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The 101’s of Self Managed Super Funds

In the right hands, a self-managed superannuation fund (SMSF) can be a beneficial way to build wealth for retirement. Whilst they are not for everyone, it is important that when thinking of starting an SMSF, individuals need to understand the benefits and responsibilities they take on by having an SMSF.

Being a smart Santa with your gift budget

When you’re under pressure to give that perfect present at Christmas it can be much harder to stick to a budget. Find ways to make your gift budget go further with our top tips for giving generously without going overboard on spending.

Spring clean your credit rating

Is your credit rating looking a little worse for wear? Here are our tips to help you get it back into shape ahead of your next big purchase.

Downsizing your home? Understanding the downsizer contribution

Downsizing the family home is often part of the longer-term financial plans for many older Australians. But did you know that you could consider investing the proceeds of the sale of your family home to your super – depending on your age and circumstances – as a downsizer contribution?

How salary sacrificing into super could work for you

An effective way of building your super savings (and potentially reducing your taxable income) is through salary sacrificing – that is, asking your employer to put some of your before-tax income directly into your super fund.

Should you use your super to save for a home?

Getting money together to buy your first home can be a big ask. As well as a deposit (ideally 20% of the house price), you also need to consider stamp duty and other expenses like conveyancing fees. And if you have less than the recommended deposit, you’ll also need to pay lenders mortgage insurance (LMI) – either as a one-off fee or added to your overall loan.

How to use your tax return to build a stronger financial future

Whether you breeze through tax time or dread the extra admin, receiving a tax refund makes the effort worthwhile. For many of us, getting a financial boost will be even more welcome this year, and you might be looking around for the best ways to spend it.

Salary sacrificing into super – how it works

Salary sacrificing into super is where you choose to have some of your before-tax income paid into your super account by your employer. This is on top of what your employer might pay you under the super guarantee, which is no less than 10% of your earnings, if you’re eligible.

How to recover from a financial setback

Financial setbacks can appear in our lives when we least expect it. Paying back a loan like a mortgage or settling debt can be overwhelming to deal with. As individuals, we must take control and choose how to react in tough times. Here are seven strategies that may help restore your financial wellbeing in 2021.

Find your perfect savings account

Looking for a good savings account can sometimes be a little like looking for a good partner – the honeymoon period might be important, but so is achieving your happily ever after. While different features will suit different people, here’s a bit of a checklist of things you may want to look out for when choosing the savings account for you.

Relationship break-up entitlements when you're in a de facto

If you’ve recently split from your partner or are simply wondering what might happen if you do, you’ll need to keep your financial wits about you. A division of assets and debts, whether they’re held separately or together, may be on the cards.

Budgeting tips for students

Surviving on a student budget isn’t easy, but don’t worry, it can be done. Whether you’re studying remotely this year, or returning to campus, we have some great tips to help you manage your finances.

How much do I need to start investing?

While investing into traditional property might require a significant deposit, and a commitment to a long investment horizon, investing in shares, ETFs, managed accounts or managed funds can be accessed with a much smaller outlay along with the benefit of shorter term access to the value of your investment should the need arise.

How to protect your finances from cybercrime

Cybercrime rose sharply in 2020, as more people worked, shopped and socialised online due to the COVID-19 pandemic. Anyone can be a target, so it’s essential to be proactive when it comes to protecting your finances and identity online.

14 money mistakes to avoid in your younger years

Here’s a list of things you could stop doing if you no longer want to rely on the bank of mum and dad, or that credit card.

Majority of working Aussies to benefit from personal income tax cuts

Tax cuts proposed in the recent Federal Budget were passed in parliament on Friday 9 October, and you might see some of the benefits before Christmas.

Some ways to use your tax refund for a stronger financial future

Whether you breeze through tax time or dread the extra admin, receiving a tax refund makes the effort worthwhile. For many of us, getting a financial boost will be even more welcome this year, and you might be looking around for the best ways to use it.

Don’t let overspending be your undoing

Do you struggle to control your spending around your friends and family? If the urge to ‘keep up’ with a certain lifestyle is stretching your finances, it could be time to take action.

Why financial wellbeing is a pillar of good health

When we talk about financial wellbeing, what do we mean? More than just earning an income, financial wellbeing is about having financial security and the freedom to make choices. There are three interrelated aspects to good financial wellbeing: 1. The ability to meet your expenses and have money left over. 2. Feeling and acting in control of your finances. 3. Being financially secure and not needing to worry too much about money. It’s considered normal for your financial wellbeing to vary over the course of your life. This is particularly true during major life events such as moving out of home, having a baby, changing jobs or retiring. Unexpected financial shocks can also have a big impact on your financial wellbeing.

