The Financial Wellness Audit: The First Step I Wish I’d Taken Sooner
Introduction
If you’re anything like I was a few years ago, you might think your finances are “fine.” You’re making payments, keeping a little in savings, and maybe even dabbling in investments. But the truth is, until I sat down and really audited my finances, I didn’t realise how much money I was leaving on the table—and how much financial stress I was unnecessarily carrying.
This post isn’t about diving deep into financial theory or overcomplicating things. It’s about doing something simple but powerful: checking in with your money. I’m going to share how I started auditing my finances and how it helped me take control in ways I never expected. And if you're ready, I’ve created a quick Financial Wellness Audit Checklist that will help you do the same.
Why I Started Auditing My Finances
I’ll be honest. I used to think the only people who needed to audit their finances were those who were in serious trouble. I never spent more than I earned and I had savings. But even though everything looked okay on the surface, I still felt like I wasn’t getting ahead as fast as I should be.
So, I decided to take action and review all aspects of my finances—not with a fine-tooth comb, but with the intention of spotting areas where I could make improvements. That’s where the idea of a financial audit came in.
What I Found (and Fixed)
Income: For years, I didn’t ask for a raise, even though I was delivering big results at work. It wasn’t until a casual chat with a co-worker that I realized I was being paid less than my peers—despite leading major projects. That conversation was a wake-up call: if you don’t ask, you won’t get what you deserve. You don’t have to wait until your annual review—start the conversation early.
Savings: I had some savings, sure, but they weren’t really working for me. After reviewing how much money I need for emergencies, I transferred the rest into ETFs where it can work harder than sitting in a savings account.
Expenses: I used to pay for Netflix's Premium plan because I thought 4K was a must. I downgraded to HD, and honestly, I can’t tell the difference. I also started meal planning, and that cut my grocery bills and takeout spending significantly. Sometimes, small changes—like downgrading a subscription or planning meals—can really add up.
Investments: I got into shares during COVID when companies like Qantas and Flight Centre were heavily discounted due to the world being in lockdown and made a lot of gains when the world opened up again. However, I never researched the company’s earnings and strategy and I cannot follow the same approach long term. I did make a bad investment along the way and lost some money along the way which negates some of the gains I earned from QAN and FLT. Now, I mostly invest in ETFs—they take the guesswork out of it, and the returns have been solid, around 8-10%.
Superannuation: I hadn’t been checking in on my super as often as I should’ve been. Once I reviewed it, I realized I was in a higher-fee fund with lower returns than I could be getting elsewhere. Switching to a better-performing fund has made a noticeable difference in my projected retirement income.
Debt: I’ve always been careful with debt. I never used AfterPay and I clear my credit card balance every month. But when I bought my house, I learned about debt-recycling from my Financial Advisor. It’s a way to turn your home loan into a tax-deductible investment loan, and it’s been a game-changer for my tax returns. It’s not just about avoiding bad debt—it’s about using debt to your advantage. This strategy alone gives me thousands in tax returns every year.
Tax Planning: I used to miss out on deductions just because I wasn’t tracking my expenses. Now, I keep an eye on work-related costs and make smarter investment choices that reduce my tax liability. These small tweaks have reduced my tax bill and improved my cash flow.
Estate Planning: When I went through my divorce, I realised I hadn’t thought about what would happen to my assets if something happened to me. I worried that whatever asset I had left would go back to my ex-husband. So I engaged an Estate Lawyer to set up a Testamentary Trust Will and assign beneficiaries for my super to ensure my assets would go to my family. This gave me real peace of mind knowing that everything is set up for the future.
How You Can Start Your Financial Wellness Audit
Money can feel overwhelming, but it doesn’t have to be. That’s why I created the Financial Wellness Audit Checklist—a simple, actionable guide to help you assess your financial situation in bite-sized steps. It won’t take hours of your time, and it’s designed to show you where you’re doing well and where you could improve.
Once you see what’s working and what’s not, you’ll feel more empowered to make meaningful changes—whether it’s renegotiating a bill, adjusting your investments, or setting clearer goals. This checklist is your first step.
If you’re ready to get started, download the Financial Wellness Audit Checklist and begin your audit today. It’s the same process I used to take control of my finances, and it’s easier than you think. Trust me—it’s worth it!