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Top money tips for women

Analaura Luna

Australian women today have a higher level of education, higher pay cheques and far more employment opportunities than their grandmothers, or even their mothers, ever had. This increase in financial independence brings with it the responsibility to ensure that they take the necessary steps to learn how to make informed and educated money management decisions.

A recent survey stated that 52 per cent of Australian women find dealing with money ‘overwhelming’ and 34 per cent find it ‘boring’. But, if approached properly, dealing with money should not be overwhelming or boring – because it’s one of the most liberating and important areas of your life. To take some of the stress out of your financial management, take a look at our top ten money tips for women:

1. Set up a solid savings plan. It’s easy to achieve savings goals if you have the right incentive, so decide what would inspire you to save money and then open a high-interest savings account that’s dedicated entirely to this savings plan.

2. Tame your credit cards by controlling your usage and paying those debts off as fast as possible – the longer you take to get rid of your balance, the more interest you will pay. If you need a bit of a push to increase your credit card payment, take a look at an online credit card interest calculator to work out how much interest you’ll pay … it’s guaranteed to get you thinking!

3. Get even better control over your credit card use by having a debit card instead. A debit card works in most of the same ways as a credit card, but you’re only able to access your own money. If you absolutely must have a credit card, make it one with a low annual fee (or better yet, no annual fee), at least 30 days’ interest free on purchases and give it a limit of $1 000.

4. Sort out your super – grab your last statement and find out how much you’re paying in administration fees and charges and then shop around to find the best fund to suit your needs. Also, take a look at your employer contributions to make sure that they’re current and accurate.

5. Think about putting a personal contribution into your super every pay cycle. It doesn’t need to be much, because every cent counts when you’re dealing with an investment that has time to mature. Then talk to your accountant or financial adviser about the tax incentives and co-contributions you may be entitled to by making personal contributions.

6. Investing is important, but make sure you don’t put all your eggs in one basket. Work with your financial adviser to create a portfolio that suits your needs, your time frame and your risk profile.

7. Plan ahead wherever possible. ‘Emergencies’ can often be avoided with a little clever planning. Putting a little aside each month to cater for upcoming or unexpected events – like having a baby or needing time off work – can save you a lot of heartache and massive debt.

8. Talk about money matters with your partner – if you’re both on the same page there will be less cause for financial friction.

9. Teach your children about great money management – the best way to learn is to teach, so you’ll all get something out of it!

10. Learn to stop and think before you spend, whether you’re thinking about buying a handbag, a pair of shoes, a car, a home or anything in between. Taking the ‘impulse’ out of your spending will save you a fortune.

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Author's Biography

Analaura Luna is an author, wealth adviser and founder of Your Family Your Money. Your Family Your Money’s goal is to simplify traditionally complex financial strategies, demystify financial jargon and debunk common financial myths, becoming every family’s first stop for financial advice, information and inspiration.