings from 1 July 2024, rising to 12% from 1 July 2025. Employers must pay SG contributions at least quarterly into your nominated super fund.

Can I claim a tax deduction for personal super contributions?

Yes. If you make personal (after-tax) super contributions and lodge a "Notice of Intent to Claim a Deduction" with your fund before lodging your tax return, those contributions are treated as concessional (pre-tax) and taxed at only 15% in your fund — typically much lower than your marginal rate.

Ready to make 2026 your best financial year yet? Contact AWTS to book a tax planning session with one of our experienced accountants.