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Taking stock of your financial situation is the first step in managing your money. Ask yourself two important questions:
1. Are you better off today than a year ago? Look at what you own and what you owe.
Write down what you own and what you owe today and a year ago in a table, like the one in our example opposite for Nat and Sam. It’s fairly easy to make a few estimates, and then use your mortgage, credit cards, bank accounts
and superannuation statements to fill in the blanks.A year ago, Nat and Sam bought a home and a new car. Now, their home is worth more, their super has grown and their car loan is coming down. Unfortunately their credit card debt has gone up, and they don’t have much saved for unexpected bills or time without work.If Nat and Sam were 25 years old, they’d be pretty comfortable, because they have plenty of time to pay off their mortgage and build up their super. If they were 55 years old, they’d be facing some serious problems with so much debt and so little super, even if they kept working till 65.
When you draw up a similar table for yourself, first look at what changes have occurred. Then think about your age and how much longer you expect to work to see if you are likely to be comfortable or if you face some serious issues.

2. Are you saving any money? Look at your income and your expenses.
Record all your income and expenses for a month, as we have for Nat and Sam in the table opposite.

Nat and Sam, who both work and have two children, are doing well to save $230 each month. However, their debts take up a lot of their money, and $230 won’t stretch far. There’s also not much room for them to put extra money towards paying off loans or building up money for their children’s education. Looking at your own income and expenses is a first step in budgeting, and shows if you’re making progress, standing still, or going backwards.

TIP: List each loan repayment as a separate expense, then convert everything into monthly figures.

Your own plan will help you control your money. If you set some goals, make a plan and stick to it, you can make progress even with ups and downs along the way.

What do you want to achieve?
Would you like to:

Pay off your credit cards?
Buy a new car and pay it off quickly?
Buy a home and pay it off quickly?
Save for your children’s education?

Put some money aside for your retirement? These are some typical financial goals. Others include paying off personal loans or saving up for a holiday. Write down your own goals as the first step in your plan.Your own plan will help you control your money. If you set some goals, make a plan and stick to it, you can make progress even with ups and downs along the way.

How long will it take to reach your goals?
Some goals may be urgent, for example getting credit card debts under control and paid off. Remember how Nat and Sam’s credit card debt had gone up? Paying almost $500 each year for just $3,000 (16.5% interest) is
very expensive, so they would probably need to fix this soon.
Longer term goals, for example buying a home or saving for retirement, can be just as important. Because they cost a lot of money, the sooner you start working towards them, the sooner you can achieve them, even if you can only spare a small amount of money. It can cost a lot more to do these things later. In the table on the next page, based on Nat and Sam’s situation, we have:

drawn up some financial goals estimated how long they may take, and noted some things to do to get started.

 TIP: Using your own goals, you could draw up a similar table for yourself. If you’re not sure about some of the things you need to do, come back to them after reading the ideas in this website.

Nat and Sam’s financial goals, time needed and how to start

Pay off credit card (2 years) How to start: Stop using the cards. Instead, use a card that debits their savings account, so they spend their own money, not pay to use someone else’s.
Check how much they need to pay monthly to get rid of the debt within 2 years, and stick to that amount each month.

Pay off new car (3 years) How to start: Work out how much they can afford to pay per month, including the cost of insurance. Choose a model within their price range and shop around for the best price. Make the biggest deposit they can. Shop around for the best loan, as well as the car. Maybe extend their mortgage, so long as they pay off quickly the extra they borrowed.

Buy a home and pay it off (long term) How to start: Work out how much they can afford each month, and look around in their price range. Shop around for a low interest rate. Make payments fortnightly and pay a bit more than required each time. If it won’t cost more in interest, a redraw or offset savings account can let you put any extra money you may have, including your pay cheque, on your mortgage.

Save for children’s education (medium to long term) How to start: Set up a long term investment account that they won’t touch. Check personal finance magazines about suitable long term investments.

Put some money aside for retirement (long term) How to start: Put more money into superannuation (more on super later). If their funds offer investment choice, consider which option best meets their needs.

