How to grow your savings

Want to get your savings back on track but not sure where to start? Having a savings plan and following a budget doesn’t have to mean giving up your morning coffee.

High Growth investment

TelstraSuperFinancial Planning’s Step it Up advice specialists are the savings experts. They offer straight forward personalised advice to suit your lifestyle, no matter what your savings goals. From helping you make the most of the First Home Super Saver Scheme to help you get  into your first home sooner, to advice about how to invest your money or make extra contributions to your super, they can set you up with a savings plan and help you to get your money working for you.^

Let’s take a look at an example.

Lee wants to save for their first home and decides to contribute $12,500 annually for their deposit. They can do this either inside or outside their super.

 Savings outside super  Savings inside super using salary sacrifice
 Gross amount: $12,500  Gross amount: $12,500
 Marginal tax plus Medicare levy (34.5%): $4,312  Contributions tax (15%): $1,875
 Net annual savings: $8,188  Net annual savings: $10,625
 Four-year net savings: $34,072  Four-year net savings: $43,087
By saving inside super, Lee saved an extra $9,015 for their first home deposit over the four-year period.*

A budget for your today and tomorrow

A Step it up advice specialist can arm you with the tools to effectively manage your budget. Whether it be saving for your first home or an overseas holiday, TelstraSuper Financial Planning can go over how to get your finances sorted.  To chat with a TelstraSuper Financial Planning Adviser simply call 1300 033 166.

*Assumptions: Based on a salary of $70,000, with $12,500 ($10,625 after contributions tax) saved each year for four years. Superannuation assumes an earnings rate of 4% with 30% rebate on the withdrawal from super. Non super savings assumes a yearly saving, an earnings rate of 4% p.a. and interest taxed at marginal tax rates. This example is for illustrative purposes only and is not intended to provide a forecast or guarantee on outcome. Note: The 2023/24 pre-tax contributions cap is $27,5000 for all individuals. 
Any general advice in this artle has been prepared without taking into account your objectives, financial situation or needs. Before you act on any general advice in this article, you should consider whether it is appropriate to your individual circumstances. Before making any investment decision, you should obtain and read the relevant product disclosure statement which is available at www.telstrasuper.com.au or by calling 1300 033 166 between 8.30 am and 5.30 pm (AEST) Monday to Friday. You may wish to consult an Adviser before you make any decisions relating to your financial affairs. To speak with an Adviser from Telstra Super Financial Planning Pty Ltd call 1300 033 166. ^ Fees apply for Step It Up advice services.  For more information, please refer to the financial services guide for TelstraSuper Financial Planning available at www.telstrasuper.com.au
 
Any general advice has been prepared without taking into account your objectives, financial situation or needs. Before you act on any general advice, you should consider whether it is appropriate to your individual circumstances. Before making any decision, you should obtain and read the relevant Product Disclosure Statement and Target Market Determination or by calling 1300 033 166. You may wish to consult an adviser before you make any decisions relating to your financial affairs. To speak with an Adviser from TelstraSuper Financial Planning call 1300 033 166.