July 1 marks not just the beginning of a new financial year, but also a golden opportunity to set fresh financial goals and start anew.

Daniel H. Pink, in his book When, highlights how special dates help us break away from past behaviours and embrace new beginnings. This is known as the "fresh start effect," a psychological phenomenon that makes it easier to act and leave behind old habits, preparing us mentally for new challenges.

Why is this important?

Special dates provide a clear point in time for change, making it easier to tackle long-standing financial challenges with renewed motivation. Here are some action steps to help you make the most of this fresh start:

1. Create a Spending Plan: Review your income and expenses, and make necessary adjustments to align with your financial goals.

2. Set Clear, Achievable Goals: Whether it’s saving for retirement, paying off debt, or building an emergency fund, define your objectives clearly.

3. Automate Your Savings: Set up automatic transfers to your savings or investment accounts to ensure consistency.

4. Seek Professional Advice: Consult with a financial planner to create a tailored strategy for achieving your goals.

5. Track Your Progress: Regularly review your financial situation and adjust your plan as needed.

Starting fresh with the new financial year can provide the psychological boost needed to make meaningful financial changes. Let's seize this opportunity to organise our finances and enjoy the peace of mind it brings.