How much will each goal cost?
The next step in planning your finances is to estimate how much your goals may cost, and compare that cost with what you are saving. Then you can see if there’s a gap to close. Estimating costs is fairly straightforward for the goals you have already started, such as loans you are paying off. Useful internet loan calculators can show how much a loan will cost, and how your repayments are affected by shorter or longer term loans. To estimate long term savings and investments, we will show you some calculations for Nat and Sam, which you could use or adjust. Later we’ll offer some extra figures on super and saving for retirement.

A gap between your goals and your savings?
Is there a gap between what you can save each month and the cost of your goals? The gap between Nat and Sam’s savings and their goals are shown in the table below. Nat and Sam’s goals cost more than they can spare from the $230 they save each month. They can’t afford to start everything today, but they can afford to do some things that will close the gap within a fairly short time. Suppose they grit their teeth, stop using their credit cards and use what they save to pay off their cards in two years. Around the same time, they will also have paid off the car. Their costs then drop and so their savings increase to $665 per month. So in two years, there’s extra money to pay off their home loan faster and put some money aside for the children’s education.They can achieve their goals if they make a start, even if it takes two years longer than they would have liked. Closing the gap means finding ways to free up cash that you can devote to your financial goals. Usually the top priority is paying off high-interest loans. When you achieve that goal, you can channel the extra money you save into your next goal, and so on.

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What if you’re not saving any money, not saving enough or unexpected events throw your finances into disarray? Budgeting and being prepared for unexpected events can change things for the better, often without too much pain.
Budgeting: what you need, and what you want The best tool for finding extra money is a budget, much like Nat and Sam’s record of income and expenses. Look at the things you need – the essentials, such as housing and food – and those you simply like to have, or want. When you need to trim the budget, cut back on the ‘wants’ first – things that aren’t essential for everyday life. Don’t cut out all the wants, because if your budget’s too tight, it’s not going to work.

How can you save more?
The best way to save is to put money away as soon as you are paid and before you spend.

What you can do: Have an easy access cash account for everyday needs, with a debit card attached Potential savings: Reduces need to use credit card; earns interest How it could work: Get your pay deposited into this account
What you can do: Save or invest a fixed amount of money every pay in a separate account Potential savings: More for your future goals, and an emergency source of money How it could work: Get your employer to pay direct to
your account or have a fund manager direct debit your bank account What you can do: Save your pay rises, bonuses, special payments or tax refund Potential savings: Savings build up significantly over time as you continue to live within your existing budget How it could work: Increase your automatic savings amount. Immediately invest your extra money

What you can do: Pay your mortgage fortnightly, and pay an extra 5–10% on your mortgage every month Potential savings: Saves interest costs and pays off your mortgage sooner How it could work: Get your lender to deduct your
mortgage and extra payments fortnightly What you can do: Budget a specific amount for fun, leisure and personal expenses Potential savings: Controls impulse buying How it could work: Makes it easier to stick to your budget
What you can do: Put your change into a savings jar at the end of each day Potential savings: Creates a little pot of ready cash How it could work: Use this money for small personal expenses What you can do: Make extra superannuation contributions from your pre-tax salary (‘salary sacrifice’) Potential savings: More money for retirement and less personal income tax paid How it could work: Discuss with your pay office, but make sure that you can afford to make extra contributions

Pay by cash or EFTPOS instead of using credit Potential savings: Encourages saving because you use your own money (which is limited) instead of borrowing it. Saves interest on credit cards Pay credit cards off in full each month
Potential savings: Saves 16% per year on your outstanding balance Use lay-by for Christmas shopping or save small amounts over the year Potential savings: $25 per week would mean $1,300 in Christmas cash, avoiding high credit card bills in the New Year and interest payments Combine multiple accounts, such as cheque and savings accounts at the bank, and separate superannuation funds Potential savings: Saves fees and charges Use internet or phone anking Potential savings: May save bank fees Take your own lunch to work Potential savings: If you save $4 per day, that’s $1,000 a year

Save for your next car and choose a lower-priced model Potential savings: A big deposit reduces the total purchase price, and you may also get savings on borrowing and insurance costs Use pre-paid cards for your children’s mobile phones Potential savings: Make your kids top up the card themselves if they spend too fast Use self-catering holiday accommodation Potential savings: Saves on eating out at cafes, hotels and restaurants

What if you can’t pay your bills?
Stay calm and work out what you can reasonably pay each person to whom you owe money (your creditors), considering both your living costs, rent or mortgage, and all your debts. Not-for-profit financial counsellors can help you. Contact your creditors promptly and tell them you are having financial difficulties and want to discuss repayment arrangements. This is especially important if creditors hold security over your home, car or other assets. Offer only what you can reasonably afford to pay, and offer something to each creditor. Try to cover interest or charges applying to the debt.

