Save
Getting better control of your financial future
With nearly a third of Australians concerned about how much debt they need to pay off each month, finding ways to manage your financial future is increasingly important. Here are BT Financial Group’s five tips for managing your money.
Getting better control of your financial future
With nearly a third of Australians concerned about how much debt they need to pay off each month, finding ways to manage your financial future is increasingly important. Here are BT Financial Group’s five tips for managing your money.
New research conducted by BT Financial Group found that 32 per cent of Australians often live ‘pay cheque to pay cheque’, 30 per cent are ‘concerned’ by the amount of debt they repay on a monthly basis.
Bryan Ashenden, head of financial literacy and advocacy at BT, said “no one is immune” to the stress caused by planning their financial future, but there are a number of steps investors can take to improve their savings.
“We all have worries about our money from time to time, but what can make a difference is to put steps in place, so that we worry less,” Mr Ashenden said.
BT’s five tips to manage money are:
- Crunch the numbers
According to BT, knowing how much money is “coming and going out” each month is a critical first step. There are plenty of online tools to help.
- Get a handle on debt
BT said there are two factors to this. First, it’s important to know exactly how much money is owed and second, how much it’s costing you.
Once you’re across this, the next step is to see if loans and the like can be consolidated to get a better rate.
- Create a savings plan
Developing a plan that will allow you to accumulate savings and prepare for any unexpected costs down the road is a great way to “create peace of mind”, the company said. Even if the amount saved is only small, every bit helps.
- Consider your super
For Millennials, a dollar invested in super today will mean $10 in retirement, meaning investing in super can make the costs of retirement more manageable, BT said.
- Seek professional advice
Going it alone can be tough, and professional advisers can help “identify your financial and lifestyle goals, design a plan,” and more, including providing support in sticking to that plan or even making changes when your circumstances change.
Debt Consolidation
Court approves robodebt class action settlement
The settlement of the robodebt class action has been approved by the Federal Court of Australia, meaning a further $112 million in compensation will be paid to approximately 380,000 Aussies. ...Read more
Debt Consolidation
Heard of robodebt – a controversial government scheme or buzzword?
What exactly is robodebt? We’ve heard all the buzz, now it’s time to know what this controversial government scheme actually is. ...Read more
Debt Consolidation
Robodebt class action settles for $1.2bn
The federal government has agreed to a “landmark” class action settlement worth $1.2 billion over its controversial robodebt recovery program, which raised automated debts against welfare reci...Read more
Debt Consolidation
Centrelink to resume debt recovery program
Centrelink’s debt recovery program is set to resume from Monday, 2 November, but money owed will not need to be repaid until next year, Services Australia has said. ...Read more
Debt Consolidation
When should you use debt?
Despite record-low interest rates and changes to credit regulation making it easier for consumers to get a loan, a wealth educator has urged Australians to keep their debt low in order to build wealth...Read more
Debt Consolidation
Fresh robodebt allegations delay Centrelink class action
New allegations have been added in the class action against the Commonwealth government over the robodebt scheme that saw Services Australia illegally issue debt collection notices to more than 370,00...Read more
Debt Consolidation
Robodebt refunds are now available: What do I need to do?
Refunds from the government’s illegal robodebt scheme are now being rolled out to affected customers – so what do you need to do to receive your refund? ...Read more
Debt Consolidation
When will I get my robodebt refund?
With the government’s recent concession that it would be refunding $721 million from robodebt notices, many Australians are wondering when they can expect the money to be returned to their hip pocke...Read more
Wrapping up an eventful 2021
Listen now
What Omicron means for property, and are units right for first-time buyers? What is equity crowdfunding? Are industry super funds tapping into member funds to save their skins?
Listen now
Will housing affordability improve in 2022? Will buy now, pay later become the norm? Why are Aussies staying in failing super products?
Listen now
Who really benefits from crypto ETFs? How will the RBA respond to rising inflation? Could a mandate help address unpaid super?
Listen now
Debt Consolidation
Court approves robodebt class action settlement
The settlement of the robodebt class action has been approved by the Federal Court of Australia, meaning a further $112 million in compensation will be paid to approximately 380,000 Aussies. ...Read more
Debt Consolidation
Heard of robodebt – a controversial government scheme or buzzword?
What exactly is robodebt? We’ve heard all the buzz, now it’s time to know what this controversial government scheme actually is. ...Read more
Debt Consolidation
Robodebt class action settles for $1.2bn
The federal government has agreed to a “landmark” class action settlement worth $1.2 billion over its controversial robodebt recovery program, which raised automated debts against welfare reci...Read more
Debt Consolidation
Centrelink to resume debt recovery program
Centrelink’s debt recovery program is set to resume from Monday, 2 November, but money owed will not need to be repaid until next year, Services Australia has said. ...Read more
Debt Consolidation
When should you use debt?
Despite record-low interest rates and changes to credit regulation making it easier for consumers to get a loan, a wealth educator has urged Australians to keep their debt low in order to build wealth...Read more
Debt Consolidation
Fresh robodebt allegations delay Centrelink class action
New allegations have been added in the class action against the Commonwealth government over the robodebt scheme that saw Services Australia illegally issue debt collection notices to more than 370,00...Read more
Debt Consolidation
Robodebt refunds are now available: What do I need to do?
Refunds from the government’s illegal robodebt scheme are now being rolled out to affected customers – so what do you need to do to receive your refund? ...Read more
Debt Consolidation
When will I get my robodebt refund?
With the government’s recent concession that it would be refunding $721 million from robodebt notices, many Australians are wondering when they can expect the money to be returned to their hip pocke...Read more
More articles
Website Notifications
Get notifications in real-time for staying up to date with content that matters to you.
