On International Women’s Day, ASIC’s MoneySmart and 10thousandgirl are encouraging women to get financially fit.
Zoe Lamont, is Director of the financial wellbeing program 10thousandgirl which empowers women across Australia to take control of their money.
Zoe says, 'It's exciting to see the women I talk to across Australia ready to take action on their finances. I work with women of all ages, from those starting out in their careers to women considering retirement. Everyone wants their debts paid off, a home to live in, financial security when plans go astray and a comfortable retirement.
At 10thousandgirl we believe to start the journey toward financial fitness, you need to do the basic money tasks first, break them down into bite-size steps and tick off one thing at a time. Start with MoneySmart's Top 10 Tips and see which ones work best for you.'
MoneySmart’s Top 10 tips for women:
1. Start with a check-up – If you are managing your household budget from week to week, you may find it hard to find time to plan other aspects of your finances. A good way to start doing this is to do a . Answer simple questions about your money and get an action checklist on which areas of your finances need attention.
2. Track where your money goes – Know where all your money goes each week? If you're not sure, you might want to take a snapshot of your spending. Record what you spend over a week or fortnight using MoneySmart's free smartphone app . This helps you see where your money is going and where you can cut back. You'll be amazed how much you can save.
3. Don't dream it, do it – Been putting off your dream car, house, holiday or investment property? Set up a direct debit into a separate high interest savings account every payday and start making your dreams a reality.
4. Diarise your big bills – If you find it hard to manage paying for big bills like car service, insurance or electricity, make a note in your diary or calendar on the date these bills are usually due. Then put some money aside each pay so you are prepared for next time. If you want to take it to the next level, create a budget with MoneySmart’s .
5. Get off the credit card roundabout – Does thinking about your credit card bill make you nervous? Make a plan to pay off your credit cards in full. MoneySmart's shows how making bigger payments can save you heaps. If you can't resist spending think about a instead.
6. Prepare for change in your life – What if you suddenly split up or your partner passes away or loses their job? It can be a shock to have to deal with everything on your own. To ensure you are protected, make sure you know how your joint finances work and have access to them. This includes your bank accounts, will, super and investments. MoneySmart has more information on and .
7. Bridge the super gap – Sick of hearing reports about the ? Take action now. Whatever your age, it pays to consolidate your super into one fund and make extra contributions if you can.
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Earn less than $46,920? – Get the if you make after tax contributions.
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Earn more than $50,000? – into super as the tax is a low rate of 15%.
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On maternity leave? – Explore or after tax contributions – even small ones count.
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Five or 10 years from retirement? – Look at putting as much into super as you can before you stop work. See more on .
MoneySmart's works out which type of contribution will give your super the biggest boost.
8. Think carefully before signing up for a joint loan – If your partner or children ask you to be a guarantor or co-borrower on a loan, don't sign up until you know what you are signing and the consequences. You will be liable for the full amount if they default on the loan. MoneySmart has helpful tips on .
9. Get help with sorting your debts if you need it – If your debts are getting out of control or you are struggling to make ends meet, it is important to act quickly. There is help available. A free financial counsellor can help you get a clear picture of your situation, understand your options and work out a budget. Use MoneySmart’s map to find your nearest .
10. Build wealth for your future – If you have some money to invest, consider generating another income stream like or investing in a . Get advice from a licensed financial adviser. See MoneySmart’s tips on .