Five Steps To Take Immediately To Get Your Finances On Track For FY26

As a new financial year begins in less than a month, it’s the perfect time to take stock of your finances and reassess your strategy, if needed. Whether you’re aiming to build wealth, manage debt or ensure financial security, taking steps now can make a huge difference in the long run.

Here are five essential actions to help you start FY26 on the right foot.

A well-structured budget is the foundation of sound financial management. Begin by reviewing your income, fixed expenses such as rent, utilities and loan repayments, and discretionary spending (such as dining out or travel. Assess whether your spending aligns with your earnings and make adjustments where necessary. By setting clear limits on variable expenses and ensuring sufficient savings, you can gain better control over your finances and prevent unnecessary overspending.

An emergency fund acts as a financial cushion against unexpected events like job loss, medical emergencies or urgent home repairs. Ideally, you should have at least three to six months’ worth of living expenses saved in a liquid, easily accessible account. If you already have an emergency fund, review whether it still aligns with your current lifestyle and financial responsibilities. If not, make it a priority to increase your savings gradually until you reach a comfortable buffer.

If you have outstanding loans or credit card balances, focus on reducing high-interest debt first. Consider using any additional income, such as a pay raise or bonus, to pay outstanding balances. In addition, consolidating multiple debts into a single loan with a lower interest rate could make repayment more manageable.

Your insurance policies need to evolve as your life changes. Major life events such as marriage, having children, buying a home or starting a business can affect the level of coverage you require. Reviewing your policies annually ensures that your life, health and property insurance provide adequate protection. Additionally, changes in income or financial obligations should be factored in when determining the right amount of coverage to safeguard your loved ones and assets.

Whether you’re saving for a home, retirement or any major life event, this is a good time to evaluate your progress towards these goals. Market fluctuations and personal circumstances can impact your financial plans. So, you need to reassess your strategy regularly. If you find yourself off track, adjust your investment plans or savings rate accordingly. On the other hand, if you’re making good progress, consider setting new financial objectives to continue growing your wealth.