Life Stages
It's not your salary that makes you rich, it's your spending habits.
Getting married
Your single days may be over and now you've been swept off your feet it's time to focus on your career, build on your relationship, juggle a mortgage, and perhaps start a family! This is a busy, demanding and stressful time in anyone's life, but if you took the time at the start of your career to build a solid financial foundation and establish good saving habits you'll find it much easier.
While your first priority may be paying your mortgage, it's a good idea to see a financial planner to lay the groundwork for the rest of your financial life. Now is the time to focus on paying as many regular bills as possible, and even pay them ahead, particularly if you plan to start a family so there is less financial stress when the bills land in your mailbox.
Consider your finances together and decide how much you can afford to put into your super. If you keep making regular super payments while you are working, your nest egg will continue building.
You may even get the Government to contribute to your super under the co-contribution scheme. This means that for every $1 you contribute the Government will also make a contribution (up to a certain limit)* -- it's a great way to build your super savings quickly.
Protecting your family
Both you and your partner should also consider life insurance to protect your family.You need to make sure you have enough to at least cover your mortgage and other bills and debts in the unfortunate event that something happens to you.
You can apply for life and disability and income protection insurance through your super fund, which means the premiums are paid directly from your super account -- you don't have to worry about extra money coming out of your salary.
Income protection cover provides a monthly benefit of up to 75 per cent of your salary (you can choose to have it paid for up to two years or even up to age 65).
When joining Quadrant you may be automatically provided with some insurance cover without the need to provide health evidence.
Once you've got it all sorted, you'll be able to focus on the other things that are important to you.
Checklist
- Consider the most effective way to set up and contribute to your super without hurting your budget (a Quadrant financial planner can help you do this)
- Make sure you have your insurance sorted (life, disability and income protection) so you can rest easy knowing your home is safe in the unfortunate event of a sudden accident or illness
- Pay off debt as fast as possible and consider your savings, so if you plan to have a baby you have some financial leeway.
