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New Year often comes with a feeling of “I should get my life together.” Some people join a gym. Others declutter a cupboard. One of the most powerful resets, though, sits quietly in the background – tidying up your financial and administrative life.
In research I carried out for Can Planning for Death Make You Happier?, people who imagined organising their bills and bank accounts reported lower anxiety: they did not walk away feeling morbid. They felt lighter. The job that had been nagging at them was finally done.
A financial spring clean works in a similar way. You reduce the number of loose ends your brain is tracking and give yourself a clearer picture of where you stand. That is a very healthy way to start a year.
Below is a general guide you can adapt to your own situation.
Why a financial spring clean feels so good
A few simple ideas from behavioural science help explain the mood shift once you get started.
Cognitive load
Unfinished tasks and missing information sit in the back of your mind and quietly use up energy. Writing things down, or closing something off, frees that energy back up.
Sense of control
Uncertainty is stressful. Even small steps, like knowing where key documents are, can make life feel more manageable.
Closing “open loops”
Your brain keeps track of unfinished jobs. Every completed step is one less thing to remember at 3am.
Your new year financial spring clean: where to start
Do not try to do everything in one sitting. Pick one or two sections that feel most important and start there.
1. Take stock of your accounts
Aim for a simple list, not a masterpiece.
- Note your main bank accounts, savings, offset accounts and credit cards.
- Mark any accounts that are no longer needed and consider whether to close them.
- Check that statements and key notices are going to the right email address.
Even this short exercise can make your finances feel less abstract and more visible.
2. Do a bills and subscriptions check
Over a year, it is easy to accumulate automatic payments you barely notice.
- List your regular bills: utilities, internet, phone, insurance instalments.
- Add subscriptions: streaming services, apps, memberships, cloud storage.
- Decide which ones still earn their place.
If you dislike maintaining lists, there are digital tools that help. Platforms such as BillWill use secure open-banking connections to map your bills and recurring payments in one place, which can be helpful for you now and for an executor in the future.
3. Organise your essential documents
In my research, this step had one of the strongest “relief” effects. People felt better simply knowing key information was no longer only in their head.
You might gather or list:
- Your will and the name of the firm that holds the original
- Super fund and member numbers
- Details of life, income and other personal insurance
- Mortgage and loan accounts
- Banking and investment platforms
- Contact details of your adviser, accountant and solicitor
- Important identity documents (passport, licence, birth or marriage certificates)
You do not have to move everything into one folder today. Even a single page that says “these are the main pieces and where they live” is a gift to your future self and to your family.
4. Tidy your digital life
More and more of our financial and personal world now sits behind a screen.
Consider:
- Consolidating or updating passwords, ideally in a password manager
- Checking which phone or email is used for two-factor authentication
- Noting important email accounts and cloud storage services
- Making a short note of what your executor would need to access if something happened to you
If you want more structure, a digital estate tool such as BillWill can help you store key information, bills, and practical instructions in one secure place, so that loved ones are not left guessing.
5. Refresh your everyday money plan
A spring clean is also a good time to check whether your everyday money habits still match your current life.
You might:
- Look back at last year’s spending categories and spot any surprises
- Identify two or three areas where small adjustments would make the biggest difference
- Decide on a simple system for tracking progress this year (for example, a monthly check-in rather than daily monitoring)
The goal is not rigid control. A light structure that you actually use is far more helpful than a perfect plan that lives in a drawer.
What to talk to your adviser about this year
Some topics are best discussed with a licensed financial adviser who understands your circumstances. The start of a new year is a good time to book that conversation, or plan what you want to talk about in your annual review.
You might ask about:
- Whether your current superannuation arrangements still align with your time horizon and risk tolerance
- How your insurances (inside and outside super) fit with your family situation and goals
- The best way to structure savings or investments for upcoming milestones, such as schooling, renovation or retirement
- How your estate planning (including nominations and your will) interacts with your broader financial plan
- Any key legislative or product changes that might affect you this year
Turning up with a simple list of questions and a clearer snapshot of your current position will make the conversation far more productive.
A realistic way to begin
A New Year financial spring clean works best when it feels achievable. Here are a few gentle entry points:
- Choose one evening to list your main accounts and where statements go.
- Spend ten minutes cancelling one unused subscription.
- Start a single document called “Important Information” and add to it gradually.
- Book a time with your adviser and send them a short summary of what you would like to cover.
Each small step removes one source of background worry. That is often enough to create the sense of ease people are really looking for when they talk about “getting organised this year”.
General advice warning
This article contains general information only. It does not take into account your objectives, financial situation or needs. You should consider whether the information is appropriate to your circumstances and seek professional advice from a licensed financial adviser before making financial decisions.
Get in touch with Colin at BillWill or Find a Planner near you!
The Money & Life website is operated by the Financial Advice Association Australia (FAAA). The views expressed in this article are those of the author and not those of the FAAA. The FAAA does not endorse or otherwise assume responsibility for any financial product advice which may be contained in the article. Nor does it endorse or assume responsibility for the information.
