July…. The start of a new (financial) year. It’s a great time to put in place all those financial decisions you have been wanting to do and keep putting off.
The easiest way to do this is splitting up some of your wage into another account direct debited on pay day, so it’s gone before you know it’s there. Ask your HR or payroll advisor to set this up for you.
How much can you afford per week if you never saw it?
Remember, if you put money into super you can also get a tax deduction – for example $50 per week into super, earning 6% over 20 years, adds an additional whopping $100,438.91 to your retirement spending’s, not to mention an approximate additional $17,000 in tax savings over the 20 years as well.
The smallest amount of saving is a great start and it does come down to what you can afford and re-adjusting your spending patterns to allow for your savings outlay.
So what are you going to save for?
Advice in this blog is general in nature. Before making any financial or investment decisions, we recommend you consult a financial planner to take into account your particular investment objectives, financial situation and individual needs. Principal Wealth Management Pty Ltd trading as BMO Financial Solutions ABN 53 109 336 601 is a Corporate Authorised Representative of McPherson & Associates Pty Ltd Australian Financial Services Licence (AFSL) 229883. McPherson & Associates Pty Ltd and its Authorised Representatives do not accept any liability for any errors or omissions of information supplied in documents on this website.