Up until you start edging a little closer to retirement, superannuation is just that amount your boss keeps taking off your pay, and for most people, they rarely think about it beyond that. However, if you want to have any money to retire with and are trying to stay on top of your finances so that you can, make sure you keep a close eye on your superannuation fund. The amount you get when you retire can change drastically, as it did when it fell for many people during the global economic crisis, so make sure you are up to date on what it is actually worth. Consider the following tips if you feel like you could do a better job of monitoring your superannuation funds.
If you have had more than one job in Australia up until this point in your life, you will most probably have more than one superannuation fund account. Each employer you have is required by law to pay a contribution into this fund on your behalf at the end of every month. So throughout the course of your life, you could possibly end up with dozens of different superannuation accounts, which would obviously prove quite difficult to keep track of. This is why consolidating your various superannuation accounts into the one fund makes so much sense.
Most parents want their children to develop into well-rounded individuals who contribute positively to society. Unfortunately our society and affluence creates more and more spoilt and entitled children. If you want to give your children a better shot at growing into mature and responsible teenagers and adults you will need to start as soon as possible with teaching them the value of hard work and financial responsibility.
Get them working at home
These days children come to expect pocket money for nothing. Back in the day most children had to earn their pocket money by completing chores around the house. If you don’t have a chore or responsibilities system, it’s important that you start one soon. Stacking and emptying the dishwasher, washing the dog or the car, vacuuming, dusting, tidying their room, keeping clothes off the floordrobe could be suitable for your children depending on their age.
The average family could always use a bit of extra cash around the place. Unexpected bills come in when school fees and credit repayments are due. Or one of your teenagers needs a new school uniform in the same week that you have to do your monthly grocery shop and the car needs to be serviced. The expenses seems to be endless when you have a family, but there are loads of simple ways to make some extra cash to cover your week to week needs as well as saving, investing and insure for the future.
Here are 7 financial tips to get ahead and stay ahead:
1. Make a budget
Creating a budget should be the first thing you do when re-thinking your finance. Figure out how much is coming in about how much is going out every month. If your spending leaves nothing left over to save or invest or if your expenses exceed your income you will need to make some immediate changes to get into the positive.
2. Cut back on the little things
You ability to generate income is your most valuable asset. Many people insure their home, their car and their stuff, but in the long term it’s their income that is the most valuable thing. Your income covers your expenses, your credit and mortgage repayments and well as all the other necessities for living comfortably. Instead of living on the edge, you can take action to secure your future.
Have you thought about the future?
What would life look like for your family if you were unable to work for some reason? Would you’re home be secure, would you have any support to ride out the challenging time of being unable to work? Income protection insurance could be the solution to protect your family from unnecessary financial burden.
When to apply?
When all is said and done, your family is the most important thing to you. Protecting them and their future is an important responsibility and one that many of us take very seriously. Having a plan for the unforeseen circumstances that may arise in the future can give you a great deal of peace of mind.
As a breadwinner in your household you may often feel the financial pressure of having dependants who rely almost entirely on your income. It can be stressful thinking about the quality of life your family could face if something were to happen to you or your partner, that prevented either of you from working. If these thoughts cause you anxiety, the best thing to do is to act quickly. Income protection insurance could be a smart option to protect your family and give you assurance of your family’s well-being in the future.
Plan for your dependents