As we move into the new financial year – and second half of the calendar year – now could be a great time to look at look at how your money goals are tracking. If they’re not achieving what you’d like to, there are also a few tweaks you could think about making to get your plans back on track.

Here are a few things to consider revisiting this month.

1. Look at your interest rates

• As a saver

Given interest rates are on the high side, there are opportunities for savers to be rewarded with a bit of extra interest for their savings. If your bank isn’t paying you interest, it could be worth shopping around.

• As a borrower

While savers are earning a bit more, mortgage-holders are in the opposite boat. Again, looking for other deals or negotiating with your lender could help to bring down your rate.

2. Check in on super

Super is critical for a healthy retirement, so it’s important to check in periodically to make sure you’re on the right path for your later years. These questions may help:

• Are you being paid the correct amount of super from your employer?

It should be 11.5 per cent of your salary. For example, if you’re earning $60,000 a year, your employer should be paying you $6900 in super each year.

• Do you have the right level of insurance?

Most super funds have arrangements with insurers to offer income protection, total and permanent disability and life insurance. It’s worth checking if you have the right level of insurance.

• How does your fund compare on insurance and fees?

If your super fees are too high, it can reduce the amount of money you’ll have in retirement. The Your Super comparison tool (link here) allows you to plug in your fund and see how it compares to others when it comes to the returns it’s getting for members and how much it charges in fees.

3. Revisit your budget or create a new one

Many of us have been affected by the higher cost of living. It may mean money plans and goals from the start of the year need a bit of adjusting. Consider checking in on your budget or creating a new one for the new financial year.

Want to know more about budgeting? This video (link) may help.

4. Set up or review your emergency fund

An emergency fund is a safety net for when the unexpected happens. If you haven’t set one up, now could be the time to think about creating another account for things like surprise medical, car or house expenses that you can’t pay for out of your regular budget.

In this article (link), First Nations Foundation CEO Phil Usher talks about why emergency funds are important, using lessons from the COVID-19 pandemic.

Like every article on this website, this is not personal financial advice.

If you’re worried about your money situation, you can call the National Debt Helpline on 1800 007 007.