Time to do a Financial Health Check

Can You Answer These Questions?

Do You Know Your Financial Health Check Numbers?

A Financial Health Check isn’t about complex spreadsheets or perfect finances. It’s about understanding a small set of core numbers that show where you are now, where you’re heading, and what changes could make the biggest difference.

Most people know their basic health stats, but fewer can confidently answer simple questions about their financial health.

 1. What is your total wealth?

Many people avoid this number because it feels confronting, but clarity is empowering. Once you know your starting point, you can measure progress and make informed financial decisions with confidence. Your total wealth (or net worth) is the foundation of any Financial Health Check.

It’s calculated as: assets (what you own) minus liabilities (what you owe)

Assets may include:

• Property
• Superannuation
• Savings and investments
• Vehicles and other valuable assets

Liabilities include:

• Home loans
• Investment loans
• Credit cards and personal loans
• HECS/HELP debt

2. How much debt do you have, and how long will it take to pay off?

Debt isn’t necessarily bad, but unmanaged debt can quietly undermine your financial position. We often see people focusing only on minimum repayments without realising how much interest they’re paying overtime or how long the debt will last. A small change in structure or repayments can sometimes save years and thousands of dollars.

• What is your total debt across all loans?
• What interest rates are you paying?
• How long will it take to repay each debt at your current repayment levels?

3. How much superannuation do you currently have?

Many Australians know their balance roughly, but don’t review it regularly or understand how contributions, fees, insurance, and investment options affect long-term outcomes.

Knowing your current super balance allows you to:

• Track whether you’re on course
• Identify gaps early
• Make informed contribution decisions

Super works best when it’s reviewed regularly, not left on autopilot.

4. How much super will you need to retire comfortably, and can you get there?

Understanding whether your current trajectory matches your retirement goals helps avoid surprises down the track. Many people assume they’ll “figure it out later,” but small changes made earlier, even modest additional contributions can have a significant impact over time.

Ask yourself:

• What does a comfortable retirement look like for you?
• At what age do you want the option to retire?
• Does your current super balance and contribution level support that goal?

5. How much have you saved on average over the last three years?

Savings habits reveal more than a single bank balance. This isn’t about judgement, it’s about identifying patterns. If saving has been difficult, the issue is often cashflow structure, tax, or debt management rather than discipline alone.

Ask:

• How much did you save on average each year over the last three years?
• Was your saving consistent or irregular?
• Did savings increase as income increased?

6. What are your top three non-essential expenses?

A strong Financial Health Check doesn’t require cutting out all enjoyment, but it does require awareness. Are there places you really don’t need to be spending money? The goal isn’t elimination, but alignment. Small adjustments here can free up meaningful cashflow for savings, debt reduction, or super contributions.

Identify your top three non-essential expenses, such as:

• Subscriptions
• Dining out or takeaway
• Shopping or lifestyle spending

7. What are your top three money goals for the year ahead?

Clear goals turn numbers into action. A Financial Health Check connects these goals to real numbers making them achievable, not just aspirational.

Your goals might include:

• Reducing debt
• Building savings
• Increasing super
• Buying or upgrading property
• Improving tax efficiency or cashflow

Ready for a professional Financial Health Check?

If some of these questions were difficult to answer, that’s not a problem it’s a sign that a review was needed and professional advice could be what your ready and looking for.

At Cashflow Financial Accounting, we help individuals and families:

• Build clear, practical financial plans
• Structure debt and super more effectively
• Improve cashflow and tax outcomes

If you’d like help turning these questions into a clear plan, contact Cashflow Financial Accounting today. We’ll help you take control of your financial health with clarity and confidence.