Money may not buy you happiness, but it does buy you freedom. That is, the ability to do what you want, when you want now and in the future.
Step 1: Identify your goals
Being clear about what you want to achieve financially, will help you identify how much money you need to get there. It will also make day-to-day budgeting easier in the long-run.
Step 2: Create a plan
Set out a detailed timeline of how much you hope to save and by when. This will provide a good indication of how much you need to be putting away.
Step 3: Establish a budget
Your income and expenses change over time so keeping a budget will allow you track what you're spending and calculate how much you can save.
Step 4: Control your debt
Calculate the total amount of money you owe including the interest rate you’re being charged. This will give you a clearer picture of how much income (and potential savings) you'll have left after you've covered your expenses.
Step 5: Start saving
One of the biggest savings mistakes is never getting started. Even if you only have a small amount to begin with, remember that it will grow over time. Getting into the habit of saving will also help it to become second nature.
Step 6: Get your super sorted
If you’ve changed jobs, it’s likely you’ve changed super funds too. Pulling all of your super into one place makes it easier to keep track. Plus you’ll save on paying multiple fees.
Before combining your super you should check your insurance in your other funds and if they have any exit fees. If you have any questions we recommend you have a chat with a financial adviser.