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Wealth
Your lifestage
Building up

Wealth

Building up

The juggle of kids, work and finances can seem never-ending. We’ve got resources to help you manage your costs now, while still saving for the future.

Building up

Juggling work and family commitments while managing your finances?

How goal setting can help you stay on track.

Setting your goals

Life can be busy and challenging, and it can be difficult to find time to manage your finances while juggling work and family commitments. With so much going on, and money coming in, and going out, it’s hard to work out where to start. That’s why we recommend taking a short, medium and long-term approach to get on to top of your finances and build your wealth. Follow the steps below and download our Financial Goals Tracker to start planning your financial future.

Short-term goals

First, address your short-term financial goals, these are things you’d like to achieve in the next 6-12 months to improve your financial wellbeing. And what changes do you need to make to achieve them? For example:

  • balance activities –  family hobbies and sports should fit into your budget, look for free activities too
  • reduce costs - contact your utility and service providers to request discounts and compare plans
  • establish an investment strategy – start with your end goals and work backwards, a financial adviser can help

Medium-term goals

Focusing next on your medium-term goals and the habits or changes you need to make now to achieve them, will help you to feel more in control of your finances. For example:

  • save for child’s education – there are special, tax-effective savings funds just for education worth researching
  • consider salary sacrificing some any extra income into super, you’ll thank yourself down the track
  • pay off the mortgage to reduce debt - making extra repayments can take years off your loan

Long-term goals

Long-term goals can be 5 years or 25 years in the future. It can be tricky to plan so far ahead, that’s where a financial adviser can help. For example:

  • help your kids with a lump sum to help them get their foot on the property ladder – a long-term investment strategy with small, regular contributions will build up over time  
  • retire early or work less hours – use online calculators to work out how much you will need saved 
  • set aside money for travel - put a small amount into a high-interest account regularly, and together with compounding interest, save for that trip you've dreamed of