EOFY: Why right now is the best time for your money health check

The financial year ends a week from now on 30 June. That makes this week a golden opportunity to sit down, review your entire financial life, check-in on your goals and spending habits, and take advantage of EOFY deals that can actually save you money.

Life has gotten very expensive

The cost of living continues to rise, and with it, interest rates. If you've got a home loan chances are you're paying hundreds of dollars more each month than you were this time last year.

So the end of financial year is a great time to review your spending. Look at where your money is going, identify unnecessary expenses or opportunities to cut back.

It can be a painful experience, but once you tally up the potential savings it's very motivating. Here are some suggestions:

• How much are you paying in subscriptions? Netflix, Spotify, Disney+, Kayo, media subscriptions, gym memberships, it all adds up. Can you stick to one streaming service at a time? Can you move to a cheaper plan (there's an $8 difference between Netflix's monthly standard ad-free plan and the premium plan)?
• How big are your grocery bills? The way you shop can have a big impact on your budget.
• How much are you spending on delivery food? It's painful, but an Uber Eats habit is incredibly expensive. Add it up over a month and think about how good it would feel to have that money sitting in your savings instead.
• How much are you spending on online shopping? Maybe food isn't the problem. Maybe it's a Temu addiction. Again, it's not about total frugality. But once you add up how much you spend on things you may not actually need, you can start to decide how much you actually want to spend in future.

You may be able to avoid the Medicare Levy Surcharge next financial year

Do you earn over $101,000 a year ($202,000 as a family)? Do you have private health insurance with hospital cover?

Because if you earn more than the threshold and don't have hospital cover, you're going to pay the Medicare Levy Surcharge. That's a tax of between 1% and 1.5% of your income.

It's too late to avoid now, but if you get the right hospital cover before 30 June, you can avoid it next financial year.

If you haven't switched providers lately, you're paying too much

If you've been with the same home or car insurer, electricity provider or mobile plan for a few years you're almost certainly paying too much.

Loyalty is not rewarded. Better deals go to those who switch. Trust me, I know: I saved almost $800 on my home insurance in minutes.

Shop around, switch to a better deal, and save. Then do it again this time next year. Now is also the perfect time to do it because there are so many EOFY deals for people who switch.

Changes to super are coming next week

Some big changes to super are coming from 1 July. You'll get super paid earlier, the same time as your salary, and you'll be able contribute slightly more next financial year.

There's also a new tax on investment earnings if your super balance exceeds $3 million.

So it's the perfect time to look at your super fund to make sure you're getting a good return, you've chosen the right risk and investment options, and you're not paying too much in fees.

Tax time is coming up fast

You've still got one week left to make some tax-saving moves. Maximise your tax return by making tax-deductible purchases now, consider topping up your super, and make sure you've got records and receipts for everything.

Your six-step EOFY money health check

That's a lot of information to take in. So here is a handy numbered list:

1. Review your spending.
2. Check in on your saving goals and investments.
3. Look at your super fund performance and consider making changes.
4. Maximise your tax deductions while you can.
5. Review your insurance policies, energy plans, phone and internet plans.
6. Switch to an EOFY deal and save.