money health check take the first steps towards a better financial life
TRANSCRIPT
What we will cover
• Where is your money?• Budgeting• Home loans• Credit cards• Saving• Superannuation
2
Where is your money?
• How much money do you have?– Your home– Super– Investments– Savings– Your possessions
3
What is a budget?
• A plan, what you expect to:– Receive (e.g. income)– Spend (e.g. bills)
6
Why budget?
• Helps you organise your spending– Spend money on the things you really want
• Achieve goals– Save for big things
Got a home loan?
• Under control?– Make extra repayments to get
ahead and save thousands in interest
• Struggling a bit?– Start making changes now– Get help
8
Got a credit card?
• Under control?– If you are paying off your credit card balance in full each
month then you are in control.
• Struggling a bit?– If you can’t pay off your bill in full, make sure you pay more
than the minimum repayment and work down your debt as quickly as possible.
10
Saving
• List your goals• Work out how much money you
need.• Identify where you can make
savings.
Tip: Set up automatic transfers
from your everyday account to a
high interest savings account.
12
Saving
• Save for a $3,000 holiday in 1 year
• Find the money:– Take lunch from home instead of buying
• Saves $5 per day = $1,200 per year
– Use the work coffee machine instead of going to the cafe• Saves $3 per day = $720 per year
– Buy home brand or discounted staple foods instead of big brands
• Saves $25 per week = $1,200 per year
• Enjoy your trip!
13
Superannuation
• Your employer pays money into your super account (usually 9%)
• Super money is invested by your fund and you can access it at retirement
• You can add more from your own money
• Is your super on target?– Use MoneySmart’s retirement
planner to find out14