Steps to a brighter financial future
Live the life you want
A brighter financial future looks different for everyone. For
some people, it might be having the house paid off. For others, it
might mean being able to take a family holiday each year. Whatever
it means to you, a brighter financial future starts with just a few
small changes to the way you deal with money. The key is to
establish some good financial habits - no matter how old you are or
how much money you have.
Here are some steps you can take towards a brighter financial
future. Try one or two to start with, and see what a difference it
can make for you.
Track your spending
The road to a better future starts with knowing where your money
is going. You might think you know how much you spend on
groceries or takeaway meals each month, but getting a better idea
of your outgoings will give you the power to make some real changes
in your spending habits.
Use our TrackMySpend app to record your everyday expenses, so
you have a clear picture of what you are spending your money on,
and where you can make some changes.
Set a budget
For many people the idea of budgeting is daunting. However,
our research into
Australians' financial attitudes and behaviours shows that
about two thirds of Australians who have a budget mostly or always
stick to it. Setting up a budget is not about depriving yourself -
after all, being financially free is all about living the life you
Our article on how to do a budget has some great
tips, and our budget planner can help you get started.
Find the best deal on your
bank accounts and insurance
Set up an automatic deposit into a high-interest savings account
every payday. Your money will grow faster, and you won't be tempted
to spend it.
Taking charge of your bank accounts can
save you a lot of money in the long run, and bring you a step
closer to a brighter financial future.
Even if you have banked with the same institution for years, you
may not be getting the best deal. What interest are you
earning on your savings? Work out how much you are paying in fees
and charges on your account, then shop around for a better
deal. It's your money, so take control of it.
Our article on switching bank
accounts shows you what you need to think about when
changing your accounts.
Review your insurance
Having the right insurance in place is a critical part of
protecting your assets but, unless you shop around, you could be
paying more than you need to. Before you renew your home or car
insurance policy, check out our article on renewing
your insurance for tips on how to find the best deal.
Take charge of your home
Mortgage payments can account for a huge slice of the household
budget. Whether you already have a home loan or are saving up
to buy your first house, take a look at our tools and tips to help
you get ahead:
Clear your debts
Picture a financial future free from debt stress. If
you are struggling to pay off your credit cards or repay loans, we
have some advice on how you can bring different kinds of debts
- Mortgages - help with
- Credit cards -
dealing with multiple credit cards
- Fines - help for people
struggling with fines
- Utility bills - take
action on water, electricity, phone and gas bills
- Uni debt - when you have to
pay your uni debt and how to make voluntary payments
- Travel debt - pay off
your travel expenses
Start or expand your
Investing can be a good way to grow your money. There are
many different investment options available, so it's important to
choose the right one to suit your needs.
attitudes and behaviours research shows that one in 10
investors has lost money they couldn't afford to lose, and 2 in 5
Australians haven't heard of the concept of "risk/return
We have lots of information to help you better understand and
choose the best investment strategy to reach your financial
Take our investing challenge to test your knowledge of risk and
return, diversification and investment products.
Pay your future self
It is never too early to start planning for a bright financial
future in retirement. Whether you are just starting your
career, or beginning to think about life after work, our
superannuation calculator can show you how much super you're likely
to have when you retire.
A great way to boost your retirement income is to make
extra contributions to your super now. Even just a few extra
dollars a week can make a big difference in the years to come.
Our tools and tips can help you take control of
your money and achieve your dream of a brighter financial
Last updated: 15 Dec 2016