Get your money on track
Steps to a brighter financial
Whatever your stage of life we have the tools and tips to help
you get your money on track and point you towards a brighter
If you have just started work and are earning money for the
first time you'll want to establish some money habits to set
yourself up for life. For people at this life stage we recommend
Start with a budget
A budget is a reality check on your financial situation that
helps you work out what money you have to buy the essentials and
how much you have to play with. Our budget planner will help you
map out your money for the next year.
Track your spending
Try to avoid money just slipping through your fingers. It can
happen too easily with coffees, lunches and everyday small items.
You can track all these purchases on your phone, using the Track My
Once you work out what you are spending on these items you can
include them in your budget to ensure you don't overspend.
Pay off your debts
If you have managed to clock up some credit card debt or have
taken out a loan, make sure you are still not paying off these
debts in 10 years' time! Get a plan together to pay them off quick
smart. Our credit card calculator tells you how much time and money
you'll save by making higher repayments.
Credit card calculator
Our personal loan calculator will also crunch the numbers to
help you work out how to pay off your loan faster and save on
Personal loan calculator
Get some savings together
Everyone needs a savings plan. Whether you are saving for a car,
a holiday, a home deposit or an emergency fund to cover you if
things get tough, our savings goal calculator can help you work out
how much you'll need to save each week to reach your goal.
Savings goals calculator
Once you work out how much you should try to save each week,
you'll need a savings account to put the money in. We explain how
to compare different high interest savings accounts.
Start building your super now
Retirement might seem like a hundred years away but the best
time to build your super is when you are young. Here are our super
tips for young people:
- Check - Check how much super your boss should
be paying you, using our employer
- Consolidate - If you have a couple of small
super accounts, don't let them get eaten up by fees. Put them
together. See consolidating super
- Invest - Consider putting your super in a
growth investment option, as you have time to ride the ups and
downs of market cycles. Find out more about super investment
- Contribute - If you earn less than $49,488 per
year (before tax) and put after-tax money into your super, you can
get a government co-contribution. Where else can you get up to 50%
return on your investment? To find out how much you can get, use
our super co-contributions
If you are under 25, we have a section of MoneySmart just for
you - how to manage your mobile phone bills, your pay and your
financial life while you are juggling studying and work. See our under
Managing family life
If you have a young family you will be juggling all the costs
that come with family life. It's important that you balance your
income and expenses and make sure you have coverage for your family
in case the worst happens. Here are the MoneySmart tools that can
Take your financial pulse
Work out where you stand with your assets and debts using our
net worth calculator. It's a bit like taking your financial pulse
so you can clearly see how much you really have.
Your net worth calculator
Put all your expenses and income in one easy to manage budget to
get an even sharper picture of your financial situation. Try to
find extra savings so you can use them to pay off any debts you
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 debts. Use our credit card calculator to see how long
it will take you to pay off your cards.
Credit card calculator
Manage your home loan better
Whether you are saving up for a home or thinking of switching
your current mortgage we have tools to help you.
If you have a partner and children then you'll want to make sure
they'll be OK if you suddenly pass away.
Check if you already have life insurance through your
super as it can be a cheaper way to get this cover. We
also have information about the different types of life
insurance available so you can decide which cover you
Don't forget your super
While you are busy managing your family, don't forget to give
your super a little attention. All you need is 15 minutes to put
your super figures into our retirement planner. You'll be amazed
how a few small changes to your super today can make a world of
difference in your retirement.
Thinking ahead towards
If you are at the stage of life where you have spare money to
invest or use to build your future we have tools and tips to help
Your super or your mortgage
Our super vs mortgage calculator tells you if you will be better
off paying extra into your super or your mortgage.
Super vs mortgage calculator
We have information about many different types of investment,
from basic managed funds and shares to the pros and cons of more
complex products such as hybrid securities and debentures. Here are
some of our key investing pages.
Test your knowledge of risk and return, diversification and
investment products by taking our investing challenge.
Getting financial advice
If you are looking for financial advice, our booklet Financial advice
and you can help you work out what advice you might
need, the best place to get that advice and how to get the most
from an adviser.
If your life suddenly takes a turn for the worse and your
circumstances change, we can also help you through the rough
patches. Here is some practical advice about managing your money
during these tough times to help you get back on your feet:
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: 12 Jul 2016