Financial counsellor or financial planner: What’s the difference?

Ok we get it, knowing where to turn to for financial advice can be confusing sometimes! Financial planners and financial counsellors are both types of financial experts, so which one is right for you? To answer this question, start by considering why you’re seeking financial advice. Is it to improve your financial wellbeing? Plan for retirement? Manage your debt? Or something else entirely?

Term deposit vs savings account

Putting your money into a savings account, or in the alternative, a term deposit, are two common methods of saving. Working out whether either of these options are right for you depends on your personal and financial circumstances, as well as your saving goals. Here are some of the common features and benefits of each.

What tax deductions can I claim working from home?

According to the Australian Taxation Office, there are three ways to claim your home office running expenses.

Digital payments and online banking explained

Face-to-face encounters have become less frequent in so many areas of our lives – and banking and shopping are no different. So, now’s an ideal time for older Australians to start integrating more digital transactions into their everyday banking. Using these methods for the first time can be intimidating, so we’ve answered some of the key questions you might have about digital transactions and online finance.

Take stock of how much conveniences are costing you

With weeks, and perhaps months, of self-isolation ahead, many of life’s conveniences like streaming and delivery services will become our essentials. But if you’re used to spending unlimited amounts to make life that little bit easier, now is a good time to look at what you can live without to make your budget go further. These days it’s easy to order just about anything on demand. With the tap of a button, you can stream the latest music, have food and drinks delivered to your door and choose a new outfit with next-day delivery. But convenience could be costing more than you realise, with serious consequences for your future financial security. And with the growing number of ‘set and forget’ payments for subscriptions and services consumers are often footing the bill for things even when they’re not really using them. There are also costs to society and the environment that come with the convenience of online shopping. All that packaging and fuel consumption that comes with home deliveries can really add up to big problems for landfill and climate change. If convenience is troubling your conscience, as well as your hip-pocket, take a closer look at these five areas where it’s easy to overdo it. Also, get these ideas on what you could do to put some sensible limits on your convenience spending.

The Big Differences between the Great Depression and Covid-19

Global economic activity has grounded to a halt, prompting fears the world is in for a re-run of The Great Depression. While there might be similar scenes, the parallels are not as strong as you may think. Without a doubt, countries worldwide are in for sharp, deep recessions as they rightly sacrifice economic growth in the name of healthcare. This includes the world’s largest economy, the United States. Huge as the gravity of this situation is, and as devastating as it is for people and economies the world over, there are things missing from the social and economic setting which were pivotal in the makings of the Great Depression.

Withdrawing Super: what to consider

Withdrawing Super: what to consider The federal government has been releasing details of financial support available to Australians who have lost income due the economic impact of the COVID-19 pandemic. A huge number of us have been affected in some way and many have been left feeling stressed and confused about what to do to keep afloat. Although concern about money isn’t the only problem we’re grappling with, financial stress is likely to be on the rise, even among those of us who are generally pretty good at staying on top of our finances. A sudden and unexpected loss of income can send anyone into a panic and many will be looking for ways to replace that income to stop them from racking up debts or running out of savings in a matter of weeks.

Why you need to keep your identity safe

Have you received an unexpected email or text asking you to ‘confirm’ personal details by clicking on a link or opening an attachment? It could be an attempt to steal your information for financial gain. Identity theft is on the rise, so it’s important to know how to protect yourself. It’s hard to believe people may be trawling through your garbage or waiting for you to click on an email so they can pick up some personal information about you. But the unfortunate reality is that identity theft is a big problem and one that’s growing over time. According to the Australian Federal Police (AFP), once criminals have your information, they can apply for a credit card or other financial services, open a bank account, run up debts or obtain a loan – all in your name. They could also apply for a job, government benefits, a mobile phone contract, a driving licence or a passport in your name. The more technology advances, the better scammers get at separating people from their money – and you may become a victim without even knowing it. Some people only realise when bank statements don’t arrive or they are receiving no post at all. That’s because the fraudsters have redirected their mail to themselves. Others find out when they see items on their bank statements that they don’t recognise or receive letters from solicitors or debt collectors for loans or accounts that have been set up in their name.

