5 steps to manage your finance and your super

2 min read
7/09/23 3:16 PM

It’s never too early or too late to take control of your finances and superannuation. Whether you’re just starting out, nearing retirement, or somewhere in between, the five strategies outlined below can help you make the most of your money and secure a better financial future.


  1. Track Your Spending – You can’t manage what you don’t measure, so it’s important to have a good handle on where your money is going each month. This means tracking all of your expenses, even those that seem insignificant. Once you know exactly how much you are spending in each category (i.e., food, housing, entertainment), you can more easily identify areas where you may be able to reduce costs.


  1. Create a Budget – Now that you have an understanding of where your money is going each month, it’s time to create a budget that reflects your financial goals as well as your current income and expenses. A budget should help guide your spending decisions and allow for some wiggle room for unexpected expenses or unexpected windfalls.


  1. Invest Wisely – Investing is one of the best ways to grow your wealth over time but it can also be risky if done incorrectly. Make sure to do research on different investments before committing any money and start small if possible until you get the hang of things. Also consider investing in ways that align to your personal values and beliefs.


  1. Contribute to Superannuation - Superannuation is a great way to save for retirement while taking advantage of tax concessions offered by the government up front rather than later when withdrawing funds from the account during retirement age. Consider setting up regular personal contributions into your super, on top of the superannuation guarantee when cash flow permits as this will help build up savings faster over time.


  1. Maximize Tax Savings - Taking full advantage of available tax deductions can help reduce taxable income significantly which in turn reduces overall taxes owed each year as well as future taxes due upon withdrawal from superannuation accounts at retirement age. Make sure that all eligible deductions are taken every year including work-related travel expenses, home office costs, charitable donations, etc., and look into ways that income could be structured differently such as through trusts or company structures which could result in greater tax savings overall.

By tracking spending habits, creating budgets based on goals and current income/expenses levels, investing wisely across multiple asset classes, making regular contributions into superannuation accounts and maximizing available tax savings opportunities – individuals can ensure they are setting themselves up for success financially now and into retirement age!