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.
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
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
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
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
Last updated: 25 Feb 2014
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