The financial year has ended, but that’s no reason to stop thinking about your money.

Financial planner and iPac Western Australia CEO Patrick Canion says forget EoFY miracles, if you start now you won’t need them in a year’s time.

“Forget chasing last minute tax deductions on June 30, really wealthy people have these in the bag by acting throughout the year,” he says.

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A recent ING Direct survey revealed almost one in five Australians are spending more than they earn, but that doesn’t have to be you. Financial planners recommend using this time of year to set up your finances and budget for the more expensive time ahead at the end of the year.

Check out this up-to-date list of how your life just got more expensive with new regulations, fees and taxes, and use this handy checklist to get your finances in order now.

Get organised now.

Set goals

Hillross Wealth Management director and financial planner Ash McAuliffe says to make sure you sit down and think about where you are today and where you want to be in 12 months time.

Set at least three goals to aim for in the next 12 months.

Set a budget

“Definitely set a budget,” says Mr McAuliffe. Look at your incomings, outgoings and how much you want to save, spend or invest.

Where does your money go?

Don’t be like the 18 per cent of Australians spending more than they earn, if you run through how you spend your money now there are likely to be areas you can make savings, Mr Canion says. Look at regular expenses like phone and internet packages.

“Every wealthy person and successful company does this once a year, so why shouldn’t you?”

And what to do with your savings? Mr Canion recommends putting it into paying off debt or adding to your super nest egg.

Get organised

Ditch the shoe boxes and make this financial year the one you actually keep your receipts in order.

Mr Canion says if you’ve got all the documents you can claim a deduction for your office expenses and a portion of costs such as rent and electricity. Plus, you can claim part of the cost of bigger ticket items like computers as a tax deduction each year.

Don’t spend on unnecessary bling.

Tax refund – don’t blow it

If you are in line for a tax refund, it can be tempting to look at tax refunds as a spending free-for-all, but Mr Canion advises not to blow the cash.

“Pay it straight into any mortgage or personal loans you have – it will be the best investment you ever make,” he says.

“Think of it as free money – you never had it, so why waste it. Even a few hundred dollars can help knock a long time off your mortgage, or save a lot of interest on your car loan.”

Extra super?

Get your super documents out and have a look at how it is invested says Mr McAuliffe. Don’t just leave it in a default fund, see if you should go with a riskier or more conservative super strategy.

Your Super Guarantee contributions have just gone up by 0.25 per cent, but Mr Canion says you might also need to consider salary sacrificing to have a comfortable retirement. Check how your super is tracking at the Money Smart superannuation calculator.

If you need advice you could speak to a financial planner or industry super funds offer free general advice to members.

• How much do you need to retire comfortably at 65?

Re-assess your circumstances

Debt: Shop your debt around, Mr Canion says. “Interest rates have dropped and banks are desperate for new customers.  It’s not as much of a pain to move banks now as it used to be, so go see a mortgage broker today.”

Insurance: Look at where you are now. The start of financial year is the time to make sure you have the right insurance in all forms (health, home, life and income protection) and the bonus is you can often get a better deal by moving – just make sure you have protection in place before you cancel the old contract.

“Saving money by not having insurance? You’re an idiot – that sort of saving is a false economy,” Mr Canion says.