Finance Australia :: Articles

5 Smart Money Tips for Australians to Thrive Financially in 2023

5 Smart Money Tips for Australians to Thrive Financially in 2023

5 Smart Money Tips for Australians to Thrive Financially in 2023
As we are entering the new year, it's important for Australians to start thinking about their finances and how they can make the most of their money. Here are five smart money tips for Australians in 2023:
  1. Start investing in renewable energy stocks

Climate change has become an increasingly important issue in recent years, and as a result, renewable energy is quickly becoming one of the most important industries in the world. Investing in renewable energy stocks can be a smart financial move for Australians in 2023, as the industry is expected to continue to grow in the coming years. Some renewable energy companies to consider include Tesla, NextEra Energy, and Enphase Energy.

  1. Make the most of tax deductions
Insuring your most valuable asset
Image for Insuring your most valuable assetWhile many people would consider their home or their car to be their most valuable asset, it's your ability to earn an income that is most important in shaping your financial future. Statistically, two thirds of working Australians will suffer an injury or illness that will sideline them for 90 days or more. The majority of these people would not be able to pay their mortgage or meet car finance and other loan commitments without adequate income insurance.

Many Australians are not aware of the tax deductions that they are entitled to, which means that they end up paying more tax than they need to. Some common tax deductions that Australians can claim include work-related expenses, self-education expenses, and charitable donations. By taking advantage of these deductions, Australians can reduce their taxable income and save money on their taxes.

  1. Consider a side hustle

In today's economy, having multiple sources of income can be a smart financial move. Australians who are looking to make some extra money in 2023 can consider starting a side hustle. This could include selling items online, offering freelance services, or starting a small business. With the rise of e-commerce platforms and gig economy apps, it's easier than ever to start a side hustle and make some extra money.

  1. Prioritize debt repayment

For many Australians, debt can be a major financial burden. Whether it's credit card debt, personal loans, or a mortgage, it's important to prioritize debt repayment in 2023. This means making regular payments on time, and potentially even increasing the amount of money that you are putting towards your debt each month. By reducing your debt, you can free up more of your income for other financial goals, such as investing or saving for retirement.

  1. Automate your savings

One of the best ways to save money is to make it automatic. Australians can set up automatic savings plans, which will transfer a certain amount of money from their checking account to a savings account each month. This can be a great way to build up an emergency fund, save for a down payment on a house, or start investing for the future. By making savings automatic, Australians can take the guesswork out of saving and make it a consistent habit.

In conclusion, there are many smart money tips that Australians can follow in 2023 to improve their financial situation. By investing in renewable energy stocks, taking advantage of tax deductions, starting a side hustle, prioritizing debt repayment, and automating savings, Australians can make the most of their money and set themselves up for a brighter financial future.

Published: Thursday, 9th Mar 2023
Author: Paige Estritori


Finance Articles

Creating a Bulletproof Budget: Tips for Australians Juggling Debts Creating a Bulletproof Budget: Tips for Australians Juggling Debts
Creating a sturdy financial foundation is essential for Australians navigating the often turbulent waters of debt. A bulletproof budget does more than just track expenses; it acts as a buffer against unexpected financial downturns and provides a clear path toward financial freedom. Comprehending the full weight of this importance is the first step to turning one's financial destiny around. - read more
An Insider's Guide to Enhancing Your Credit Profile for Any Loan An Insider's Guide to Enhancing Your Credit Profile for Any Loan
Having a robust credit profile is one of the most critical factors for financial health, especially when seeking loans in Australia. Whether you're eyeing a new car, dreaming of a home or simply want to secure a personal loan for unexpected expenses, your credit score often dictates the outcome. Not only does it influence a lender's decision to offer you finance, but it also affects the interest rates you might be charged. - read more
Online Loan Application Essentials: What to Know Before You Click Submit Online Loan Application Essentials: What to Know Before You Click Submit
Welcome to the digital age, where online loans in Australia offer convenience and accessibility like never before. With a few clicks, financing for your next big purchase or consolidation of existing debts is at your fingertips. However, venturing into the world of online lending without a compass can leave you navigating choppy waters. - read more
Essential Tips for Choosing the Right Personal Loan in Australia Essential Tips for Choosing the Right Personal Loan in Australia
Personal loans are a type of financing option that individuals can use to fund various personal expenses. Unlike mortgages or car loans, they aren't earmarked for a specific purpose, giving borrowers more flexibility in how they use the funds. These loans are usually unsecured, which means you don’t have to provide collateral to borrow money. - read more
Understanding the Fine Print: Fees and Charges in Personal Loans Understanding the Fine Print: Fees and Charges in Personal Loans
Personal loans are a type of unsecured credit that allows individuals to borrow money for various personal expenses, including consolidating debt, making home improvements, or funding significant life events. Unlike secured loans that require collateral, personal loans rely on your creditworthiness, making them an accessible option for many Australians. - read more
Online Loan Application Essentials: What to Know Before You Click Submit Online Loan Application Essentials: What to Know Before You Click Submit
Welcome to the digital age, where online loans in Australia offer convenience and accessibility like never before. With a few clicks, financing for your next big purchase or consolidation of existing debts is at your fingertips. However, venturing into the world of online lending without a compass can leave you navigating choppy waters. - read more

Finance News

Increasing Number of Qualified Financial Advisers Opt Out of Practice Increasing Number of Qualified Financial Advisers Opt Out of Practice
11 Jul 2025: Paige Estritori

Recent analysis from WealthData indicates a growing trend among financial advisers in Australia, where a significant portion of those who have successfully passed the financial adviser exam are opting not to practice. As of now, 5,096 individuals, representing 33.31% of active advisers, have chosen not to proceed into practice after passing the exam—up from 28.36% a year prior. - read more
Melbourne's Housing Market: A Prime Opportunity For Buyers Melbourne's Housing Market: A Prime Opportunity For Buyers
11 Jul 2025: Paige Estritori

The Reserve Bank of Australia (RBA) recently surprised many by maintaining the interest rate at 3.85%, against expectations of a cut. This decision is seen as a measure to continue moderating inflation, but it simultaneously delays potential spikes in the housing market, providing a favorable window for prospective homebuyers. In particular, Melbourne's current market presents significant value, offering a promising opportunity for those looking to enter the property market. - read more
Improving EOFY Planning: The Call for ATO Portal Access for Advisers Improving EOFY Planning: The Call for ATO Portal Access for Advisers
09 Jul 2025: Paige Estritori

In a recent discussion, James O'Reilly, Director and Financial Planner at Northeast Wealth, underscored the benefits that could come from granting financial advisers access to the Australian Taxation Office (ATO) portal. Speaking on The ifa Show, O'Reilly proposed that this access would significantly simplify the services financial advisers provide to clients, particularly at tax time and the end of the financial year (EOFY). - read more

Free Loan Eligibility Assessment

Loan Amount:
Postcode:
All quotes are provided free (via our secure server) and without obligation. We respect your privacy.

Knowledgebase
Mortgage Document:
The physical contract agreement that a Mortgagee (lender) enters into with a Mortgagor (borrower) outlining the precice terms of a mortgage loan.