|Financial goals ||Check all ||Actions & tips |
|! ||You haven't set any financial goals. |
You are more likely to make financial progress if you have a clear goal in mind and a time frame for achieving it.
| ||Set yourself at least one financial goal. Write it down and stick it on the fridge. |
|Income and expenses || ||Actions & tips |
|! ||Your finances aren't changing, your savings or debts are staying about the same. |
It sounds like you haven't quite got your spending under control.
| ||Look at ways to reduce your spending and budget so you can save some money to pay down debts or reach a savings goal. |
|! ||You have a fair idea where most of your money goes. |
Most Australians can't account for one third of their cash (Visa, 2010). You will feel more secure if you have control of your spending.
| ||Track your spending if you want to have a better idea of where your money goes. |
|Managing debts || ||Actions & tips |
| ||You always make your mortgage repayments and would still be OK if interest rates rose by 2%. |
Why not pretend interest rates have gone up by 2%? You will save interest and pay off your mortgage sooner.
| ||Smart tip: Consider paying more off your mortgage to give yourself a buffer. |
|Saving and investing || ||Actions & tips |
|! ||You save money if there's something left after paying your bills. |
It's good that you are striving to save. Try putting your savings away first and only spending what is left over.
| ||Start saving into a separate high interest account every pay, even small amounts help you to develop a savings habit. |
| ||You have set aside money for emergencies and could meet a large, unexpected expense. |
You've done well. That must give you peace of mind.
| ||Smart tip: Make sure your emergency savings are earning a high rate of interest. |
|Asset protection || ||Actions & tips |
| ||You don't have private health insurance and you earn less than $160,000 a year (before tax). |
There are many reasons for taking out private health insurance.
| ||Consider whether you would benefit from private health insurance. |
| ||Your motor vehicle is insured, at least for damage to other people's property. |
| ||Smart tip: Shop around before you renew your cover each year to make sure you are still getting a good deal. |
| ||You would still be able to pay your bills if you couldn't work for six months due to sickness or injury. |
It's good to know your income is covered.
| ||Smart tip: Review your income protection needs whenever your income changes. |
| ||You have home contents insurance and the insured value is enough to replace all your possessions. |
| ||Smart tip: Check you continue to have enough cover every couple of years or whenever your circumstances change. |
| ||Your home building insurance would fully cover the cost of rebuilding your house. |
You've got it covered
| ||Smart tip: Check the cost of rebuilding every couple of years or whenever your circumstances change. |
|Superannuation and retirement || ||Actions & tips |
|! ||You don't have any super |
Super has many benefits and is a great way to save for your retirement.
| ||Consider whether opening an account with a super fund may benefit you. |
|Estate planning || ||Actions & tips |
| ||You have chosen not to nominate a beneficiary for your super or pension account. |
By not nominating a beneficiary you are leaving the decision up to the trustee of your super fund.
| ||Smart tip: If your circumstances change and you want to nominate a beneficiary, contact your super or pension fund. |
| ||You have a current will. |
Remember to review your wills regularly, especially if your circumstances change.
| ||Smart tip: Marriage makes your will invalid but divorce does not. |
| ||You keep all your important paperwork in one place. |
Having your documents together will make it much easier for your executor to administer your will and pass on your assets according to your wishes.
| ||Smart tip: Make a copy of all your important documents and ask your executor or legal representative to keep them at a separate location. |