Ask if the creditor will agree to reduce the interest on the debt until you can get back on your feet. Confirm any agreement in writing. What if you get retrenched? Before making any decisions, taking any money or signing any documents, find out your entitlements and the best way for you to deal with any money you may receive. You may not be able to undo a decision you are unhappy about. Ask someone who understands your terms of employment and your superannuation benefits, how much tax you’ll pay and what makes the best sense for you financially. If you belong to a union, they may be able to give you free advice.

What if you get a windfall?
Above all, go back to your personal goals. Consider paying off all personal debts first and then your home mortgage.If there’s still money left over, consider making a personal contribution to superannuation, a contribution to your spouse’s superannuation or starting to invest. Windfalls can easily disappear through unplanned spending or hasty investments. For large sums of money, you may need the help of a financial adviser.

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Getting into debt is far easier than getting out of it. If you shop around and manage your loans, they won’t make a mess of your finances.

When should you borrow?
Look at the total cost including all the interest before you borrow. Only borrow if you are sure you can afford the repayments. For things you just want, such as a holiday, it’s cheaper to save up for them. For example, Nat and Sam’s $3,000 two-week holiday, paid on their credit cards, took them two years’ hard saving to pay off, and cost them an extra $534 in interest. Even for things you may need, such as a car, it’s cheaper to save if you can.If you do borrow, pick the shortest repayment period you can afford, especially for anything that you use up quickly, like a holiday, or that loses value, like a car. For a home, almost everyone has to borrow because it’s hardly realistic to save up for one. In this case, it can make good sense to borrow, because a home could increase in value, perhaps even faster than the interest rate you will pay.
How much should you borrow?
It pays to be cautious. Lenders may offer you a bigger loan than you would feel comfortable with. They may increase your credit card limit without asking and without checking if you really can repay higher debt. Interest rates could go up, and if you borrow too much even a small rise could get you into trouble.

TIP: Do a trial run before you borrow.
Try saving an amount equal to your loan repayments each month, or saving the difference between your rent and home loan repayments (include the one-off costs, such as stamp duty and moving house).

Could you afford to do that for the full term of the loan, maybe for 20 or 25 years?
You may be overstretching yourself if: l your total loan repayments cost more than half your take home pay l your home loan repayments cost more than a third of your take home pay.

What’s the best loan?
Usually it’s the loan with the lowest interest rate. This is often the single most important thing to get right, so shop around. Even small differences in interest rates can make a big difference to the total amount you will pay, especially with long-term loans. Extra features that cost you more in interest rates may just waste money. Look for the ‘comparison rate’ which takes fees into account. ‘Honeymoon’, ‘introductory’ and ‘low start’ loans may sound appealing, but once the honeymoon ends, you could end up in a more expensive loan. Check that your loan allows you to make extra payments, and if there are any fees for doing so. Loans with fixed rates may:

• not allow extra payments or, if they do, will commonly limit the amount you can repay over the life of the loan
• charge very high extra fees for paying out the loan early.

Where to find loans?
The CANNEX website at www.cannex.com.au is an excellent place to start. Magazines and newspaper columns also give a good idea of current rates. Do consider all types of lenders: credit unions, building societies, banks and non-bank lenders. Loans with the lowest rates of interest may not be the most heavily advertised. Mortgage brokers may not offer all the low interest home loans available.

Which loans should you pay off first?
Pay at least the minimum amount due to every lender on time. If you can afford extra payments, start with the loan charging the highest interest. Only put extra into other loans once the most expensive one has been paid off. The lowest-priority loan is one that has taxdeductible interest – for an investment property loan, for instance.

