Checklists

Getting started with money

The foundation. Work through these first.

• Open a fee-free everyday accountDeposit pay here; pay bills from here10 minFree
• Open a separate high-interest savings accountFor emergency fund and goalsFree
• Apply for a tax file number (if you do not have one)Free through the ATOFree
• Set up automatic transfers on paydayA fixed amount to savings before you can spend it
• Do a first budgetUse the budget planner - estimate at first20 min
• Check your super fund and consolidate any extrasVia ATO online in myGov

Build an emergency fund

Your safety net against surprises.

• Work out your essential monthly expensesUse the emergency fund calculator15 min
• Set a starter goal of $1,000-$2,000Fast as you can
• Automate a weekly or fortnightly transferEven a small amount counts
• Keep it separate from everyday spendingReachable, but not on your daily card
• Build towards 3-6 months of expensesLonger-term goal

Tackle your debt

Clear the expensive stuff first.

• List every debt: balance, rate, minimum paymentUse the money snapshot20 min
• Keep paying minimums on all debtsProtects your credit record
• Target the highest-rate debt with spare moneyAvalanche method - cheapest overall
• Consider a balance transfer only if it genuinely helpsWatch fees and the revert rate
• Call the National Debt Helpline if you are behind1800 007 007 - free and confidentialFree
• Ask lenders about hardship arrangementsThey must consider your request

Tax return time

Get it right and claim what you are owed.

• Wait until late July so data is pre-filledMore accurate, less work
• Gather income statements and bank interestMostly pre-filled via myGov
• Collect receipts for work-related deductionsOnly real, documented expenses
• Check your private health cover detailsAffects the Medicare levy surcharge
• Lodge via myTax or a registered tax agentSelf-lodgers: usually by 31 October1 hr
• Note any study-loan (HELP) repaymentAvoids a surprise bill

Buying your first home

A big step - plan it carefully.

• Build your deposit and check borrowing powerA broker can help, usually free to you
• Confirm which schemes you qualify forHome Guarantee, FHSS, current state grants
• Check current Tasmanian duty and grant rulesThese changed on 1 July 2026 - confirm with SRO TasCheck
• Get loan pre-approvalShop with confidence
• Budget for costs beyond the priceDuty, conveyancing, inspections, moving
• Get a building and pest inspectionBefore you commitPaid
• Engage a conveyancer before making an offerThey review the contractPaid

When life changes

A new job, baby, separation, illness or windfall.

• Revisit your budget straight awayIncome or costs may have shifted
• Check your emergency fund still fitsBigger household may need a bigger buffer
• Update insurance and super beneficiaryEspecially after major life events
• Tell relevant agencies of changesATO, Centrelink, your fund - avoids debts and delays
• Check any concessions you newly qualify forVia Services Australia and your stateFree
• Update or make a willMajor life events change who you want to provide for

Verified 20 July 2026