Author: Riches Editor
Why Paying High Fees for Your Super Fund Doesn’t Make Sense It’s important to choose a superannuation fund wisely. Opting for a low-cost super fund can lead to significant savings over time, ultimately boosting your retirement savings. You can easily find information about your fund’s fees and performance on its website or by reaching out to them directly. Understanding Super Fees: When checking your fund’s fees online, be prepared for some detailed explanations. Many funds, like UniSuper and AustralianSuper, provide comprehensive fee breakdowns. These fees can include administration fees, investment fees (which might include performance fees), transaction fees, trustee fees,…
Owning your first home is a dream many Aussies have. Although it may appear daunting, it’s within reach when you have the right plan, patience, and support. You’ll soon be making steady progress that can turn your dreams into a reality. While challenges are indeed a part of the home-buying process, they don’t define its outcome. Success relies on a having a clear plan and a burning desire to get there. Before delving into the practical steps, we need to acknowledge that your money mindset plays a crucial role. Believing you can get there is actually the most important step.…
Money can be a huge cause of worry for many people. Whether you’re trying to make ends meet or dealing with other money issues, the link between finances and mental health is real and complex. Anxiety, depression, and other mental health conditions can be aggravated by financial stress. On the other side of the coin some illnesses, addictions, and habits such as excessive spending, can lead to financial insecurity and debt. To properly manage your money and maintain excellent mental health, you also must understand how these aspects may overlap and impact each other. Practical Strategies for managing your money…
In challenging times when finances are tight, it’s important to know how to prioritise your expenses. When you’re struggling to make ends meet, you may wonder, “What should I pay first?” Fortunately, there is a 4-step formula that can help guide you through these tough decisions. By following these steps, you can ensure that your family’s essential needs are met while managing your financial obligations. Food on the Table: Your family’s wellbeing starts with having enough to eat. Ensure that you prioritise putting nutritious meals on the table. Look for cost-effective options, plan your meals, and consider community resources like food…
In today’s fast-paced consumer culture, it’s easy to get caught up in the thrill of shopping and indulge in impulsive purchases. We find ourselves wandering around shopping centres, browsing online stores, and clicking on enticing offers, only to realise later that the joy we initially experienced quickly fades away. What if there was a way to spend our hard-earned money in a manner that brings us genuine and lasting happiness? It’s time to shift our focus from mindless consumption to intentional spending that aligns with our most important goals and values. Here’s my top money hacks for mindful spending. Pause…
Whether you are an employee or business owner, the end of financial year on 30 June, is a perfect time to reflect on your achievements, challenges, and growth. For many it’s been a demanding year and you’ve worked incredibly hard to stay afloat. To set yourself up for success in the New Financial Year, use these tips to maintain momentum, empower your career trajectory, and enhance your financial wellbeing. Reflect and celebrate: Take a moment to acknowledge your achievements over the past year. Celebrate the milestones, big or small, that contributed to your growth and success. Look at your personal goals,…
In today’s fast-paced world, it’s easy to overlook the importance of having a healthy relationship with our finances. Just like friendships, our connection with money requires nurturing, attention, and trust. While we often prioritise being a good mate to others, it’s equally crucial to assess whether we are extending the same level of care and consideration to our financial wellbeing. Use these key concepts to establish a positive connection and be a good mate to your money. Building Trust and Transparency: A solid foundation for any friendship is built on trust and transparency. The same principles apply when it comes to…
It’s time to break up with the Joneses! This might just set you free and make your life richer—both in your bank account and your peace of mind. “Keeping up with the Joneses” is an expression used to describe our tendency to compare our material possessions and achievements with other people. It often leads us to spend money on things we don’t need, just to keep up appearances or show off to others. Now, don’t get me wrong; it’s great to have nice things or enjoy life’s comforts. The trouble arises when we let the pursuit of material possessions drive…
The relationship between financial confidence and overall wellbeing is a critical part of modern life. Financial security not only impacts our economic standing but also has far-reaching effects on our mental, emotional, and physical health. To boost your overall wellbeing let’s have a look at the actions we can take over the remaining months of 2023. August: Cheaper Electricity Electricity costs are rising so be proactive. Research available plans online and take note of the special offers, discounts, and benefits. Use a comparison site if you’d like to make it even easier. Now call your existing electricity provider. Let them…
In today’s consumer-driven world, it’s no secret that impulse buying is a common phenomenon. We’ve all experienced that irresistible urge to make an unplanned purchase, whether it’s an extra pair of shoes, an indulgent dessert, or the latest gadget. But have you ever wondered why we fall prey to impulse buying, and how it affects our financial wellbeing? Why does it happen? Impulse buying is more than just a random occurrence; it’s deeply rooted in human psychology. Emotions play a significant role in our purchasing decisions. When we’re stressed, sad, or even excited, we’re more susceptible to making impulsive purchases. Advertisers…