Why pay loans and mortgages off faster?
Paying off your loan faster can save you thousands in interest payments. One simple way to get ahead is to pay your loan fortnightly instead of monthly. In effect, you make the equivalent of 13 monthly payments a year instead of 12.
Fortnightly payments will cut four years off a 20-year home loan of $200,000. And if you can pay an extra $100 per fortnight, you will cut seven years off your loan. If you have some money to spare, consider reducing your loan balance. Paying $1,000 off a credit card charging you 16% interest obviously beats putting the same money into a term deposit earning 5.5%. Also, remember the effect of tax. Paying $1,000 off a loan charging interest of 6.5%, saves a full $65. Even if you could invest the money somewhere else that earned $65, you would then have to pay tax. Be careful about claims that refinancing will pay off your loan faster. You can only pay off loans faster by paying more money. Only refinance if you are sure the savings outweigh the costs.

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Why insurance really matters Insurance helps cover the costs of unfortunate events, such as losing your living because of illness or disability, or your home in a fire. It protects the financial safety of you and your family, and your property.
Common risks and how to insure against them
Common risks: Death and total and permanent disability Insurance product: Increased life and total and permanent disability insurance through your superannuation fund or a personal policy What can reduce your insurance premiums: Using your super fund if the policy suits you Common risks: Damage or loss to a home building and fixtures Insurance product: Home building insurance What can reduce your insurance premiums: Adequate maintenance, smoke detectors, sound electrical wiring
Common risks: Loss of home contents Insurance product: Home contents insurance
What can reduce your insurance premiums: Window and door locks, burglar alarms, smoke detectors
Common risks: Damage to someone else’s vehicle or property
Insurance product: Third party property insurance
What can reduce your insurance premiums: An accident-free driving record
Common risks: Loss or damage to your motor vehicle
Insurance product: Comprehensive insurance
What can reduce your insurance premiums: Security

Common risks: Sickness and temporary disability
Insurance product: Income protection insurance (this is tax deductible); Private hospital medical insurance; Trauma insurance
What can reduce your insurance premiums: Check if your super fund offers suitable insurance
Common risks: Unemployment
Insurance product: Generally you can’t insure against unemployment
What can reduce your insurance premiums: Not applicable
TIP: Before you make a choice, read about the risks and returns for each investment strategy you are offered.

How much cover do you need?
If you make a claim, the maximum an insurer will pay you is the amount of money, or ‘sum insured’, in your contract. That sum has to cover everything.
Most people underestimate the value of what they own and ‘under-insure’. If you under-insure, you won’t get enough money to cover the total cost of your loss.
For example, the ‘sum insured’ for your home must be enough to cover all your costs if your home were destroyed, including rubbish removal, alternative housing and rebuilding costs. Check your cover regularly, so that your sum insured keeps up with building costs and any renovations. Increasing your sum insured won’t necessarily cost a lot of money. Shopping around, or choosing a higher excess, could get you more insurance at about the same cost as
your current policy. Although many insurers have internet calculators to help you work out a reasonable sum insured, not all calculators are the same. Use a calculator that asks you lots of questions (up to 30) about your home, because you’re much more likely to get a more accurate sum insured.

How do you get the best cover?
Shop around and get a few quotes. To give you a quote, the insurer will ask you various questions. Answer all questions fully and honestly. You must tell them all the facts that could be relevant, otherwise the insurer may be entitled to refuse or reduce payment on a claim. You may save on insurance premiums by agreeing to pay an ‘excess’.Compare the actual cover offered in each quote. Go through what the policy covers and what it excludes with a fine-tooth comb. Many people find out only too late that something was not covered. Insurance covers only what’s defined in the policy and nothing else. A cheap policy that doesn’t cover what you need could be worse than a more expensive policy with unnecessary features. If you have special needs, seek expert advice before you take out insurance cover.

EXAMPLE: If you can afford to pay for the first $500 of damage to your home or contents, you may get a reduced premium. Packaging several insurance policies with one insurer may also save money.

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Income Analysis – Work out your regular income vs Expensis

Household expenses

Debt repayments

Education expenses

Work out your regular expenses.
Remember to use the same time frame that you chose for your income. Next, add up the subtotals to get your total expenses.

Click Here for the live calculator

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Possibly only if you join a fund in your early twenties, take no more than a year or two out of the workforce and work until you retire at 65.

HINT: In reality, many people may have longer breaks from the workforce, and so employer contributions by themselves may not give you a comfortable retirement.

