Plus, other tips to help you achieve financial fitness.
Financial fitness is a long-term goal but you can follow these simple steps today to get on your way.
Forecast your retirement
Many people assume super from their salary package will fund a comfy retirement. But that’s not guaranteed. And for women, there are other unique factors, like longer life expectancy or less time in the workforce, that can create disadvantage. To avoid getting caught out, make time to get a handle on what you’ll have for retirement versus what you’ll need. From there, you can identify any shortfall and plan to remedy it, whether you salary sacrifice or channel funds into investment. PS, if you’re not sure where to start, many super providers have online retirement calculators.
Talk about money
Salary and other money matters are often deemed ‘private’. But in light of issues like the gender pay gap, silence does women, especially, no favours. So start normalising a female focus on money in your own circles, whether you compare salaries with colleagues or launch an investment group with friends. Also broaden your own research avenues with modern sources such as online finfluencers and financial TikTokers. Remember, knowledge is power, so collect as much as possible – just be mindful before acting on it.
Plan, plan and plan again
Building wealth is the ultimate dream, but you can’t do it without a plan. So rather than living one payday to the next, use forethought to get maximum value from every dollar. You could plan a month’s worth of meals and do a cost-saving bulk shop, or create a full-year birthday calendar for easy reference when sales and specials come around. Also pay attention to third-party offers from sources such as telcos, which can discount movie and concert passes, gadgets and more. It’s a case of using clever prep to free up funds you can then invest strategically, rather than on just covering your normal outgoings.
Find a reputable partner
Of course the key plank of building wealth is aligning with the right partner, such as La Trobe Financial, Australia’s leading credit asset manager, whose 12 Month Term Account has been named Australia’s Best Credit Fund – Mortgages by Money magazine for the past 13 years.