Money health check

Take the first steps towards a better financial life

What we will cover

• Where is your money?• Budgeting• Home loans• Credit cards• Saving• Superannuation

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Where is your money?

• How much money do you have?– Your home– Super– Investments– Savings– Your possessions

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What is a budget?

• A plan, what you expect to:– Receive (e.g. income)– Spend (e.g. bills)

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Why budget?

• Helps you organise your spending– Spend money on the things you really want

• Achieve goals– Save for big things

MoneySmart’s budget planner

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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

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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.

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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.

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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!

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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

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Questions?

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