It's time you saw your finances from a different perspective
Here's six tips that can change your financial outlook
May 14, 2020
See our six handy hints to getting ahead financially.
Open your super statements and update your contact details
Many of us are guilty of letting our super statement shuffle from place to place in our home without ever actually opening it or maybe you “file it away” – to that drawer you never look at again. Opening your super statement is a simple step anyone can take. Check your name and personal details are correct and your employer is making contributions. If none of these things are how they should be call the phone number on the bottom and let your fund sort it out. Did you receive more than one super statement? That means you have multiple accounts which means multiple fees could be eating away at your savings. We can find your super for you and help you put it all in one place.
Check for free money
There is literally billions of dollars of lost money out there and some of it could be yours. You’ve probably had more than one job throughout your working life so chances are you might have more than one super account. Multiple accounts make it harder for you to keep track of your money and also mean that you’re paying multiple sets of fees. You can check if you have any other super accounts instantly by logging into your online account. You can also combine them together in a few clicks, it takes less than five minutes and could save you heaps in the long run. Make sure you read our list of things to think about before considering consolidating your accounts into one super fund.
Pick a fund and stick with it
If you’ve had more than one job you probably have multiple accounts. Where’s your super currently being paid? Probably a fund you didn’t choose and your employer picked for you. But is it the best? Commit to one fund and take it with you when you change jobs. Save money on multiple sets of fees and make it easier to keep track of your super by consolidating your accounts. Did you know - you can stay with TelstraSuper throughout your working life, even if you’re no longer working with Telstra. We’re the biggest corporate fund in Australia but we’re also profit to members so we work only in your best interests. Check out some other benefits of TelstraSuper. If your super is going to another fund you can easily switch back to your TelstraSuper account. Just fill in our online form and it will get sent to your employer who will then start sending contributions to your TelstraSuper account.
Re-evaluate your home loan
You probably checked interest rates when you took it out, but have you ever reviewed it? The two quickest ways to save on your home loan are to lower your interest rate and make extra repayments. See a better interest rate than what you’re paying? Call your lender and ask them to match it. Your mortgage is usually the biggest debt you will take on, so checking you are still getting a good deal on an annual basis is worth it. You can also use handy tools like the ASIC MoneySmart Mortgage Calculator to see how you can pay off your home loan sooner.Spend what’s left after saving
Don’t have at least 3 months salary saved in the bank? You’re not alone. A huge number of Australians don’t have a rainy day fund and it could put them in a really tough situation if something went wrong. Being disciplined and sticking to a budget is the best way to build up your cash reserves. You can view our tips on how to succeed here.Call us and get it sorted
Feeling time poor? We can help. As part of your membership you can get general advice about your super over the phone at no additional cost, so make the most of it. It’s quick and easy, and we can help you check your balance, consolidate your accounts, make contributions, and more. You can call us on 1300 033 166 or fill in our online form and we’ll call you.