How to grow your savings
November 21, 2023
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.
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 |
A budget for your today and tomorrow
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