Steps to managing your finances

Getting a head start on managing your finances and super can make a big difference to your future. Creating simple savings goals can help to set yourself up for success. And the sooner you start them, the quicker you can start achieving them. AustralianSuper have developed some easy steps to help you keep on top of your finances.

1. Track your spending

Get an accurate view of your spending habits by tracking your income and spending. With a rough idea of your spending habits, you’re in good shape to improve your financial situation. Be sure to watch out for impulse purchases that can be easily done through apps and pay-later services. Have a think about hidden costs that add up over time, like subscriptions to apps and streaming services. And watch out for those ‘free trials’ that start charging after a month.

2. Set a budget

Creating a budget can help you get in control of your money and set saving goals. Perhaps you want to travel, buy a big-ticket item or save for a home. To get started, the moneysmart budget planner is a good platform to use to structure your budget.

3. Make the most of your money

There are different ways to make sure your savings are working for you. To help you with medium to long-term goals, you might consider a term deposit or an investment such as shares, bonds or property, each option with their own risks and benefits. When investing, getting financial advice is a good way to decide what option is best for your circumstances.

Super plays an important role in making the most of your money too, providing a base for your retirement income.

When choosing a super fund, it’s good to compare and check:

1. Strong, long-term performance
2. Competitive fees
3. Net benefit (performance after taking away fees)

You can compare funds using the ChantWest comparison tool: Compare super funds.

What’s next?

Everyone has different financial needs. Thinking about your money sooner rather than later can help you achieve your financial goals.

AustralianSuper has a great range of tools and resources to help you turn your plans into action – like the Super projection calculator which can help you work out how much super you might need, and how long it could last in retirement.

View our Super projection calculator.

Learn more about ways to managing your finances.

*Personal financial product advice is provided under the Australian Financial Services Licence held by a third party and not by AustralianSuper Pty Ltd. Some personal advice may attract a fee, which would be outlined before any work is completed and is subject to your agreement. With your approval, the fee for advice relating to your AustralianSuper account may be deducted from your AustralianSuper account subject to eligibility criteria.

This may include general financial advice which doesn’t take into account your personal objectives, financial situation or needs. Before making a decision consider if the information is right for you and read the relevant Product Disclosure Statement, available at australiansuper.com/pds or by calling 1300 300 273. A Target Market Determination (TMD) is a document that outlines the target market a product has been designed for. Find the TMDs at australiansuper.com/TMD.

AustralianSuper Pty Ltd ABN 94 006 457 987, AFSL 233788, Trustee of AustralianSuper ABN 65 714 394 898.