Whether you’re studying, working or travelling, living at home or with friends, saving for a holiday, car or a house, or you have a mortgage, find out how to manage your money to help you get everything out of life that you want to.

Your likely priorities at a glance:

  • Finishing Education
  • Budgeting and saving
  • Travel
  • Your first job and superannuation

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Put together a budget to see where your money goes.

  • Using automatic payments will help keep credit card debt under control.
  • Automated deductions will help you save and reach your goals (i.e. that London holiday).
  • Learn more about good and bad debt.

Make choices now for your super that will pay off later

It is a very long-term timeframe until you can access your super, therefore it makes sense to consider:

  • Investing in growth assets, such as shares
  • Bringing all your accounts together and consolidate
  • Taking advantage of the co-contribution boost from the Government – if you’re eligible.

When you start work as an employee, you start your lifelong relationship with super. Over time this will be expected to grow into a substantial amount of money that will help you afford your life after work.

You can choose where and how your super is invested. It’s worth taking 10 minutes to think about, because the compulsory super contribution is 9.25% from 1 July 2013, and then to 9.5% from 1 July 2014. Each year from 1 July 2015, it will increase by 0.5% until it reaches 12%. Super is a very real part of what you earn.

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If you’ve already had a few part-time and casual jobs, you might already have a few super accounts.The longer you leave them, the harder it is to find and recover them, and the smaller the balance can become as they are eaten up by fees.

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It’s not something we want to think about, but it can happen. If it does, making sure you are financially able to deal with the situation is important, therefore not relying on family to pay for what can be very expensive medication and treatment.

Income protection (or temporary salary continuance) insurance provides up to 75% of your regular income if you have an illness or injury that prevents you from working even up until age 65.

Disability (or total and permanent disablement) cover provides a lump sum which can be used to help cover living expenses and rehabilitation costs if you are totally and permanently disabled.

Trauma cover provides you with a lump sum payment if you suffer one of a number of specified conditions such as melanoma – a form of cancer rising to be the highest instance present in young Australians. Trauma cover is not available through your super.

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This website contains general advice only. You need to consider with your financial planner (or adviser), your objectives, financial situation and your particular needs prior to making an investment decision. Shartru Wealth and its authorized representatives do not accept liability for any errors or omissions of information supplied on this website.