EOFY made easy: six tips to take control of your money
25 June 2025
The end of the financial year (EOFY) can be a stressful time but also a great opportunity for a fresh start. Now is the time to seize that opportunity and get in control of your finances. To help you, the Salvos Moneycare team has put together six timely tips to help you on the way. We’ve also included some choice words of wisdom from The Barefoot Investor himself, Scott Pape.
These tips may not resolve every challenge, but they can help you start the new financial year with less stress and more confidence. You can also get in touch with Moneycare at any time for free resources and counselling.
1. Take stock of your financial position
This is an important step towards effective money management! Look over your income, expenses, debts, and savings from the past year. Review the performance of your investments too, if relevant. Even a simple snapshot can give you clarity and confidence as you move forward. It also helps to identify your financial strengths and potential financial risks.
2. Check for unclaimed deductions or entitlements
There are various deductions, offsets, or rebates that you could be eligible for. This is especially likely if you’re working, investing, or caring for someone. To make sure you’re getting what you’re owed – use the Australian Taxation Office (ATO) website to access the Tax Help Program.
3. Refresh your personal money plan
Because costs shift and circumstances change over time, it’s a very good idea to revisit your personal money plan (budget). Decide what matters most, adjust for rising expenses, and build a little buffer for the unexpected. A fresh plan can bring peace of mind and put you in a good position for the financial year ahead.
4. Spend wisely
Make sure you prioritise the important expenses like school costs, car registration, and utilities. Look at what’s due in the next few months and plan ahead to avoid stress later.
You should also be mindful of such things as EOFY sales. It can be tempting for the ‘bargain mindset’ to take over. Before any purchase, ask yourself: ‘Do I need it, and can I afford it?’ A good deal isn’t really a deal if it causes stress down the track.
Scott says: “If money’s tight, skip the fancy tax tips, and get your bills sorted, your debt under control, and your head clear for next year.”
5. Make a plan for your tax refund
A tax refund can be a helpful financial boost — and so it is important to carefully plan how you will use it ahead of time. It could go toward your savings, bills, paying down debt, or covering another upcoming cost. A little planning can help you get the most from a lump sum tax return and put you in a stronger financial position.
6. Check in on your superannuation
Your super is your money, even if it feels far off. Use this time to:
- Look for lost super through MyGov
- Check your insurance settings and costs inside super
- Make sure your beneficiary details are current
For more information, you can contact the Services Australia's Financial Information Service. The Association of Superannuation Funds of Australia (ASFA) website also has helpful tools and guides.
Scott says: “The best EOFY hack isn’t tax, it’s checking where your super’s parked and slashing the fees.”
Very importantly, never be ashamed to ask for help if you’re struggling. There are people who can support you every step of the way.
Scott says: “If you’re struggling financially, EOFY is a time to take stock, not just of your money, but your life. Reach out and speak to a free financial counsellor if you need help. You’re not alone.”