As the new financial year draws closer, it’s a good idea to set yourself up to be better off.
By automating some day-to-day money tasks, you can focus on the big picture and get yourself on the road to financial success.
1. Reach a goal with savings
You may have a goal, or several, that you’d like to reach in the shorter term. Whether it’s buying a new car, saving enough for a deposit on a home or funding your next great escape, decide how much you need as a lump sum then work backwards to calculate how much to save each pay day.
Set up a savings account and then arrange a regular direct credit from your salary. Aim to earn some interest along the way as an added bonus, and make sure you avoid any high fees.
2. Build your super nest egg
Super’s a tax-effective way to save—you’ll have the chance to make your future self super happy too.
You can ask your employer to automatically allocate additional before-tax dollars to your super each pay day, which is known as salary sacrificing. Use our salary sacrifice calculator to see how these before-tax contributions can not only help you keep more of your earnings—rather than letting them go to the tax man—but can make a big difference to your retirement nest egg.
3. Automate your way to being debt free
If credit card debt is weighing you down, aim to get rid of it by firstly putting a hold on adding any more to it, and then automating the repayments, so you know a certain amount is coming off at a certain time each fortnight or month.
Set up a regular payment into your credit card and aim to repay at least the minimum monthly amount before the due date rolls around. You’ll have peace of mind that you’re avoiding any late payment fees and will enjoy seeing the amount you owe consistently reduce.
4. Enjoy day-to-day luxuries too
Consider setting up a bank account for flexible expenses like eating out or shopping for a new pair of shoes. That way you can enjoy some day-to-day indulgences while working towards your big picture goals.
5. My AMP makes it even easier
Don’t yet have the My AMP app? Download it now to help you keep track of your finances. You can set alerts for money going into your super and savings accounts—and money going out.
You can do it!
Book some time in your diary to map out your goals for the new financial year. Then use our tips to put some money tasks onto autopilot. If you need help with setting and reaching your financial goals a financial adviser may also be able to help.
Win a Fitbit Blaze
Simply register or log in to My AMP for your chance to win
Check out these money-saving tips for raising and entertaining children.