Super
05 December, 2024

9 tips to boost your financial fitness this summer

Summer’s a great time to kick back and enjoy some downtime. It’s also a perfect chance to reassess your financial health and set new goals. Here are some tips to boost your financial fitness this summer.

1. Check your spending habits

Track your expenses: Review where your money’s gone recently. Spot any areas of overspending?


Live within your means: If you’re spending more than you earn, find ways to cut back on non-essentials like dining out or unused subscriptions.
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Adjust your budget: Focus on essential expenses and savings to create a more realistic budget. You’ve got this!

 

2. Set specific financial goals

Short-term: Think about what you’d like to achieve in the next few months—saving for a holiday, paying off debt, or starting an emergency fund.


Long-term: Consider your goals for the next year, like saving for a house, car, or education. Make those dreams happen!

 

3. Create an action plan

Break down goals: For each goal, list the steps to get there. If you’re saving for a holiday, work out how much you need to save each month.


Set deadlines: Assign a deadline to each goal to help keep you on track. It’s all about making progress and enjoying the journey!

 

4. Explore income-boosting opportunities

Side gigs: If you have some spare time this summer, consider picking up a part-time job or doing some freelance work. It’s a great way to boost your income and support your savings goals.


Sell unwanted items: Take advantage of summer decluttering. Sell things you no longer need to free up space and make some extra cash. It’s a win-win!

 

5. Invest in financial education

Read and learn: Use your summer downtime to explore personal finance. Check out books, podcasts, or local workshops. There’s so much to discover.


Explore investment options in your super: Take some time to understand your super. Knowing how it works can help you maximise your retirement savings and tax benefits. Knowledge is power. To get started, visit our education hub.
 

6. Automate your savings

Set up automatic transfers: Make saving effortless by automating transfers to your savings or investment accounts. You don’t need to save a large amount all at once. Instead, focus on saving often. Consistency is the key to getting results in your financial journey.
 
Use savings apps: Try out budgeting or savings apps to track your progress toward your goals. They make it fun and easy.
 

7. Review and adjust insurance policies

Evaluate cover: Take a moment to review your health, car, and home insurance to make sure you have the right cover at the best rates. And don’t forget to check the insurance in your super too.

Insurance in your super is like insuring your home or car, except you’re insuring something much more valuable – you! To review your insurance with us, go to Member Online.

Shop around: If you find better deals, think about switching providers to save money.
 

8. Celebrate progress

Track your progress: Keep an eye on your goals and celebrate small wins to stay motivated.

Adjust goals as needed: Life can be unpredictable, so it’s important to be flexible. If you don’t reach your goals right away, don’t be hard on yourself – just keep going and don’t give up. Progress takes time, and every step forward is a win. 
 

9. Create a summer financial vision board

Visualise your goals: Put together a vision board that represents your financial goals. It’s a fun way to keep your dreams front and centre. 

 

Need some help?

Financial planning goes beyond just crunching numbers, it's about providing the answers you need to shape the life you want. As a CareSuper member, you can access expert advice tailored to your needs. Whether you need simple help with your super or more complex advice, our team is ready to help. Call us on 1800 005 166. 
 

 
 

This is general information only and doesn’t take into account your objectives, financial situation or needs. Before making a decision about CareSuper, you should consider if this information is right for you. You may also wish to consult a licensed financial adviser. 
Any advice is provided by CareSuper Advice Pty Ltd (ABN 78 102 167 877, AFSL 284443). 
Advice is provided by one of our financial planners who are Authorised Representatives of Industry Funds Services Limited (IFS). IFS is responsible for any advice given to you by its Authorised Representatives. Industry Fund Services Limited ABN 54 007 016 195 AFSL 232514.

 

 
Information correct as at 20 November 2024.