Financial Checklist: Secure Your Finances with These 10 Smart Steps
A financial checklist is one of the most powerful tools for controlling your money and building a secure future. Whether you’re looking to reduce debt, save for emergencies, or protect your family’s wealth, following a clear checklist gives you structure and confidence in your financial decisions.
Here are 10 steps you can take right now:
1. Reduce Your Credit Card Debt
Interest on unpaid credit cards can exceed 20%. That’s a huge drag on your finances. Make it a top priority to pay down credit card balances and avoid carrying debt month-to-month.
2. Set Up Three Bank Accounts
Separate your finances to gain control. Use an Everyday Account for spending, a Bills Account for recurring expenses, and a Savings Account for your goals or emergencies. This helps you see exactly what’s available to spend without blowing your budget.
3. Automate Transfers
Once your accounts are set, automate transfers. Pay yourself first by directing a portion of your income into savings and bills accounts. This creates financial discipline without constant effort.
4. Build a 3-Month Emergency Fund
Most income protection policies have a 1–3 month waiting period. Aim to save enough to cover three months of living expenses. Start with 5% of your income and build over time.
5. Negotiate a Lower Home Loan Rate
Banks rarely offer better deals unless you ask. Check competitor rates and request a match from your bank. Even a small rate cut could save thousands each year.
6. Be Tax-Efficient
Place family savings in a mortgage offset account (no tax on interest saved) or in the name of the lower-income spouse to reduce tax. Small adjustments can lead to significant savings.
7. Organise Your Legal Documents
Know where your Will, Enduring Power of Attorney, and Advance Health Directive are kept. Make digital backups and share copies with trusted contacts or your accountant.
8. Protect Your Family Wealth
Work with an adviser and lawyer to structure your estate so that inherited wealth stays in your bloodline—especially important if your children face separation or legal risks.
9. Review Insurance and Superannuation
Ensure your income, life, and trauma insurance are up to date. Check your super investment strategy regularly—being stuck in a default option can cost you tens of thousands over time.
10. Set a Retirement Target
Ask your adviser for a “Freedom Plan” that models how much super and investment income you’ll need to retire comfortably—and what steps to take now to get there.
Start Your Financial Checklist Today
By following this financial checklist, you can reduce risk, gain clarity, and take real control over your financial life. These steps don’t require a finance degree—just a clear plan and action.
Need help putting this into practice? Contact Eclipse Advisory today for personalised financial advice.
View the pdf here: Financial Safety Checklist 11 2020