Time to spruce up your finances

Time to spruce up your finances

Superannuation & Retirement Income
Use spring to clean up your finances.

Use spring to clean up your finances.

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WE ALL do our spring cleaning, but have you ever thought to dust off your finances. According to the Australian Securities and Investments Commission (ASIC), spring is the perfect time for a review.

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WE ALL do our spring cleaning, but have you ever thought to dust off your finances?

According to the Australian Securities and Investments Commission (ASIC), spring is the perfect time for a review.

Suzan Campbell, a financial literacy senior manager at ASIC, said there are a number of ways for seniors to ensure they are getting the most from their money and investments.

"These include shopping around for the best deals on your utility bills and insurance cover, taking advantage of the Seniors Card benefits and updating your budget to track your spending," Ms Campbell said.

ASIC's MoneySmart website has handy advice to help over-55s manage their money, including:

  • Make a long term financial plan: Make sure it accommodates your needs and how they may change in the future.
  • Give your super a last minute boost: If you're still working you can add to your nest egg by salary sacrificing or contributing super from your pre-tax income. If you're on a lower income you may be eligible for a government co-contribution.
  • Get advice as early as you can: A financial planner can give advice based on your personal circumstances as well as teach you about investment strategies, risk levels, potential returns and how to navigate the tax system.
  • Diversify your investments: Investing in a variety of assets that grow over time, such as shares and property, can help your capital to grow in value while keeping pace with inflation and your income needs. Spreading the investments around can also help avoid future financial heartache.
  • Manage your spending: Having and reviewing your budget is a simple way to make your money last longer.
  • Take advantage of entitlements: Even if you're not on the age pension, you may be eligible for benefits such as travel concessions, cheaper medicines and reduced council and water rates. The Seniors Card can also get you a discount on some travel and retail services.
  • Review your insurance and bills: Shop around for a better deal on utility bills and insurances by comparing suppliers.

https://www.moneysmart.gov.au/

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