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<\/p>\nFive ways to take control of your money, grow your wealth and start enjoying financial peace of mind.<\/p>\n
It can seem daunting, but you\u2019ll definitely feel the benefit once you\u2019re \u2018the boss\u2019 of your own finances. It\u2019s all about getting better at managing your spending and identifying opportunities to grow your wealth. Add in the goals you\u2019re saving for and it can even be exciting.<\/p>\n
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\u2018Knowledge is power.\u2019 Having a clear picture of where your money goes each month can help you identify where you can perhaps cut back in order to put more into savings or investments. What\u2019s more, it\u2019s easier than ever thanks to the number of tools and apps available. They can help you track your spending, define your financial goals and develop a budget to help you reach them.<\/p>\n
Start by tracking your spending for a month or two. You\u2019ll discover where you\u2019re really spending your money, which is the first step in spotting where you could be saving more. Try\u00a0the\u00a0ASIC Money Smart\u2019s TrackMySPEND app<\/a>.<\/p>\n Most of us find it difficult to motivate ourselves to save but give yourself a good reason and it can be a different story. Knowing you\u2019re working towards a target \u2013 say, a holiday, house deposit or even stopping work early \u2013 can help you avoid temptation and make it easier to put funds aside each month. The old saying \u2018out of sight, out of mind\u2019 can help, too. Think about setting up an automatic direct debit from your wages so you don\u2019t even think about it. If it\u2019s going into a separate bank account, all the better.<\/p>\n The interest on any credit card debt can eat into your money so prioritise paying them off as quickly as possible. Focus on the card with the highest interest rate first, while continuing to make minimum repayments on your others. If your balances are high, you could consolidate them into a personal loan, mortgage or different credit card with a lower interest rate. That way, you can pay the debt off faster. Lastly, try to keep credit cards for last-resort spending rather than everyday purchases.\u00a0<\/p>\n Your superannuation is potentially one of your biggest assets, so it makes sense to take an interest in how it\u2019s invested.<\/p>\n Choosing an investment mix that\u2019s right for your life stage can help maximise your retirement nest egg. If you expect to be working for a decade or more, this could mean a strategy with the potential for higher returns. If you\u2019re planning to retire soon, a strategy that protects against market fluctuations may be more appropriate.\u00a0<\/p>\n Making voluntary super contributions can have a big impact on your final figure.\u00a0Use our\u00a0Retirement forecaster<\/a>\u00a0to see the impact extra contributions could make to your retirement savings.<\/p>\n MLC makes it easy for you to keep up to date on how much you can add each year \u2013 just visit the \u2018Boost your super<\/a>\u2019 section of the website. It\u2019s also sensible to annually review any insurance policies you hold through your super fund to ensure they still meet your needs.<\/p>\n It\u2019s also good to spend some time developing a personal investment strategy outside super to help meet more of your personal goals.<\/p>\n With many of Australia\u2019s real estate markets coming off the boil, many of us are exploring other ways to generate income and build wealth. These could include investing in shares or managed funds as well as in traditionally more secure instruments such as bonds and term deposits.\u00a0<\/p>\n Whatever investment strategy you choose to pursue, it\u2019s wise to consult a financial adviser first. They can help you work through which would be appropriate for you.\u00a0<\/p>\n Whether you use a financial adviser or not, educating yourself is always a good idea.\u00a0 There are free resources available on the different types of investment opportunities available, including\u00a0ASX online courses<\/a>\u00a0and, for those planning for retirement, visit our\u00a0Retirement hub<\/a>.<\/p>\n Becoming the boss of your wealth takes a little effort but it can be very rewarding \u2013 financially and personally. If you need help getting started you can contact us on |PHONE|.<\/p>\n2. Set savings goals<\/h4>\n
3. Take control of your credit cards<\/h4>\n
4. Sort out your super<\/h4>\n
5. Explore your investment options<\/h4>\n
Getting started<\/h3>\n