This is a guide to the financial matters you should be thinking about at the different stages of your life:

20–30 Having fun while you are young is a good thing, but you are never too young to think about saving.

  • set a budget you can live with
  • start a regular savings plan for a deposit
  • put a few dollars away each week for superannuation
  • take care of your health and take out income protection insurance
  • take financial risks on aggressive, growth-orientated products
31–40 By this time many people are in serious relationships and are looking to establish a family and home.
  • look at maximising your career and earning potential
  • seriously think about mortgage reduction
  • start planning for the children’s education
  • make sure your will and insurances are in order
  • establish a family financial plan
41–50 With the mortgage mostly paid off and the children starting to leave home, this is the time of financial freedom.
  • increase your super contributions
  • diversify your investment portfolio
  • reduce and pay off the mortgage
  • look at your health and increase life, disability and income insurances
  • use the equity in your home to fund other investments
51–60 Time to start thinking about retirement and easing up on the workload.
  • increase contributions to your superannuation
  • consider switching investments to more secure options
  • ensure wills and other legal documents are up to date
  • talk to a financial planner
61+ Time to enjoy your golden years and a well-funded lifestyle!
  • explore your pension entitlements
  • arrange tax-effective income streams
  • continue increasing super contributions until retirement
  • maintain health insurance but reduce the rest
  • take care of your health

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