3 ways to up your financial game23 Jan 2024 3 min read
Many of us would like to be in a better financial position, but we may not know how to make that happen. Upping your financial game can be done with a few adjustments. Here we share 3 simple ways you can transform your finances.
1. Improve your financial literacy
Some areas of finance, like super, can seem complex. But the truth is, it doesn’t need to be. At NGS, we’re here to help our members make the most of their super every step of the way. We want our members to understand their finances, be able to identify their goals and make decisions that are right for them based on their needs. That’s why, in addition to providing financial guidance, we also offer a wide range of resources.
Our team of experts have put in the hard yards to create free, easy-to-understand information that you can access whenever you’re ready – and in the comfort of your home, including:
2. Ask the right questions
When it comes to finances, there is no ‘’one-size-fits-all’’. Everyone’s circumstances are different and will be affected by a range of factors, including your income, the assets you have, and your financial and lifestyle goals, to name a few. When it comes to your financial situation, it’s important to understand that what may be right for a friend or family member won’t necessarily going to be right for you. Having a good handle on your personal finances and goals for the future is key.
For example, did you know if you’re planning on buying your first home, you might be able to use super contributions to help save for a deposit through the first home super saver scheme? Or, if you are considering accessing IVF treatment due to a medical condition or illness, you might be eligible for early release of super to help cover the costs.
It’s always a smart idea to talk to an expert, such as an NGS Super Specialist or a Financial Planner, who can talk through your questions and help you set up a plan that is right for you.
Here are some questions you may want to think about:
- Does my HECS debt affect my superannuation strategy?
- When can I access my super?
- Does super impact buying a first home?
- Am I in the right superannuation account for me?
- Do I need insurance?
3. Think about future you
When you’re young, thinking about retirement may seem unnecessary. However, superannuation is an important piece of your financial puzzle. It’s also going to be the key to helping you to live a happy retirement one day. Sure, it may seem like a long way off, but when the day comes, you’ll be thanking your younger self.
The best way to prepare is to think about future you. Can you imagine travelling or perhaps relaxing in retirement? However you see it playing out, you’ll need the finances to support your plan – that’s where super comes in.
Unfortunately, there are some who ignore this piece of the financial puzzle and end up with little money or having to access personal savings that they had hoped to use for something else.
Paying attention to superannuation when you’re young is one of the best ways to up your financial game. A few basics to get started are:
- Check your super account. Ideally, you should only have one account. If you need to consolidate your super, it’s easy to do.
- Ask questions about your super account and if it’s the best account for you.
- Think about making voluntary contributions or salary sacrificing.
Get financial guidance with NGS Super
If you would like to explore your options, why not connect with one of our NGS Super Specialists?
Talking with a Super Specialist is free, and they can answer your questions about superannuation, investments, insurance or planning for retirement. They can also help you decide the next steps – including if meeting with an NGS financial planner is right for you.
Our financial planners can create strategies that aim to maximise your financial position and meet your goals for the future which can include protecting your lifestyle and assets through personal insurance.
Financial advice is a way to plan for your future, mitigate risk and make the most of your saving opportunities. Educating yourself about your finances will not only help with the planning process — it will also increase your confidence and help you to make good decisions about your super and your future.