Here are some practical tips to get your finances in shape.
Setting achievable goals will help you stay motivated. Make your goals specific, so it gives you something to work towards. For example, rather than saying ‘I want to save more money’, you could say ‘I will save $200 every month’. It also helps if you have a clear idea what you’re saving for, such as a deposit for a home, a new car or maybe you want to invest more money for retirement or future savings.
Developing a budget (and sticking with it!) will help you get serious about managing your finances and could relieve a lot stress. You can use our budget planner that you can print out, fill in and work through. Budgets can feel overwhelming and difficult – but a solid budget can reduce stress and help you achieve financial freedom. If you prefer to manage your budget digitally, you could consider using Moneysmart’s budget planner.
The Government encourages people to put money into super by taxing super at a lower rate than other investments. That’s why it’s a great way to save for your retirement. There are a number of options to boost your super savings:
To find out more about these options, including the rules that apply and eligibility criteria, go to the Top up my super page. It’s also worthwhile to check if you have any lost super you’ve forgotten about and think about combining your super if you have multiple accounts.
Insurance is there to protect you and your family financially in the event something unforeseen happens to you. Insurance isn’t ‘set and forget’. As you move through life you should check your insurance needs to make sure that you have sufficient cover, especially when you have a change of circumstances, such as getting married, having a child or going into debt for things like buying a house or new car. It’s important you consider your own personal situation to determine if and what insurance you need.
Super tip: Are you a Mine Super member and not sure what insurance cover you have or how much your premiums are? Log in to your online account where you can review and manage your insurance (except Income Protection). |
Do you want to know the best way to boost your super, review your insurance needs or are simply after more information or advice on how to make the most of the new financial year? A financial adviser can help. If you’re a member, you can make an appointment with Mine Super Financial Advice online or give us a call on 13 64 63.