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Budgeting What if unexpected events throw your finances into disarray? |
1 | Pay off credit card balances, a personal loan or your home loan | For example with a credit card if you only pay the minimum balance, you will take more than 11 years to pay off a $1,000 debt. Here's why you should pay off more on your credit card than the minimum amount. |
2 | Make a contribution to your superannuation | If you make after-tax contributions and earn an income as an employee, you may also receive a government co-contribution. If your total income is $30,342 or less, the maximum co-contribution is $1,500, based on $1.50 from the government for every $1 you contribute. Co-contributions reduce as your income increases, phasing out completely for total incomes of $60,342 or more. More about making extra contributions to your super |
3 | Open a savings account or add to an existing account | Invest $500 for 10 years at 4%. Work out how much it will be worth |