How to overcome a financial setback

When considering the financial position they’ve achieved in retirement, many Australian retirees share the same opinion: “I wish I’d saved more.” For some people, keeping up with day-to-day living expenses and staying on top of debts is challenging enough, and investing for the future can seem out of reach. Meanwhile, others are better at sticking to a budget and putting aside money on a regular basis so they can build wealth over time.

How to review your SMSF investment strategy

Super law sets out some requirements that trustees of regulated super funds need to consider when formulating an investment strategy. These requirements include (but not limited to) the composition of investments, risk and return, liquidity, insurance and the ability to pay liabilities (including member benefits) as they become due. Looking first at the composition of investments, there isn't a requirement that SMSF investments must be diversified, and there are some SMSFs that have large investments in a single asset or asset class.

Economic update

Australia CPI rose 0.4% in the September, but the annual pace of Australian inflation has slowed to 1.9%. This reduces the likelihood of policy tightening by the Reserve Bank of Australia. For now, official interest rates remain at 1.50%, where they have been for more than two years. Australian unemployment declined to 5.0% in September, the lowest level since 2012. There likely remains scope for further job growth; unemployment was as low as 4.1% before the GFC. Data indicated that the national savings rate has increased to 3.5%, from 1.9% previously. This suggests Australian households are reining in their discretionary expenditure. Building approvals weakened sharply in August and only partly recovered in September, suggesting developers may be reducing activity levels following stagnation in residential property prices. Growth in the value of new mortgages also decelerated to its slowest pace since early 2016; another sign of the cooling housing market.

Less plastic, more savings

Wherever you live and wherever you shop, chances are you’ve become aware of the perils of single-use plastics. And there’s no doubt that getting free, disposable plastics products – from shopping bags to straws – seems like the convenient, budget-friendly option. But ditching single-use plastics could end up being easier on your pocket, as well as the environment.

7 questions to determine how much insurance you might need

Knowing what level of cover you require can be tricky, so it’s worth thinking about a few things first, such as—to what extent you and any loved ones rely on your income, how costs stemming from an injury, illness or death might be covered and how existing debts might be paid off.

8 easy steps to take control of your super

Want to make the most of your super? Here are eight steps on how to take control of your super, check your super balance and get it sorted to make sure your retirement savings are on track.

Ka-Ching! Talking money with kids

Parents and guardians want to send children out into the world armed with the skills and knowledge they need to succeed. So, we talk to them about the birds and the bees, we teach them to catch a ball and drive. But oddly, many of us never talk to them about money and how to manage it. Here are a few simple tips for passing on good money habits.

Stay one step ahead of online scams

Just as the internet continues to surprise us every day, so do online scammers and fraudsters. It’s good to stay in the know with the cyber dark arts so you can quickly spot them.

9 tips when you don't size up in the financial department

If your partner has expressed that you’re a bit of a letdown when it comes to managing money, here are some pointers for when financial opposites attract. Depending on what stage of life you’re at, you and your other half may be in talks about moving in together, adopting a pet, buying a property, or the day the two of you may be able to retire.

Understand estate planning

If you’ve got people in your life who you love and want to take care of, it’s wise to build an estate plan. This plan, which you can put together with the help of an estate planning specialist, will make sure loved ones are taken care of in the event of your death.

Sustainable Investing - Making money and doing good

There is no doubt that interest in responsible investments is growing. Not only in Australia but globally, investors are increasingly interested in how a company makes its money, not simply how much it makes. While some investors may focus on the longer-term viability of a company and its behaviour, others may hold particular values they want their investments to mirror. How these two strategies play out in the investments context can be different.

Changing money habits for good

Is sticking to a budget the money magic wand that can sort out your finances, once and for all? Discover what budgeting can and can’t do for you and how to turn new budget habits into positive lifestyle changes.

Savings account versus term deposit

In a low interest rate world, it’s important to think about the best place to stash your cash – a savings account or a term deposit?

How to protect your loved ones after you’re gone

As the old saying goes, there are only two things certain in life: death and taxes. Unfortunately, most of us spend too much time worrying over the latter and not enough discussing the former, uncomfortable though it may be.

9 retirement thought starters for people in or nearing their 40s

Here are some retirement thought starters to help you get started on your retirement planning.

The hidden costs of buying a home

There are a number of expenses related to buying a home which you need to consider before taking the plunge, we have attempted here to list these out for clarity.

