Five Steps to Manage your Super Better
Know your superannuation fund balance, always make sure you know what's happening with your super funds.
Keeping on top of your superannuation fund balance is an important element to consider when analyzing the future of your financial well-being. Knowing your fund balance can help you decide if it is suitable for retirement or if additional contributions or aggressive investment strategies are needed to reach your goals in a timely manner. You can easily check your super balance through various providers, either online or through mobile applications, with just a few clicks. With online access to your account, you can keep track of progress as well as make changes anytime, anywhere. This gives you the assurance and comfort that your funds are in safe hands and going where they need to go. Checking up on your super regularly will put you in the best possible position for the years ahead when it comes time to retire.
Create a budget and stick to it, make sure you are making regular contributions to your super fund
Creating a budget and sticking to it is one of the best ways to ensure a secure financial future. The first step in budgeting is to list all your income, expenses, and debts. Once you have an understanding of your financial situation, you should allocate money for specific items such as utilities, insurance, medical expenses, and investment contributions. Setting up an automatic savings plan can help make sure that contributions made to your super fund are regular and consistent. You can get help from a financial adviser or use online apps that can help with budgeting tasks such as creating spending plans and tracking income and expenses.
Consider consolidating your super funds – this will help simplify the process of managing multiple accounts and reduce fees
If you are one of the many Australians who have lost track of their multiple super accounts, consolidating your funds is the best way to manage them. By combining all of your super into one account, you can reduce fees and simplify the process – plus give yourself access to potentially higher returns from a wider range of investments. To help you with this process, it is always advisable that you consult with a financial adviser.
As of 1 July 2019, there is even a new law in keeping with the objective of reuniting Australians with their superannuation savings. There are several ways to search for lost super:
- via myGov
- phoning the ATO’s Lost Super search line at 13 28 65
- completing a paper form (all details can be found on the ATO website)
Alternatively, your preferred fund may be able to search on your behalf. Consolidating your funds could help ensure that you maximize potential returns and get the most out of your hard-earned money.
Research different types of investments and learn which ones suit your needs best, explore options such as property, cash management trusts, or managed funds
Learning about different types of investments can be a great way to diversify your portfolio. There are many options worth considering, such as property, cash management trusts, and managed funds. To get the most out of this research, it is important to take the time to understand each option in detail before making any decisions. This could include examining their risk factors and investment outlooks, along with what benefits they might offer for you financially. While money does play an important role when making an investment decision, it is also important to broaden your horizon and explore options that may have good long-term potential too.
Seek advice from an experienced financial planner, they can help you understand how to best manage your investments
Financial advisers are becoming increasingly important as Australians seek to make sense of the changing financial services environment. With new regulations and formalized qualifications, the role of a financial adviser is quickly evolving. The introduction of FASEA (Financial Adviser Standards and Ethics Authority) has seen the industry professionalize in order to ensure high standards of service delivery and ethical practice. An experienced financial planner can help you understand how to manage your investments so that your financial future is secure. A comprehensive understanding of tax brackets, calculator structures, and liquidity levels becomes easier to grasp with the guidance of someone who has years of experience in the field. Seek counsel from an experienced adviser and benefit from their knowledge when making key decisions about your finances.