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To start, take a look at all your expenses across a whole year. Think about the regular things you pay, such as rent or mortgage payments, insurance, phone, internet and electricity bills and the cost of running a car.
This will show you where your money is going. If you want some assistance, you'll find a useful budget planning tool on the MoneySmart website.
Set up a weekly, fortnightly or monthly budget to help track your spending as you go. Compare your outgoings to your income. Where might you be able to reduce spending? Which items do you need for your basic living expenses and which are extras you could maybe do without? A good tactic is to put aside a set amount each time you’re paid. It could be the equivalent of a cup of coffee a day, or you could commit 10% of your salary. And if you get a salary increase, maybe commit a portion of it towards your savings.
Try to be realistic. There’s no point in making your budget so tight that you won’t be able to stick to it. However, even small savings may add up to big amounts over time.
Once you have your day-to-day budget under control, it's time to develop an overall plan of where you are headed in the long-term.
It's important to understand how your savings and super are being invested. The ESSSuper website outlines ten investments strategies you can access depending on your fund type. It also helps determine your ‘risk profile’, so you can make an informed choice about which strategy might be right for you. Unless you have specialist financial knowledge, it’s a good idea to get assistance from someone who does. Help is available from ESSSuper financial planners2, who can answer specific questions or develop a holistic financial plan that takes into consideration your financial position, both in and outside of super.
1. MoneySmart, How to do a budget.
2. ESSSuper Financial Planners are authorised representatives of Adviser Network Pty Ltd (Adviser Network). Adviser Network holds a current Australian Financial Services Licence No. 232729 and is responsible for the financial services provided to you. ESSSuper has an arrangement with Adviser Network Pty Ltd to provide financial advice to ESSSuper members. ESSSuper pays Adviser Network a fee for this service. Neither the Board, nor the Victorian Government, guarantee or endorse any recommendations made by Adviser Network, or are responsible for the advice and actions of Adviser Network.
The information contained in this article is of a general nature only. It should not be considered as a substitute for reading ESSSuper’s Product Disclosure Statement (PDS) that contains detailed information about ESSSuper products, services and features. Before making a decision about an ESSSuper product, you should consider the appropriateness of the product to your personal objectives, financial situation and needs. It may also be beneficial to seek professional advice from a licensed financial planner or adviser. An ESSSuper PDS is available on our website or by calling 1300 650 161.
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