Get your money on track
Steps to a brighter financial future
10 WAYS TO GET YOUR MONEY ON TRACK:
1. Create a budget
A budget helps you manage your money so you can cover the
essentials and have enough left over to save or play with. If you
can find extra savings in your budget, pay more off your mortgage
or put those savings into paying off any credit cards or other
Set up your budget to make sure your money goes where you want
2. Track your spending
Don't let your money slip through your fingers. It can happen
too easily with coffees, lunches and everyday small items.
Track your personal expenses on the go with our free and
Once you work out what you are spending on these items, you can
include them in your budget to ensure you don't overspend.
3. Pay off your debts
If you've clocked up credit card debt or taken out a loan, make
sure you won't still be paying off these debts in 10 years' time!
Make a plan to pay them off quick smart.
See how much you'll save by repaying your debts
Credit card calculator
4. Start a savings plan
Whether you're saving for a car, a holiday, a home deposit
or an emergency fund to cover you
if things get tough, you're more likely to reach your goal if you
have a realistic savings plan in place.
Work out how much you'll need to save each week to reach your
Savings goals calculator
Once you know how much you will save each pay, open a high
interest savings account to help your money
5. Build your super
It's never too early to focus on building up your super. In
fact, the sooner you start, the more money you will have when you
Calculate your likely retirement income from super and the age
There are things you can do to boost your super now:
- Check - Check how much super your boss should
be paying you, using our employer contributions
- Consolidate - If you have more than one super
account, combine them into a single account so they don't get eaten
up by fees. See consolidating super
- Invest - Consider putting your super in a
growth investment option. Find out more about super
- Contribute - If you earn less than $52,697 per
year (before tax) and put after-tax money into your super, you can
get a Government co-contribution. To find out how much you can get,
use our super contributions
6. Take charge of your home
Whether you are choosing your first home loan or
thinking of switching home loans, we have
tools to help you.
When choosing a home loan, it's important to work
out the features you need from your loan and how much it
will cost you in fees.
Work out how much you can borrow, work out your repayments and
faster ways to pay off your loan.
Switching home loans
Switching home loans could potentially save
you thousands of dollars in interest or let you take
advantage of features offered by another loan. Do your sums
and work out if the benefits of switching are worth the costs.
Work out whether you will save money by switching loans.
7. Protect the important
If you have a partner or family then you'll want to make sure
they'll be taken care of financially if the worst should happen to
insurance is a good way to do this. Check if you already have
insurance through your super as it can be a cheaper way to get
Protecting the things you own against loss or damage makes great
financial sense. Think about how much it would cost you to repair
or replace your home or possessions if you had to. Visit our
webpage on home and contents
8. Invest wisely
Investing your money can be a good way to grow your finances for
the future. But you need to understand the risks involved so that
your investment decisions match your goals, timeframes and risk
Start planning your investments.
We have information about many different types of investments.
9. Consider getting financial
Financial advice can help you clarify your goals and create a
plan to achieve them. There are different types of financial advice
options available, and various things you should consider when
choosing and working with a financial adviser.
Navigate the financial advice process with confidence.
Financial advice toolkit
10. Get help if you need it
If you're in debt or just struggling to make ends meet, there is
help available to help you:
- Financial counselling - A free
and confidential service that can help you solve your money
legal advice - If you are in debt and have legal problems,
community legal centres and Legal Aid agencies offer free legal
advice in every state and territory.
money help - Services are available to help you if you need
emergency relief or emotional support.
If your personal circumstances have taken a turn for the worse,
visit our webpages for practical advice to help you get back on
your feet if your relationship breaks down,
your job, experience illness, lose your
partner, or have problems paying your
MoneySmart's range of calculators and
tools are a great place to start if you want to work towards a
brighter financial future.
Last updated: 18 Feb 2019