Women

You and your money

For inspiration watch our real stories and read our top money tips so you know where to start on your finances.

Real stories

A brighter financial future

Watch these real stories of women taking some simple steps towards a brighter financial future.

 

Use our calculators & tools to help you achieve a brighter future:

Savings goal Budget planner Credit card TrackMySPEND app

Top 10 money tips for women

How financially fit are you? Here are our top tips on how to take charge of your money.  

1. Start with a check-up

If you are managing your household budget from week to week, you may find it hard to find time to plan other aspects of your finances. A good way to start doing this is to do a money health check. Answer simple questions about your money and get an action checklist on which areas of your finances need attention.

2. Track where your money goes

Know where all your money goes each week? If you're not sure, you might want to take a snapshot of your spending. Record what you spend over a week or fortnight using MoneySmart's free smartphone app TrackMySpend. This helps you see where your money is going and where you can cut back. You'll be amazed how much you can save. 

3. Don't dream it, do it

Been putting off your dream car, house, holiday or investment property?  Set up a direct debit into a separate high interest savings account every payday and start making your dreams a reality. Read more about savings accounts.

4. Diarise your big bills

If you find it hard to manage paying for big bills like car service, insurance or electricity, make a note in your diary or calendar on the date these bills are usually due. Then put some money aside each pay so you are prepared for them to come. If you want to take it to the next level, create a budget with our budget planner.

5. Get off the credit card roundabout

Does thinking about your credit card bill make you nervous? Make a plan to pay off your credit cards in full. MoneySmart's credit card calculator shows how making bigger payments can save you heaps. If you can't resist spending think about a debit card instead.

6. Prepare for change in your life

What if you suddenly split up or your partner passes away or loses their job? It can be a shock to have to deal with everything on your own. To ensure you are protected, make sure you know how your joint finances work and have access to them. This includes your bank accounts, will, super and investments. See relationships and money and wills for more.

7. Bridge the super gap

Sick of hearing reports about the gap between men and women's super? Take action now. Whatever your age, it pays to consolidate your super into one fund and make extra contributions if you can.

MoneySmart's super contributions optimiser works out which type of contribution will give your super the biggest boost.

8. Resist loan pressure from your family

If your partner or children ask you to be a guarantor or co-borrower on a loan, don't sign up until you know what you are signing and the consequences. You will be liable for the full amount if they default on the loan. We have helpful tips on loans involving family and friends.

9. Don't lose sleep about your debts

If your debts are getting out of control or you are struggling to make ends meet, it is important to act quickly. There is help available. A free financial counsellor can help you get a clear picture of your situation, understand your options and work out a budget. Find your nearest financial counsellor.

10. Build wealth for your future

If you have some spare money, consider generating another income stream like buying property or investing in a managed fund. Get advice from a licensed financial adviser. See our tips on finding an adviser.

Video: What can women do

Saving tips for woman video

The ACCC's Delia Rickard talks about what women can do to improve their money situation.

Take a few simple steps to take control of your money and enjoy the feeling of security that comes from being financially fit.


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Last updated: 25 Feb 2014

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