Property 101: Building wealth in the Year of the Monkey

Property 101: Building wealth in the Year of the Monkey
Property 101: Building wealth in the Year of the Monkey

The ASICs Money Watch website has wished you much prosperity and good fortune for Chinese New Year.

Here are some things you can do this year to build your wealth. Try one or two to start with, and see what a difference it can make for you. Remember that small steps now can lead to a better financial future.

Track your spending

The road to building wealth starts with knowing where your money is going. You might think you know how much you spend on groceries or takeaway meals each month, but getting a better idea of your outgoings will give you the power to make some real changes in your spending habits.

Use our TrackMySpend app to record your everyday expenses, so you have a clear picture of what you are spending your money on, and where you can make some changes.

Set a budget

Setting up a budget puts you in charge of your money and allows you to have the control to live the life you want. Our article on how to do a budget has some great tips, and our budget planner can help you get started.

Find the best deal on your bank accounts and insurance

Taking charge of your bank accounts can save you a lot of money. Even if you have banked with the same institution for years, you may not be getting the best deal. What interest are you earning on your savings?

Work out how much you are paying in fees and charges on your account, then shop around for a better deal. It's your money, so take control of it.

Our article on switching bank accounts shows you what you need to think about when changing your accounts.

Having the right insurance in place is a critical part of protecting your assets but, unless you shop around, you could be paying more than you need to. Before you renew your home or car insurance policy, check out our article on renewing your insurance for tips on how to find the best deal.

Take charge of your home loan

Mortgage payments can account for a huge slice of the household budget. Whether you already have a home loan or are saving up to buy your first house, take a look at our tools and tips to help you get ahead:

Start or expand your investments

Investing can be a good way to grow your money. There are many different investment options available, so it's important to choose the right one to suit your needs. We have lots of information to help you better understand and choose the best investment strategy to reach your financial goals:

Take our investing challenge to test your knowledge of risk and return, diversification and investment products.

Pay your future self

It is never too early to start planning for retirement. Whether you are just starting your career, or beginning to think about life after work, our superannuation calculator can show you how much super you're likely to have when you retire.

A great way to boost your retirement income is to make extra contributions to your super now. Even just a few extra dollars a week can make a big difference in the years to come.

Our tools and tips can help you take control of your money and build wealth and prosperity.

Clear your debts

Picture a financial future free from debt stress. If you are struggling to pay off your credit cards or repay loans, we have some advice on how you can bring different kinds of debts under control:

  • Mortgages - help with home loans
  • Credit cards - dealing with multiple credit cards
  • Fines - help for people struggling with fines
  • Utility bills - take action on water, electricity, phone and gas bills
  • University debt - when you have to pay your uni debt and how to make voluntary payments
  • Travel debt - pay off your travel expenses

For more information, click here.

Tags: 
Property market Wealth

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