Should you contribute more?
Contributing a bit more to your superannuation will make a real difference to your retirement savings. If you contribute extra from your after-tax income, you don’t have to pay contributions tax on those extra contributions, and they get more favourable tax treatment when you retire. Also, you may receive a co-contribution from the government. For example (see table opposite), Nat has $20,000 in super at age 35 and a gross salary of around $29,750, so is eligible for the co-contribution. Nat’s thinking about contributing an extra $1,000 after-tax, and the table shows the difference this could make.

For higher income earners, if your employer allows you to contribute extra from your pre-tax income, you can also benefit. (If you are eligible to receive a government co-contribution, you may be better off making after-tax contributions. This applies if you earn less than $58,000 each year.)

For example, Sam’s colleague Alex, aged 40, earns a gross salary of $70,000 and has $50,000 in super now. Alex’s thinking about contributing an extra 5% in pre-tax salary, and here’s the difference this could make.Extra money you contribute must stay in your superannuation until you retire, so only contribute extra money that you can set aside until then. Otherwise, consider investing some money outside superannuation.
Why do fees matter?
Every dollar paid in fees, especially in ‘ongoing’ fees, reduces the final payment you get. If you can, choose the lowest cost fund that meets your needs. In a fund with higher fees, you need a higher return just to come out even. Suppose Sam’s about to change jobs and deciding whether to stay in the current fund or switch to another one. Sam’s current fund charges around 0.55% each year in ongoing fees plus another $52 each year. Another fund charges 2% each year and offers about 80 different investment options and Sam can switch between options daily. Here’s how things could work out. Sam’s got $35,000 in super now. Let’s assume both funds earn the same return before fees and taxes, so you can just compare the effect of the different fees. Especially over a long time, just 1.3% extra in fees can make a big difference. So Sam has to consider carefully if the extra features are worth the cost.
Most industry and corporate superannuation funds will cost you less than retail funds, although retail funds may offer services, choices or other features you may want. Higher fees do not guarantee higher returns.

Which investment strategy? You may be able to choose how your superannuation is invested.

Consider your personal circumstances. If you are close to retiring age, and plan to draw on your superannuation money as soon as you retire, you might choose a lowrisk, low-return fund. If you have much of your working life ahead of you, or you might retire without drawing on all your superannuation, you may accept a greater risk to increase the chances of growth. Historically it has proved extremely difficult to beat rises in the cost of living without investing in assets like shares and property.
That means accepting the risk of losses in bad years. Professional advisers would expect most people, even those who have retired, to invest in some riskier assets, as well as in cash and fixed interest. Even small differences in returns over a long time add up to a lot of money, see our example below.

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Put yourself in charge

Have a plan for your money and stick to it.
Prepare a budget for yourself and keep it up to date.
Establish a savings habit – save as much and as regularly as you can.

Take control

There’s more you can do too:
• Take a hard look at your loans and credit cards and see what scope there maybe to consolidate them or adjust some of your spending habits.
• Look for opportunities to make your money work harder by investing, and check if you’re contributing enough to your superannuation.
• Think about strategies for protecting your money, such as making sure that you have the right insurance.
• Shop around and get information and advice if you’re not sure about managing your money or if you need help.

This website will provide information on these and other issues to help you better understand your money.

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• Sunday Money Roundup - Home Again Edition. Well, we are in Boston now where we will be for the next 10 days or so. It's been about 1.5 years since I was home, and it's nice to finally be back. I really should go more often! Posting will be lighter than usual while I am home, but......
• Forex Trading Tool: Basic Issues To Consider Forex trading is for brave and confident people. If you want to enter foreign exchange market, you have to make sure you are ready to take risks and be prepared to lose money and not only making money. Any profitable market or investment opportunity also involves risks of losing a......
• Motivate Yourself For High Targets And Earn Much Money On The Net. Have you every knew that self motivation can be the important part of your internet business? Whatever type of business you are having, you need to motivate yourself in order to achieve high results. Especially it is important for the newbies. You can spend much time and energy looking for......
• Three Credit Building Tips The credit score is a consumer's lifeblood. Consumers with good credit can easily obtain loans with fantastic interest rates. A bad score can cost thousands of dollars over the life of a loan. While weak credit cannot be fixed overnight, concerted effort over time can increase a poor score. Here......