Do you give much thought to how much you really know about your finances? Maybe you’re just focused on, or even stressed about, getting the bills paid and being able to have enough money to live on.
What you might not realise is that building your own financial literacy can help to improve your financial situation, and as a result, your health and wellbeing.
Financial stress remains the highest stressor for Australians1. Worrying about finances can lead to sleepless nights and anxiety. So understanding your finances better through improved education will enable you to gain more control over your personal financial situation.
What is financial literacy?
Financial literacy means different things to different people. For some it’s quite broad and involves having an understanding of how your household decisions are affected by the economy and your individual situation. For others, it’s more about basic money management, including budgeting, saving, investing and insurance2.
Tips for improving your finances
1. Put aside some time to get started
There is no better time than now to start improving your knowledge about your finances. Tackle one area at a time. Start with what you’re most interested in learning and you’ll begin to build a solid foundation of financial know-how.
2. Set-up a basic budget
Knowing where you spend your money and how much is a great step toward balancing out your spending and saving. Try our budget calculator tool online today.
3. Avoid the credit card trap
Australian’s currently have more than 16 million credit cards and have an average credit card debt of $4,300. This is a national debt of around $32 billion3! Credit cards are a quick fix to purchasing, but they often come with high interest rates.
Making sure you make the full repayment on time can prevent large amounts of interest being charged. Read more about how to control debt, before it controls you.
4. Find your lost super
With the average national job tenure in Australia across all ages sitting at just over three years4, it’s easy to see why people end up with more than one super account. If you've ever changed your name, address, job, or done casual or part-time work, you may have lost track of where your super is. We can help you find your lost super and consolidate it today.
5. Use the tools and resources available
A great starting point is our Managing your money online learning module, which provides tips on managing your cashflow, saving, organisation and record keeping. The MoneySmart website also offers free and impartial financial guidance and tools.
We’re here to help
If you’d like advice on how to take control of your finances speak to a financial adviser, or call us on 131 267.
How do I find my lost super?
When you change jobs or move, your super fund can lose contact with you. Wherever your super happens to be, we'll find it for you.
You can potentially reap greater rewards