Where does all my money go?

Answer

The average Australian spends $161 a week on recreation, $193 on transport and $223 on housing1. Do you know where all your money goes?

Ask yourself a few simple questions about your finances:

  • Do you have a savings plan?
  • Do you pay your credit card and other bills in full every month?
  • Do you stick to a budget?
  • Do you have emergency money set aside to deal with an unexpected bill of $2,000?
  • Do you have short-, medium- and long-term financial goals?
  • Do you know how much super you have?
  • Do you know how much money you’ll need to retire?
  • Do you know how much you’re paying in fees and interest on your credit cards, bank accounts, loans and investments?
  • Could you afford to pay all your bills if you couldn’t work for six months?

If you’ve answered ‘Yes’ to every question, congratulations! You have an impressive grasp of your personal finances.

But if you’re like most of us, there are probably areas where you could improve your knowledge and involvement.

Notes

1.Australian Spending Habits, MoneySmart, 2012

 

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