Reaching your financial goals: 3 simple tips...

Practical Advice to Build a Stronger Financial Future…

Whether you're saving for a house deposit, investing for retirement, or building a buffer for life’s curveballs, most of us have financial goals we’re striving to achieve.

The real challenge? Following through. We often start with the best intentions, but life gets busy, priorities shift, and motivation wanes.

In fact, research by ASIC’s Moneysmart found that while more than half of Australians set a financial goal for 2025, only 1 in 8 (12%) managed to stick with it.

No matter what your goal is, these simple tips can help you stay focused and make steady progress.

Tip #1: Set a SMART Goal

Vague goals like “save more” or “spend less” are easy to ignore. A SMART goal—Specific, Measurable, Achievable, Relevant, and Time-Bound—gives you a concrete target and a clear path to reach it.

Instead of saying, “I want to save for a house,” try: “I’ll save $20,000 for a house deposit by December 2026 by putting aside $300 each week.”

SMART goals help clarify your intentions and make it easier to stay on track.

Planning ahead also matters. Think about potential roadblocks—unexpected bills, social events, or seasonal expenses—and factor them into your plan.

Once your goal is set, automate your progress where possible. Set up regular transfers to your savings or investment account to make contributing effortless.

While automation can support consistency, make sure the tools you use align with your risk profile and financial goals.

Tip #2: Track Your Progress

One of the best ways to stay motivated is to regularly track your progress.

According to the American Psychological Association, people who monitor their goals—whether it's weight loss, quitting smoking, or financial savings—are significantly more likely to succeed. Frequent tracking was linked to higher success rates.

The lesson? Regular check-ins help you stay engaged, quickly identify any setbacks, and make timely adjustments.

Use whatever method suits you: a spreadsheet, a simple notebook, or an app that visualises your progress. The key is to build it into your routine.

Tip #3: Stay Flexible

Even with the best planning, life happens. You might face unexpected expenses, shifts in income, or other competing priorities.

Flexibility is essential. That might mean reducing your contributions temporarily, extending your timeline, or reassessing your approach.

What matters most is continuing to move forward—even if progress slows. Small, consistent steps still add up over time.

Rick Maggi CFP, Financial Asdvisor Perth, Westmount Financial

Regularly topping-up your super can make a huge difference...

The Power of Regular Voluntary Super Contributions

As the end of the financial year approaches, it’s a great time to consider boosting your super.

New research from Vanguard reveals that small, consistent contributions can significantly grow your retirement savings — and potentially reduce your tax bill.

For example, a 30-year-old who contributes just $1,000 annually to their super for 15 years could be nearly $80,000 better off by retirement at age 67. That’s the equivalent of contributing just under $20 per week. Even a single $1,000 contribution at age 30 could grow to more than $8,400 by retirement, thanks to compound interest.

“The key to boosting your retirement savings is the power of compound interest. So, the earlier you start, the better,” says Renae Smith, Chief of Personal Investor at Vanguard Australia.

The table below shows how annual contributions of $500 or $1,000 over 10 or 15 years — starting at age 30 — could impact your retirement balance…

How a Super Top-Up Before 30 June Could Reduce Your Tax Bill

Making a voluntary concessional super contribution may also reduce your tax bill. These contributions are typically taxed at a lower rate than most people’s marginal income tax rate, and you can often claim a deduction.

For instance, a 30-year-old earning $80,000 who contributes $1,000 to their super and claims a tax deduction would receive a $320 tax refund. This effectively reduces their take-home pay by $680. After 15% contributions tax, $850 is added to their super — meaning they’re $170 ahead overall…

Don’t Leave It Too Late

To make the most of these benefits this financial year, act early. Aim to make any extra contributions at least a week before 30 June to allow for processing.

Rick Maggi, Financial Advisor, Westmount Financial, Perth

Disclaimer
This document has been carefully prepared by Westmount Securities Pty Ltd (ABN 42 090 595 289, AFSL 225715) for general information purposes only. However, neither Westmount Securities Pty Ltd nor any of its affiliates guarantee the accuracy or completeness of any statements contained herein, including any forecasts. It is important to note that past performance is not a reliable indicator of future outcomes. This material does not consider the specific objectives, financial circumstances, or needs of any particular investor. Therefore, before making any investment decisions, investors should assess the relevance of this information to their individual situation and consult professional advice, taking into account their unique objectives, financial position, and needs.