Top 10 tips to clean up your finances for the New Year (for Australians 55+)

The New Year is a perfect opportunity to pause, reflect, and reset – especially when it comes to your finances. Whether you’re already retired or getting closer to that next life chapter, a simple financial check-up can make a big difference in giving you more freedom, less stress, and better peace of mind.

Here’s a practical 10-step guide for Australians over 55 to help clean up your financial life for the year ahead.

1. Review your debts – consider refinancing or consolidation

Start by looking at all your debts – including your home loan, credit cards, personal loans, or even a car loan. Interest rates have changed significantly over the past few years, so what was once a good deal may now be costing you thousands more than necessary.

Home loan still hanging around? You might be eligible for a lower rate or better terms through refinancing – even in your 50s or 60s, when you can also consider refinancing to a loan that requires no repayments (i.e. reverse mortgage).

Credit cards with high interest? Consider consolidating those into a low-rate personal loan or balance transfer.

Pro tip: Speak to a qualified mortgage broker who understands the needs of over 55s and can assess whether refinancing suits your stage of life and goals.

2. Check in on your superannuation

Your super could be your most valuable asset after your home. Now’s a great time to:

• Review your super fund’s performance and fees
• Check if you’ve got lost super through the ATO’s MyGov portal
• Consider if your investment mix (growth vs conservative) still matches your retirement plans
• Look at downsizer contributions if you’ve sold (or plan to sell) your home

Tip: If you’re over 55, you may be able to access part of your super through a Transition to Retirement (TTR) strategy, depending on your circumstances.

3. Simplify your accounts

Having too many bank accounts, super funds or credit cards can make it harder to manage your money. It’s easy to lose track of fees and balances.

• Consolidate duplicate super funds to avoid multiple admin fees
• Close unused credit cards or bank accounts
• Set up separate accounts for bills, spending, and savings to stay organised

This isn’t just about tidiness – it’s about making your money easier to manage as you move into your next life phase.

 4. Update or create a Will and Power of Attorney

Life changes – and so should your legal documents. If your Will is more than a few years old, or your situation has changed (divorce, grandchildren, property purchases), it’s time to review it.

Also consider setting up:

• Enduring Power of Attorney
• Medical Directive / Advance Care Plan

Tip: Many Australian states offer discounted or free legal assistance for seniors. Check with your local Legal Aid or Seniors Rights organisation.

5. Check your insurance – are you still covered properly?

As we age, our insurance needs change. Now is the time to review your:

• Home and contents insurance – do your coverage amounts still reflect what you own?
• Health insurance – are you still on a high-tier policy you no longer need?
• Life insurance / Income protection – are you paying for cover you may no longer require?

Some policies may be outdated or overpriced. Others may have limits once you reach a certain age.

6. Create or review a budget based on today’s expenses

Your spending and income patterns are likely different now than they were 10 years ago. Maybe you’re semi-retired, receiving a pension, or still working part-time.

• Track your actual monthly expenses for 2-3 months
• Compare them with your income (pension, super drawdown, work)
• Identify where you’re overspending – subscriptions, eating out, etc.

This doesn’t mean cutting everything out – it’s about spending intentionally on what brings you joy and security.

7. Check government benefits you may be missing

You might be eligible for more than you realise. Review your entitlements through:

• Services Australia (Centrelink)
• Commonwealth Seniors Health Card
• Pensioner Concession Card
• State-based rebates and concessions on utilities, rego, and council rates

Visit Services Australia or call 132 300 to find out what you’re eligible for.

8. Make a plan to pay off “bad debt” faster

If you’re still carrying credit card debt or personal loans with high interest, make 2026 the year to knock it down.

• Use the Avalanche Method (paying off highest-interest debts first) or
• The Snowball Method (paying off smallest balances first for motivation)
• Consider refinancing or using equity to clear expensive debts (speak with a broker)

Even small extra repayments can save thousands in interest.

9. Automate your savings and bill payments

Automation is your best friend – especially when you’re managing multiple income sources and bills.

• Set up direct debits for fixed bills
• Use BPAY View to manage bills in one place
• Automate transfers to your savings or emergency fund

This ensures you never miss a payment and helps you stay in control, without needing to remember everything manually.

10. Plan for the fun stuff – travel, gifting, grandkids

Cleaning up your finances isn’t just about cutting back. It’s about creating space for what really matters – holidays, hobbies, helping your kids or grandkids, or finally ticking off that bucket list item.

• Set a specific savings goal for a trip or gift
• Allocate funds towards the joys of retirement
• Remember – your money should support the lifestyle you want, not the other way around

Final thoughts

Financial clarity is one of the greatest gifts you can give yourself in the New Year – especially in this phase of life. A few small changes can lead to less stress, more choices, and better control.

If you’d like to take a closer look at your mortgage, consolidate debts, or explore refinancing options, it’s a great time to speak to a broker who understands the needs of Australians over 55.

Here’s to a more confident and comfortable financial year ahead.