Having a personal budget can help you better understand how much money you have now, how much you might want to save for the future, and how much you might be able to put aside for emergencies. Read on for seven ways you can get on top of, understand, and manage your finances today, to help you live your best financial future.
Despite this capability, one in three of us still find it stressful to turn day-to-day financial concepts – like budgeting and emergency funds, inflation and interest, risk and diversification, and superannuation and insurance – into tangible action. The good news is, data from The Household, Income and Labour Dynamics in Australia (HILDA) survey indicates that Australians are classed as being financially literate, sitting in the top 10 countries globally. As a result, we’ve learnt valuable lessons about the importance of being financially prepared for prolonged periods of uncertainty and disruption.Īccording to ASIC’s Financial Capability Strategy, having a healthy level of financial literacy can help us better deal with financial pressures, make informed decisions, feel more secure with our financial affairs, and boost our overall wealth. Our personal finances have borne much of the brunt of the pandemic – be it our super, savings, investments, insurance, or debts.