Starting out?

Starting Out

Financial planning services are provided by Bendigo Financial Planning Limited

Whether you're studying, working, travelling, living at home or with friends, or even buying your first house, now is the best time to get smart with your money. The choices you make now can impact the kind of lifestyle you'll lead, and the right strategies can set you up for life.

It shouldn't be complicated either. We'll help you understand how your superannuation works, explain the difference between good and bad debt, and help you budget, save and invest your money.

Good practice makes perfect sense

  • Spend less than you earn
  • Save or invest regularly, even if it's only a small amount
  • Avoid bad debt. Make sure you pay off personal loans and credit cards as quick as you can
  • Be wary of credit offers and special deals. If they sound too good to be true, they probably are
  • Got several loans or credit cards? Consolidate them into one with a lower interest rate and fees
  • If you can, cut up your credit cards entirely – try a debit card instead
  • Moving out of home usually requires a bond that's the equivalent of one month's rent – plus another month's rent in advance
  • Do your homework and know what you're entitled to. There are plenty of wealth building incentives available from the government, employers and other sources
  • Buying a home is a big step. Try to save a 20% deposit and you'll save yourself thousands in mortgage insurance
  • If you've got a home loan, make larger and more frequent payments. This will save you thousands of dollars and cut years off your loan
  • Superannuation funds vary a lot, so get advice about what's best for you. If you have a few super accounts, reduce the fees by consolidating your accounts
  • Start an investment plan early. Consider an automatic debit from your pay into a separate bank account
  • When you've got $1,000 saved, invest it in a share fund. Then top it up with regular monthly contributions

Make an appointment with a Bendigo Financial Planner.

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