Honesty is the key to staying on top of the household budget and reaching your financial goals sooner, according to Queensland’s largest superannuation fund.
Research from ASIC’s quarterly report on the financial attitudes of Australians reveal that nearly 75 per cent of individuals have a household budget, but only half stick to it.
QSuper CEO Michael Pennisi said for many Queenslanders budgeting was often placed in the ‘too hard’ basket because of a poor experience in the past.
“While we’re getting savvier about watching the hip pocket, there are some barriers to getting ahead,” he said.
“The good news is there is a simple way to get back on track.”
Mr Pennisi said being honest with yourself and others in your home who contribute to the household finances, was a great start.
“By taking an honest, non-judgmental look at how you’re spending your money, it might reveal clues as to why your budget hasn’t worked in the past,” he said.
QSuper recently launched Money Map, an online tool, which allows individuals to create a complete financial picture by bringing together savings, mortgage and credit card spending in a secure dashboard.
Married with two young children, Dominic Taylor, 40, has been using Money Map since June to help get on top of his spending.
“I was surprised to see how much I was spending on dining and entertainment,” Mr Taylor said.
“We’ve cut right back on formal dining, head outdoors more often and if we do go for dinner, we make sure we plan our choices around quality and value for money.
“Previously it wouldn’t worry me but now I am saving almost $200 a month in this area.”
Mr Taylor’s long term savings goals are to pay off his mortgage while making sure his superannuation balance delivers a great retirement lifestyle.
Mr Pennisi said budgeting doesn’t need to be a daunting experience thanks to the many online tools available.
“Sometimes being able to visually see where your money is going can be the motivator to stay on track,” Mr Pennisi said.
"The golden rule is to ensure you don't spend more than you earn,” he said.
QSuper is Queensland’s largest superannuation fund and manages in excess of $60 billion in funds for more than 540,000 members and was awarded SuperRatings Fund of the Year 2016.1
Maryanne Kepui/ QSuper / 3029 9355 / firstname.lastname@example.org
Emma Norris / PPR / 3309 4704 / email@example.com
1. SuperRatings does not issue, sell, guarantee or underwrite this product. Go to www.superratings.com.au for details of its ratings criteria. Past performance is not a reliable indicator of future performance.