Women's money goals

Creating the future you want

Research shows that many Australian women find it overwhelming and stressful to deal with money issues. Here we explain the three key steps you can take to start building a better financial future.

Set your money goals

What's your top financial priority right now? For many women, it's providing for their family's needs. Or perhaps you're saving to buy a home, paying off debt, or planning the holiday of a lifetime.

It doesn't matter what your goal is, the important thing is to be clear about what you want to achieve, so you can take the steps you need to get there.

Video: What is your top financial priority?

What is your top financial priority?

Faustina Agolley, Sarah Moran and Jane Caro share their top financial priorities, as part of ASIC's MoneySmart Women talk money video series.

Build your financial confidence 

The first step towards building confidence with money is to take stock of how much you have and where it's going. Armed with this information, you'll be much better placed to consider your spending decisions.

Track your spending

Keeping track of where your money is really going will help you work out where you can make some changes and set spending limits.

Track your personal expenses on the go with our free and easy-to-use app

TrackMySPEND

Do a budget

How much money is coming in and going out each week, fortnight or month? Setting a budget will help you sort out your money priorities and take control of your spending and saving.

Use a budget to stretch your money further and make sure it goes where you want it to

Budget planner

Save for a rainy day

Having some savings set aside will give you breathing space to deal with life's ups and downs. 

Smart tip

Prepare for a rainy day by building an emergency fund. It will give you peace of mind if you ever need money in a hurry.

Saving regularly is the best way to build up your savings balance. It doesn't matter how much - or how little - you save, you just need to make a start, and then keep going.

See our tips for setting a savings goal for yourself.

Get help to manage your debts

If you are having trouble making ends meet, or your debts are spiralling out of control, a financial counsellor can help you get back on your feet. It's a free, confidential service.

Women's money goals

Women money goals tips

Our women's money goals infographic shows that women have what it takes to reach their money goals, and explains the steps they can take to reach them.

Know the basics of investing

Giving yourself a basic knowledge of investing is a great way to start thinking about ways to grow your money.

You don't need a lot of money to invest - some people start with just a small amount. The key is to know the fundamentals and start with an amount you feel comfortable investing. You can always add to your investments over time.

Use the investor toolkit

The investor toolkit helps you with the investing essentials. Just answer a few simple questions to generate a personalised list of actions you can email to yourself.

Build your investing profile

Use the investor toolkit

Keep track of your super balance

 Planning for the future is part of any financial strategy. The best way to do this is to nurture your superannuation.

Smart tip

The 2017 HILDA Report found that Australian women retired with an average super balance of $230,907, compared with $454,221 for men.

Do you know how much you have in super right now? Women tend to live longer but, on average, retire with half the super balance of men.

It's never too early - or too late - to think about ways to accumulate more super to enjoy your retirement.

Check out how much super you'll have in retirement

Superannuation calculator

See how a career break will affect your super

Working part time or taking a break from paid work to study, travel, or care for others can have a big impact on your super. 

See how a career break or working part time affects your super balance.

Retirement planner

Give your super a boost

Speak to your employer about contributing to super from your pre-tax income through salary sacrifice. While it may mean taking home less pay now, it is an easy way to regularly add more to your super balance.

You can also ask your spouse or partner to make super contributions on your behalf. They may be able to claim a tax offset on the contributions made to your fund. Visit the Australian Taxation Office's website for the rules on the superannuation spouse contribution tax offset.   

If you're on a lower income you may be eligible for a government co-contribution.

If you have more than one super fund, it's a good idea to consolidate your super into one fund, so you're not paying more fees than you need to.

See superannuation and women for more simple strategies to grow your super balance. 

With financial confidence, basic investing knowledge, and a plan for the future, you'll be on your way to making the most of your money and enhancing your financial wellbeing.


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Last updated: 15 Aug 2018