End-of-Year Money Checklist: 10 Things To Do Before NYE

The end of the year has a habit of sneaking up on us. One minute it’s November, the next you’re arguing over prawns at Christmas lunch. Before you mentally check out for the year, it’s worth doing a quick end-of-year money tidy-up.

This checklist isn’t about extreme budgeting or turning into a spreadsheet goblin. It’s about a few smart, practical money moves that can help you finish the year on the front foot and roll into the new one feeling organised, not financially hungover.

1. Review Your Budget (Yes, Even If You Hate Budgets)

Budgets don’t need to be restrictive, but they need to be realistic. Before the year wraps up, take a look at where your money actually went. Check your bank statements and see what categories blew out (it’s usually food, subscriptions, or “miscellaneous”, which is code for chaos).

If your budget never quite works, it’s probably because it doesn’t reflect real life. Adjust it now so it suits how you actually spend, not how you wish you spent. That way, you’re setting yourself up for success next year, not guilt.

2. Rein In Holiday Spending Before It Snowballs

Christmas and New Year spending can quietly undo months of good intentions. Gifts, travel, food, social events –  it adds up fast.

Set a clear spending limit for the festive period and stick to it. If you’re using a credit card or Buy Now Pay Later, be extra cautious. January debt has a nasty habit of lingering well into winter.

Enjoy the season – just don’t let it follow you into the new year with interest attached.

3. Cancel Subscriptions You Forgot You Had

Subscriptions are the silent killers of cash flow. Streaming platforms, apps, gym memberships, software you used once in 2022 – they’re all quietly charging away in the background.

Go through your bank statements and cancel anything you don’t actively use. If you wouldn’t sign up for it again today, it probably doesn’t deserve your money.

While you’re at it, review utilities, phone plans and insurance premiums. Loyalty rarely pays, but shopping around often does.

4. Use Up Your Health Insurance Extras

If you have private health insurance, check your extras balance now. Most health funds reset extras benefits on 1 January, meaning anything you haven’t claimed is gone.

Dental, optical, physio, remedial massage – if it’s included in your policy and you haven’t used it, book it in. You’ve already paid for it through your premiums. Leaving it unused is like throwing money in the bin, just with more paperwork.

5. Top Up Your Super (If You Can)

Super isn’t exciting, but future you will be very glad that you paid attention in your end-of-year money tidy-up!

If you’ve had a decent year financially, consider making an extra super contribution. Even small amounts can make a meaningful difference over time thanks to compound growth.

This could include salary sacrificing, making a personal contribution, or contributing to a spouse’s super if eligible. Just make sure you stay within contribution caps and don’t lock away money you’ll need in the short term.

6. Check, Consolidate and Find Lost Super

Many Australians have multiple super accounts floating around from old jobs. That usually means multiple fees quietly eroding balances.

Log into myGov and check how many super accounts you have. If appropriate, consider consolidating them into one account to simplify things and reduce fees. You can also check for any lost or ATO-held super you may not even realise you have.

While you’re there, review your investment option and insurance cover to make sure they still suit your age, income and goals.

7. Get Organised for Tax

You don’t need to do your tax return now, but December is a great time to get organised.

Gather receipts, invoices and records for work-related expenses, donations, and any side income. Make sure your details with the ATO are up to date and that you’re setting aside money if you’ll have tax to pay.

If you work from home, have investments, or run a side hustle, keeping things tidy now will save stress (and scrambling) later.

8. Make a Charitable Donation (If It Fits Your Budget)

If you’re in a position to give, the end of the year is a great time to support causes you care about. Donations of $2 or more to registered charities are generally tax deductible, as long as you keep your receipt.

Don’t donate purely for the tax benefit, but if you’re planning to give anyway, it’s good to understand the financial upside. Just give within your means and to organisations you genuinely trust.

9. Pay Down High-Interest Debt

If you’re carrying credit card debt, now is the time to face it head-on. High-interest debt is one of the biggest barriers to building wealth.

Use any spare cash (bonuses, refunds, leftover holiday budget) to reduce balances. Focus on the highest-interest debt first, or whichever approach keeps you motivated.

10. Set One Clear Financial Goal for the New Year

You don’t need a dozen resolutions. One clear, achievable financial goal is enough.

That might be building an emergency fund, paying off a specific debt, saving for a home, or finally getting on top of your super. Make it specific, give it a timeline, and automate where possible.

Small, consistent steps beat big promises every time.

Final Thought

You don’t need to overhaul your entire financial life before 31 December. Even ticking off a few end-of-year money items from this list can make a noticeable difference.

Think of it as closing the books on the year properly, so you can start the next one feeling clear, confident, and in control.

Any advice is general in nature only and has been prepared without considering your needs, objectives or financial situation. Before acting on it, you should consider its appropriateness for you, having regard to those factors. Before making any decision about whether to acquire a financial product, you should obtain the Product Disclosure Statement.