Money Matters
How fit are your family finances?
IS YOUR SUPER CONSOLIDATED?
It’s possible there might be thousands of dollars just sitting there owed to you. If you’ve changed your name, job or address and forgotten to tell your super fund, you could have lost or unclaimed super.
However, it’s surprisingly easy to find your lost payments. Just log into your MyGov account and make sure it’s linked to the Australian Tax Office (ATO). You can then do a super health check, which includes step-bystep instructions on looking for lost super, consolidating and preventing it in the future.
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Clip from Magazine: Woman’s Day Finance Special
DO YOU NEED TO MAKE OR AMEND YOUR WILL?
No matter your age, it’s always a good idea to plan ahead. It’s important to have an up-todate will. If you die without one, the law decides who will get your assets – and this may not align with your wishes. Maybe you already have a will but your situation has changed? According to licensed Australian financial adviser Helen Baker, it’s important to update your will to reflect your new situation as well as the beneficiaries in your superannuation, which is treated separately from your will. “The same goes for any trusts, companies or similar structures you have,” Helen adds. Visit onyourowntwofeet.com.au for more info on wills
PERFORM A MORTGAGE CHECK-UP
For those of us who are lucky enough to own a home, it’s likely that mortgage repayments are your biggest annual expense, so it really does pay to give that a regular check-up. Are you getting the best interest rate available? An interest rate even 0.5 per cent lower could save you thousands of dollars over time.
Are you getting ripped off in annual fees? Remember that home loans with more features such as offset redraw can come at a higher cost. Compare the market and then contact your Words by Andrea Black. This financial information is general in nature and does not take into consideration your personal circumstances. If you need advice, please seek out a licensed financial adviser. financial institution to see if they can give you a better deal. If not, consider switching.
COMPARE YOUR ENERGY USE
We’ve all noticed it, those gas and electricity bills seem to be creeping up in price. Now is the right time to consider a power switch. Check your current utility plans against others on the market and then find out if you can make the switch (there are different rules across the states). If you do change, look for a plan with Ticking off these easy financial check-ups is sure to pay off in the future. FINANCIAL FREEDOM Wealth special MONEY MATTERS How fit are your family finances? a flexible contract that doesn’t penalise you for making changes to your account. Use the government’s Energy Made Easy website (energymadeeasy. gov.au) or if you’re in Victoria, Victorian Energy Compare (compare.energy.vic.gov.au).
LOOK INTO YOUR INSURANCE
Another big expense is insurance, whether that be a policy for your car, health, travel, life or home.
Whenever it’s time to renew, it pays to spend some time comparing premiums with other providers. Be sure to ask for a discount when you bundle polices (for example car and home insurance) and see if your insurer will match a quote from another provider.
RETIREMENT PLANNING
According to government website Moneysmart the amount of super you’ll need when you retire depends on your big costs in retirement, and the lifestyle you want.
With most people expecting now to live well into their eighties, if you stop working at 66, you’ll need retirement income for 20 years or more.
Moneysmart has a handy retirement planner where you can calculate what income you’re likely to get from super and the age pension when you retire. Visit moneysmart.gov.au to learn more.
Your Vision Financial Solutions Pty Ltd ABN 64 650 296 478 and its Advisers are Authorised Representatives of Fortnum Private Wealth Ltd ABN 54 139 889 535 AFSL 357306. This article has been prepared without taking into account your personal objectives, financial situation or needs. Before acting on any information on this article you should consider the appropriateness of the information having regard to your objectives, financial situation and needs.