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​Cost of living remains a concern for many people going into 2026. The festive and holiday season can add an extra layer of pressure as we up our spending on presents, celebrations and holiday activities.
For many people when January comes around, they take a look at the bank (or credit card balance) and think 'I need to get on top of things' or 'this year is going to be different'!
Financial resolutions can have a lasting impact. Whether it's getting out of debt, establishing an emergency fund, or finding ways to reduce your tax bill, taking action is key to making these goals a reality. It's important to put your financial plans into motion in order to achieve the desired outcomes.
24 February - Financial Wellbeing webinar
To help you start the year right LGIS is providing all local government staff with a free webinar on financial wellbeing. Delivered by the Financial Counsellors Association, it will be packed with practical tips and tricks to help you feel in control of your money.
In the meantime, here are a few tips to get you started.
Practical financial tips
To kick-start your journey towards financial wellbeing in the New Year try these four tips:
Create a new budget and stick to it
Take the opportunity at the beginning of 2026 to create a comprehensive budget for the year ahead. Evaluate your income and expenses from the previous year, excluding December, and identify areas where you can reduce spending. Track your purchases against your budget to ensure you stay on track. Staying in tandem with your budget will help you stress less and feel more confident.
Build an emergency fund
An emergency fund is always a smart idea that acts as a safety net for unexpected financial burdens. Whether it's urgent car repairs or unforeseen medical bills, having an emergency fund can alleviate financial stress. If you don't have one, consider creating one and making regular contributions. If you already have an emergency fund, assess how much you can afford to add to it throughout the new year as part of your overall budget.
Develop a debt repayment plan
If you have an existing debt, it's essential to create a comprehensive plan to pay it off. Prioritise high-interest debt, explore debt consolidation options, or focus on eliminating the largest source of debt first. Tailor your plan to align with your goals and circumstances. If needed, seek guidance from a financial counsellor for expert advice.
Prioritise your credit
Improving your credit score should be a priority if it falls below the desired level. A good credit score enables you to obtain loans at competitive interest rates. Pay down credit card balances and other debts, pay bills on time and in full, set up auto pay, and eliminate long-standing debt. Consistently practicing these habits will boost your credit health and overall financial wellbeing.
Looking for more financial wellbeing information?
LGIS has partnered with the Financial Counsellors' Association of WA in 2026, providing members with access to a range of services through the health and wellbeing program. Contact the LGIS WorkCare Services team at health@lgiswa.com.au about how to use your health and wellbeing allocation.