Go from broke to ‘boss’ in 5 easy steps

Now’s the perfect time to take charge of your finances. Creating wealth can start right now with a positive money mindset and by introducing these 5 steps into your life. 

Key learnings covered in this topic

  1. Setting your financial goals
  2. Good and bad debt
  3. Budgeting
  4. Learning about investing
  5. Seeking  advice at no extra cost* 

We asked our team of expert financial planners their top tips on how to save money, reduce debt and make good financial decisions. Here’s what they had to say.

1.    Be ambitious, but realistic 

You can definitely reach for the stars with your finances, but it’s best to start with realistic goals. Write down what you want to accomplish and then break these goals down into achievable steps.

Don’t know where to start? Here’s how to get started.

2.    Face up to your debt 

This step might be hard, but write down what you owe and sort this into good and bad debt. Bad debt is things that will lose value over time, like a holiday paid for on your credit card. Good debt is money you’ve spent to help you build wealth like your mortgage or HECS-HELP loan. Prioritise your debt and create a repayment schedule you can stick to.

3.    Make budgeting a habit 

Check your bank statements and find out where your money is actually going. This can help you create a comprehensive budget that works for you. If you feel comfortable, show this to people you trust so they can become your cheerleaders. You never know what shrewd money tips your Gran or your financially-savvy friend might share with you.

4.    Get excited by saving 

Watching your savings grow is the best money motivator. See how much you can allocate from your budget to create a cash reserve, benefit from tax incentives and maybe start building your investment portfolio. Over time, small amounts can grow to be a lot, so don’t be discouraged if you start with just a few dollars.

See how you can make the most of super tax rules.

5.    Learn the investment basics 

One of the best places to learn about investing is with your super. As a CareSuper member, our financial planners at can take you through your super account and teach you about risk, diversification, asset classes, and investment returns. 
Your super is your money, so you can take as much control as you want. Explore our award-winning investment options, or be more hands-on and tailor your portfolio with our Direct Investment option.

We’re here to help 

As part of your CareSuper membership, you can talk to us about ways to build your super savings, and how to achieve your financial goals sooner. To speak with one of our financial planners, you can book a call-back today.*

*Financial advice obtained over the phone, or through MemberOnline, is provided by Mercer Financial Advice (Australia) Pty Ltd (MFAAPL) ABN 76 153 168 293, Australian Financial Services Licence #411766. 

Information correct as at 8 March 2024.