Fun Fact: Most New Year’s resolutions that fall flat generally are abandoned by mid-January. With the second Friday in January being affectionately referred to as “Quitters Day”.

Depending on where you are now, that means two things:

• If you’re still chasing your New Year’s resolution, congratulations! You’re ahead of the pack
•  If you’ve fallen off, now’s the perfect time to revive your resolution.

Financial resolutions sit comfortably in Australians’ minds, with 85% of Australians having set a financial goal for 2026.[1] Within these goals, the big one was saving money, followed by spending less and reducing expenses.

Within that, 9% of Australians are determined to pay off their mortgage in 2026[1]. Here are the steps you can take to help achieve your finance goals in 2026.

Saving Money

Maybe you’re saving for a home, looking to build up a safety net in your finances, or want to increase your spending money. Regardless, a fundamental part of saving money is where you save your money.
You may get a pay increase or pick up another job, but the most straightforward way to accrue wealth is to use a savings account that generates a decent amount of interest when left untouched. It could be worth having some of your paycheck go directly into a savings account. (The 50 /30 /20 rule can be a solid structure for this!).

Spending Less Money

There are several ways you can work towards spending less money in the year. Some are lifestyle changes, but many are simple adjustments you can make that reduce your spending.

• Speak with service providers, such as electricity, phone, water etc. (where possible). They may be able to reduce your monthly bill just by asking for a more competitive deal. If your provider is unwilling to reduce your cost, you may want to explore options with other providers.
• Know where your money is going. A budget template can help you plan out your annual spending and help you know exactly where each dollar is going, and where you may be able to reduce costs. Our Budget Planner can help with this.
• If you have a mortgage, reach out to your local MoneyQuest broker to see if it’s worth refinancing to a more competitive available rate. Whether it’s negotiating with your existing lender or exploring other options, an annual home loan health check is a great way to ensure your home loan isn’t siphoning unnecessary funds.
• If you want to make a huge impact on spending less, a low-buy or no-buy challenge could be the solution. These challenges see you reduce your spending on non-essential purchases. How hard this is depends on your own rulings. So you may commit to cutting out spending on some of the following
  • Clothing
  • Decor
  • Books
  • Eating out
  • Entertainment
  • Events
  • Holidays

This can be quite intimidating, so only cut out the things you feel confident you can live without. (for example: if you work late, eating out may be a non-negotiable). It may also be worth test-running with a No-Buy month to learn the ropes and decide if it’s for you.

Paying Off Your Home Loan

If you’re planning to be mortgage-free by 2027, then it’s important to check your timeline. This is much more straightforward if you’re nearing the end of your home loan term already. Simply stick to repayments (as you have for 20-30 years) and see where you can chip a bit of principal away as you go.

If you want to cut years off your home loan, it’s best to chat with your local MoneyQuest broker to explore what’s possible. It may be too ambitious to reduce your loan by years, and the banks may penalise you for it with an early repayment fee. If you’re willing to make some changes and pay more towards your home loan, it’s possible to be debt-free sooner.

• By increasing your monthly repayments, you can chip away at the principal faster, meaning you owe less on your home loan. This can also reduce how long you’re owing on your home, and how much interest you’ll pay over the life of your loan.
• Consider using loan features, such as an offset account or redraw facility, if available to you. While the two serve different purposes, the impact is similar: accessible funds that reduce the interest you’re charged on your home loan.
• Refinancing can also lead to a potentially lower interest rate, which means more of your repayments can go towards principal, not interest.

Whatever your New Year’s finance resolution, there’s no need to do it alone. Make MoneyQuest your accountability buddy this year and reach out to make 2026 count!

[1] Cooke, G. and Godfrey, J. (2025). New Years Resolutions 2026. [online] Finder.com.au. Available at: https://www.finder.com.au/insights/new-years-resolutions-statistics [Accessed 22 Jan. 26AD].

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