Buy, sell or hold: How to deal with market movements

When share markets fall, every investor has a different emotional response. Some investors get anxious and sell up at the first drop in value, whereas others are happy to ride out short term fluctuations to realise the long-term benefits of their investments down the track. But when markets are in flux, how do you know if it’s time to change your strategy? Here are some things to keep in mind.

6 misconceptions about life insurance

The probability of you developing a serious illness or getting involved in an accident so severe you’re unable to work, may seem highly unlikely... until something happens.It’s often small events that remind us we’re not completely in control of these possibilities, which is exactly what life insurance is for.

Make sure your super goes to your loved ones

While a Will states how you would like your hard-earned assets to be distributed, it doesn’t automatically include your super. That’s because, unlike directly owned property or shares, super doesn’t necessarily form a part of your estate. The super fund trustee will distribute it in accordance with super law and the fund’s trust deed and those decisions may not be what you had in mind.

Live for the moment vs save for the future

Want to boost your financial wellbeing without giving up completely on being spontaneous? Get on top of your finances and enjoy life more at the same time with our five step guide to living in the moment while saving for the future.

Understanding SMSF contributions

Contributions can play an essential role in a self-managed superannuation fund. Your contributions can be made in two ways – by cash or an asset (known in the trade as ‘in specie’ contribution).

Super contributions guide to boost your retirement savings

As well as super guarantee payments from your employer, there are all sorts of ways to save more into super and boost retirement savings. Find out more in our comprehensive super contributions guide.

Steps to buying a home

Ready to take the plunge and buy your first home? Make sure you know exactly what to expect from the home buying process with our simple step-by-step guide, covering everything from making an offer to moving in.

Your no. 1 financial focus – decade by decade

Everyone has a different life journey they’re on. But getting on top of key financial goals as you follow your own path could see you enjoying a more comfortable lifestyle and being ready for the next chapter to begin. Read our guide to getting all your money matters sorted out, one decade at a time.

Market Volatility: An Overview

Many investors become concerned when volatility occurs in global financial markets – particularly about the impact on their superannuation and other investments. In times like these, it is important to understand the causes of market movements and how to minimise your risk.

Investing in ETFs

An ETF is an investment fund that holds a basket of securities – such as shares or bonds that tracks a specified index – and is itself a listed share, traded on a stock exchange.

Your money goals and how to reach them

It’s easy to have big ideas about your financial future, but harder to achieve them. As most dieters know, you can follow the best dieting program, but struggle to stick to it. The same is true for your financial goals, whatever they include, and the plan you draw up to achieve them.

What is mortgage protection insurance?

Mortgage Protection Insurance (MPI) is specifically designed to help you meet the cost of your mortgage in the event of death, disability, illness or even involuntary unemployment.

What to consider when discussing Estate Planning with your loved ones

Broaching the subject of your passing or potentially becoming mentally incapacitated is a sensitive and difficult discussion and not necessarily one that those close to you will be keen to have.

Simplify your finances in 5 days

If you’re stressed about where your money goes, overwhelmed by debt or don’t have any cash set aside for emergencies, now’s the time to think about getting your finances in order.

When to start talking money with kids

“Early experiences provided by parents, caregivers and teachers which support children in learning how to plan ahead, in being reflective in their thinking and in being able to regulate their emotions can make a huge difference in promoting beneficial financial behaviour.”

Estate Planning Essentials

Estate planning is the process of putting in place structures to ensure that the wealth you have accumulated over your lifetime is transferred to your beneficiaries in a tax-effective manner and in accordance with your wishes.

8 money tips for when your kid lands their first full-time job

Your kid may not have listened to anything you've said over the past umpteen years, however, now they’ve landed their first full-time job, there’s a possibility that could change.With that in mind, here are some things you may want to cover off with them (which you could also text to them using shorter bullet points, or screenshot and tag them.

Maximising your retirement benefits

After working hard for so many years, naturally you want your retirement to be as comfortable and enjoyable as possible. That’s why it’s worth knowing which types of government support you may be entitled to when you’re transitioning into this new phase of life.

7 Apps to help you budget and track your expenses

Where does all that money go? A host of apps are available to help you easily answer that question and even budget better, so you don’t get caught short in the event of a ‘rainy day’ and can feel more comfortable and in control of your finances every day.

Superannuation- Know your rights...

Who should receive super from their employer? How much super should you be getting and when? Are you missing out? Super shortfall – what you can do

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