8 TIPS FOR MANAGING YOUR FINANCES

Thinking about how to improve your financial position can be daunting. Where to start? What to review? How to plan?

Below are simple steps to help you get started.

Financial Management tip #1 - Spend less than you earn


No matter how much or how little you are paid, you may find it difficult to get ahead if you spend more than you earn.
Prudent cuts to your spending can result in big savings.

Financial Management tip #2 - Stick to a budget


A budget will show where your money is going. Depending on when you are paid, you may decide on a weekly,
fortnightly or monthly budget. You need a budget regardless of how much you earn a year.

Financial Management tip #3 - Have a savings plan


If you want to boost your savings, you can set aside a minimum of five to 10% of your salary for savings.

Financial Management tip #4 - Invest


If you contribute to super and a savings account, and you still have some spare money, then you may want
to consider putting it into other investments.

Financial Management tip #5 - Understand your investments


Do not get involved in investments you don't understand. A financial adviser can help to talk you through
the investment options that might be suitable for you.

Financial Management tip #6 - Review your insurance


It is important to have enough insurance to protect your family and your income in case of death, disability or illness.

Financial Management tip #7 - Keep good records


If you don't keep good financial records, you are probably not claiming all your allowable income tax deductions and credits.
Set up a system and use it all year. It will help you when it's tax time.

Financial Management tip #8 - Get financial advice


Many people do not have the time, or the inclination, to manage their finances well. Busy with work and family, many people find it
difficult to keep up-to-date with investment options and to understand the risks involved.
A financial adviser can help you reach your goals.