Money Mistakes. From time to time we all make them.
The decisions you make now with your money have a major impact on your future financial situation, including your superannuation and retirement fund. Money management doesn’t have to be difficult.
However, many Australians are making common mistakes when managing their money. Below we have outlined four of the most common mistakes and describe exactly how you can be a better custodian of your money.
Achieving your money goals and dreams is very difficult without a plan. Creating a plan of exactly what you want to achieve is the first step to making it a reality. Those who set goals and write them down are up to 10 times more likely to achieve them.
Chances are it’s your habits that are hindering your financial success. It could be the extras you add to the shopping trolley, the daily latte or the additional costs and fees for not paying your bills on time.
To get ahead with your finances, you need to address these bad habits and make positive changes. Start small and address one at a time.
To make sure you are on the right track to achieve your plan, it’s vital that you are tracking. Start by tracking your money. This will provide you awareness of where your money is coming from and where it’s going. Tracking for an extended period of time, say 30 or 90 days, will allow you to identify where you can reduce unnecessary spending that can be redirected to existing debt or to boost your superannuation and investments.
Understanding what is happening day to day with your finances is essential, however, that shouldn’t be your only focus. When you only focus on the short term, you are risking your financial future and superannuation. Once you have identified where you can spare some extra money, you should be adding it to your superannuation fund. With the recently changes to the Age Pension it’s vital that you can support yourself into retirement. For the sake of your future, balance your focus between short and long term goals.
At Camori Investments we are here to assist you with your superannuation and retirement planning. Our unique managed superannuation service allows you the potential for reducing risk, increasing returns and greater control over your super fund. Contact a Camori Investment superannuation specialist today.