In Australia, the End of Financial Year (EOFY) falls on June 30th, marking the close of the accounting period when businesses meet their financial reporting obligations. While many companies take advantage of this time to launch EOFY sales or utilise remaining budget allocations, it’s also a key moment for financial reflection—both for businesses and individuals.
This year, the current financial climate in Australia has added layers of complexity. Rising inflation and interest rates, shrinking profit margins, and the growing demand for emergency support from community organisations have contributed to widespread financial stress and uncertainty.
Although these conditions can feel overwhelming, they also provide an opportunity to pause, reset, and reassess. It’s during these challenging times that we can practice financial discipline and revisit the basics of effective budgeting.
EOFY also brings a wave of advice from financial publications—articles like “Want to build more wealth? Check these 5 things,” “6 ways to save an extra $14,000 every year,” or “The easy way to boost your super.” While these tips can be valuable, it’s important to start with simple, practical steps:
🔍 Analyse your spending – Where is your money going?
💬 Have a financial check-in – Like Scott Pape (The Barefoot Investor) suggests, make it a “date night” and talk about money openly.
🧾 Use free budgeting tools – Start with proven methods like the 50/30/20 rule:
- 50% for needs
- 30% for wants
- 20% for savings
This rule, popularised by U.S. Senator Elizabeth Warren, brings us back to the fundamentals of living within our means, resisting temptation, and planning for unexpected expenses.
EOFY is more than a deadline—it’s a chance to recalibrate, build good habits, and work toward financial stability and peace of mind.
