Review Your Financial Plan in 3 Easy Steps

Now that the 2026 Budget Speech has been delivered, many households are considering how the announced tax updates, cost‑of‑living adjustments and national spending priorities may affect their pockets this year. This is the perfect moment to pause and look at the building blocks of your financial plan, like your income, goals, savings, debt, assets, investments, risk cover and retirement planning.

When was the last time you reviewed your financial plan?

The biggest mistake we make with any plan is not following through. Setting goals is the easy part, but regularly checking in and adjusting takes a little effort. There are three simple steps to make reviewing your financial plan more manageable, and now, right after the Budget Speech, is an ideal time to do it.

1) Define your financial goals

When was the last time you sat down with a notebook and re-evaluated what you want for yourself and your family? This is the foundation of your financial plan. Break your goals into short, medium and long‑term targets because some dreams take more time (and consistency) than others.

• Short‑term (under a year):
  Build a starter emergency fund, clear smaller debts or save for school essentials.
• Medium‑term (within 5 years):
  Put money aside for a milestone family holiday or a home improvement project.
• Long‑term (5+ years):
  Fund your child’s tertiary education or secure the retirement you envision.

Post‑budget, sense‑check your goals against the new environment. For example, updated tax thresholds or credits may change your take‑home pay; inflation and social spending priorities can influence your cost assumptions and timelines. Aligning personal targets with the broader outlook helps you plan with confidence.

2) Save for the future while protecting against risks

If life keeps teaching us anything, it’s that we’re not always in control. Use this post‑Budget window to revisit the “what‑ifs” that could derail your progress:

• What if I become ill or injured and can’t work?
• What if interest or living costs rise faster than expected and I don’t get ahead of my debt?
• Am I on track to retire, especially if contributions, tax treatment or allowances shift this year?

Risk protection, which includes income cover, life cover and disability benefits, keeps your plan steady when life doesn’t go according to plan. The budget speech doesn’t remove uncertainty, but it does clarify the rules of the game so you can adjust contributions, buffers and cover levels appropriately.

3) Track your progress

This final step is about staying aware of how your plan is doing and making small, timely tweaks when life happens or when economic conditions shift after the budget speech. Your goals aren’t static and your financial plan shouldn’t be either. A light, regular check‑in helps you spot gaps early, redirect savings and keep your priorities funded.

Wherever you are, let’s go from there.

Explore our Budget Speech App to learn about key changes, get an estimate of your income after tax and understand how the budget speech announcements could shape your financial year.

You don’t have to figure it out alone

Financial advice gives you clarity when things feel uncertain. An accredited financial adviser can help you understand how the budget speech announcements impact your money, identify opportunities you may not see on your own and guide you in making confident, informed decisions for the year ahead.

Take action now and speak to a financial adviser today.

Old Mutual Life Assurance Company (SA) Limited is a licensed FSP and Life Insurer. Ts & Cs apply.

The information in this article is for educational purposes only and does not constitute financial advice. Please consult a licensed financial adviser for advice tailored to your personal circumstances.