- Develop healthy habits early: Pay bills on time and save for purchases instead of using credit.
- Establish good credit: Pay attention to credit card interest rates and fees, pay in full and on time every month, plus always pay your highest-interest loans first.
- Start saving ASAP: Even if it’s just a little at a time, the sooner you start saving, the more time your money has to grow.
- Begin building an emergency fund: A stockpile of three to six months’ salary can protect your long-term savings if you unexpectedly go off-track financially.
- Get educated about finances: Research online, attend seminars, read the Moneysoft blog...
- Create a budget: When you know where your money is going, it's easier not to exceed your income.
- Pay yourself first: Superannuation contributions are automatically deducted – they’re essentially forced savings. Over time, compound interest makes a significant difference to the amount accumulated.
- Consider buying a house: More than a place to live, it's typically a person's largest asset at retirement.
- Get life insurance and write a will: You just never know what kind of curveballs life throws at you.
- If you haven’t already, consider getting a Financial adviser to help you plan for your future and achieve your goals, sooner.
- Re-evaluate your savings strategy: Consider and compare things like car maintenance costs, mobile phone plans, as well as mortgage and credit card interest rates.
- Reinvest in yourself: Update your skill-set via on-the-job training or even going back to school. Further accreditation could boost your earning power.
- Don’t grow stale: if you’re thinking about changing jobs or switching industries, now may be the best time.
- Understand where you’re placed: Estimate exactly what you'll have on your desired retirement date.
- Consider decreasing investment risk: Make adjustments to your portfolio of property, shares, cash and other assets.
- Relocate: Perhaps downsize your home, move to a less expensive location or even rent.
- Work longer: It lets you contribute to your savings longer and reduces the number of years that your assets will have to generate income in retirement. Also, it’s good for the mind. We’re living longer, healthier lives, so it makes sense to keep stimulating the brain, either via full- or part-time employment, or even casual or contract work.
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