5 smart money moves to set you up for 2026

You know the drill: we're busy, time flies, and we have limited time to devote to our finances.  

That's okay. A busy life is often a rich life.  

This summer, though, take a few minutes away from the beach, barbecue or latest bestseller to give your finances a once-over. A small reset now can help you head into 2026 in great shape.

Here are five ideas to get the ball rolling. Try one - or embrace them all - to make your money work harder in the new year.  

1. Declutter your financial life 

By 'decluttering your financial life', I mean cutting out accounts, subscriptions and products that no longer deliver real value.

A key culprit is entertainment subscriptions. A report by Deloitte confirms we're paying more for entertainment than ever before but using it less. As a guide, we're spending an average of $78 each month on digital entertainment (think the likes of Netflix).  

The thing is, a Westpac survey found that three in 10 Australians admit to paying up to $600 annually on duplicate services and apps they no longer use. 

Part of the problem is auto-renewals. They make it easy to lose track of what we're paying for.  

If that's not bad enough, consumers have to contact each provider separately to cancel a service.  

Some banks are starting to address this issue. Westpac, for example, plans to introduce a new feature that allows account holders to view - and cancel - subscriptions directly through its app.

If you're with another bank, check your account statements to make a list of the subscriptions you're paying for.  

Other steps you may consider taking to declutter your financial life include:

• Closing bank accounts or credit cards you no longer use
• Cancelling old insurance policies that no longer suit your needs
• Consolidating your super to reduce fees and paperwork (just be sure to check your insurance cover before making a switch)
• Reviewing direct debits and automatic payments

Yes, it's a pain, but decluttering your finances by cancelling and closing what you don't need can put real cash back in your pocket in 2026.

2. Look for a better deal - on everything 

We often devote time sweating the small stuff - shaving a few bucks off our grocery bills by chasing supermarket specials - yet put up with financial products charging over-the-top rates.

Home loans are a good example. The average variable loan rate is 5.52%, but Canstar says you could find rates as low as 5.08%. On a $600,000 mortgage over 25 years, switching to a cheaper lender could cut monthly repayments from about $3,692 to $3,536 - that's an extra $156 in your pocket each month, or $1,872 a year.

This isn't just about mortgages. Power bills, credit card rates and insurance premiums all fall into the same "you can probably do better" category. If you've been with the same provider for a while, take some time to shop around. There's a good chance you could save by switching. 

Canstar's Cost of Living comparison tool estimates households could potentially save up to $10,000 a year by switching providers, plans or policies across everyday expenses and bills, including home loans.

3. Put spare cash to work - without overthinking it

Australians are holding a lot of cash. Bank regulator APRA says around $1.7 trillion - yes, trillion - is sitting in deposit accounts. 

Sure, cash plays a valuable role in portfolios but plenty of people are sitting on significant sums of cash. 

What's wrong with that? Think of it this way. The Reserve Bank says the average deposit rate is 3.0%. With living costs rising by 3.8% over the past year, the purchasing power of money in bank deposits is going backwards.

By comparison Aussie shares have delivered a total return (including dividends) of 8.7% so far this year, comfortably outpacing inflation.

That doesn't mean rushing to invest or putting every spare dollar to work. It's important to keep enough cash on hand to cover unexpected expenses.

If you do have extra cash or are saving regularly, it may be worth considering investing rather than leaving everything in a savings account. Be mindful of investing in line with your comfort with risk and volatility, and your investment timeframe.

Once you've worked out how much you can invest each month, keep things simple by automating contributions.

This not only makes investing more consistent and easier to stick with over time, but also allows you to take advantage of dollar cost averaging - buying more when prices are lower and less when they're higher. Regular contributions can really add up over time.

The key is being intentional. Know what your cash is for, know what you're investing for, and set things up so your money works quietly in the background while you get on with life.

4. Give your investment portfolio a health check

If you already have investments, it's worth giving your portfolio a quick once-over.

Start by asking whether the asset allocation is right for you. What made sense a few years ago may no longer match your goals, timeframe or comfort with risk. A simple check can help you see whether you're still happy with how your money is invested.

Take a look at how diversified your portfolio is and whether any single investment has grown larger than you intended. If so, it may be time to consider rebalancing.

It's also worth reviewing your fees to make sure you're not paying more than you need to.

Finally, take some time to review how your portfolio has performed. When it comes to returns, think long term rather than worrying about short-term ups and downs. 

You don't need to make changes for the sake of it. Just make sure your portfolio still fits where you're at now and where you want your money to take you next.

5. Take a closer look at your super  

No matter what life stage you're at, reconnect with your super this summer. 

Around 15 million Australians have a MySuper account. If you're one of them, it's worth heading to the YourSuper comparison tool on the Australian Taxation Office (ATO) website. It's a great way to see how your super fund shapes up. 

Investment returns change from year to year, but fees are a constant. The ATO's comparison tool highlights the often remarkable difference in fees. You could, for instance, pay as little as $280 annually with Vanguard's MySuper or $654 with Hostplus MySuper. Over time, that fee difference can have a major impact on your super savings in retirement. 

If you're over 65 and heading into retirement in 2026, it's important to check how your super is set up. Super Consumers Australia estimates around 700,000 Australians aged 65-plus who are not working full-time still have their super in accumulation-style accounts, where investment earnings are taxed at 15%.

Once super is moved into a retirement (pension) account, earnings are generally tax-free. So staying in an accumulation account can significantly lower your disposable income in retirement. If you tick this box, or you're likely to in 2026, be sure to call your fund to understand your options.

Key takeaways

Not all of these tips will suit you or your life stage, so feel free to mix and match and see what works for your money. The main point is to take a proactive approach to your money. Even a few tweaks can deliver big rewards. 

Here's to a prosperous 2026!