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5 steps to better financial fitness
Despite the revelation that millennials, and young women in particular, are at serious risk of never achieving true financial independence, there are straightforward ways to develop financial self-sufficiency.
5 steps to better financial fitness
Despite the revelation that millennials, and young women in particular, are at serious risk of never achieving true financial independence, there are straightforward ways to develop financial self-sufficiency.
This information comes off the back of NGS Super’s research which found both a lack of investment by young Australian women into their financial health as well as a frighteningly low level of confidence in the same women about their financial future.
According to NGS Super’s CEO, Laura Wright, there’s “a desperate need for more tools and advice for millennials to help them on the path to financial fitness and long-term independence”.
It’s why NGS Super has provided five steps aimed at helping individuals improve their financial fitness, which we’ve outlined below.
1. Track spending
Knowing exactly what you spend each month is the “critical first step” of improving financial fitness, according to NGS Super.
By working out your essential expenses, you can then work out where you could save.
2. Make a budget
And stick to it!
Once you know how much you are spending, you should create a budget.
NGS Super called this “the perfect time” to identify any unnecessary expenses and map out how much you can realistically save.
3. Set short and long-term goals… and be realistic!
Having goals is critical to improving financial fitness.
Short-term goals, like saving for a holiday or a weekend away, can help to maintain motivation and a framework for the creation of good habits for longer-term goals, such as a new car or house deposit.
4. Stay involved with your super
NGS Super cautions that while retirement may seem like it’s a long way away, “it’s critical to review your super fund and investment options regularly to make sure you’re on track to meet your financial goals”.
5. Know and understand your options
With the basics under control, NGS Super encourages individuals to upskill!
At this point, you can take a deeper dive into the investment options that may be available to you.
The industry super fund has recommended talking to a financial planner or educating yourself about investment asset classes.
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