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Thread: MoneySmart Week - promoting the importance of financial literacy.

  1. #1
    Gav is offline
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    MoneySmart Week - promoting the importance of financial literacy.

    I don't know how I missed this, Money Smart Week, it was running all this week and finishes today 7th of September, guess the build up to election day overshadowed such an important and helpful event,:

    Home | MoneySmart Week

    MoneySmart Week is a national initiative promoting the importance of financial literacy. It's running from September 1 - 7 2013.

    It's worth taking the MoneySmart - money health check:

  2. #2
    Gav is offline
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    Jun 2012
    From Newcastle
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    MoneySmart Health Check, Financial Goals, Income, expenses, Managing Debts, Savings & Investing

    The Money Health Check can be found here:

    I've just done it and here's my results:

    Your results

    Financial goals You'll feel great if you set yourself one simple financial goal. It will give you something to aim for.
    Income and expenses You can take control of your finances by creating a budget if you don't already have one.

    Always submit your tax return on time to avoid being fined.
    Managing debts Congratulations! You either have no debts or you are managing your debts well.
    Saving and investing A regular savings plan and diversified investments will help you weather any financial storms.
    Asset protection Make sure you have enough insurance to cover the things that are important to you.

    Our tips at the end of the money health check will give you guidance on this.
    Superannuation and retirement You will feel better knowing how much super you have and whether it will last your retirement.

    Our tips at the end of the money health check can help you do this.
    Estate planning Making sure your will is up to date is important. Making sure your loved ones can find important documents easily is also essential.

    On the full reports - I do have Super, just I'm currently living in the UK and not paying into my Oz Super while here.

    Full report

    The money health check will tell you if your finances need attention, could be better or are under control.
    It will give you a report on your money health and suggest some steps to improve your finances.
    You can save, print or email the report.
    We will not collect or retain any of your identifiable personal data. However, we may analyse the raw data for research and to make improvements to the tool.
    The money health check does not give personal advice.
    See how it works for more information.

    full report

    This report provides actions and tips based on your answers to the Money Health Check questions.

    Tick the boxes below that you want to save, print or email.

    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.
    Drive safely!
    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.
    Well done!
    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.

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