Topic 5: Superannuation and Personal Budgeting

As a recent graduate, you are likely approaching a point in your life where you become financially independent. This is an exciting time and can feel very empowering, but it can also be a little scary. Being informed about your financial situation can reduce stress and help you to feel like you’re in control.

A personal budget will help you understand your current spending habits and start planning for future expenses. Making informed decisions now will help to ensure you have the money you need to move out of your parents’ house, buy your own home and retire comfortably later in life.

There’s nothing quite like the feeling of financial security, and there’s no better time to establish good financial habits! So get started! Revisit the workshop presentation and check out the resources below for more guidance.

Additional Resources

Book - The Barefoot Investor

The Barefoot Investor offers advice on personal money management, investing and gaining 'financial freedom'. This book is easy to read and includes concrete instructions that are easy to follow. If you’d prefer to try before you buy, check out some of the articles on the Barefoot Investor website to get a sense of the author’s style of writing and the types of advice he shares.
Budget Planner

The budget planner we used in the face-to-face workshop is one of thousands of budgeting templates you can use. This one was taken from the Money Smart website, created by the Australian Securities & Investments Commission. They’re a government organisation who enforce and regulate financial laws to protect Australian consumers, investors and creditors. In addition to budgeting, the website offers tips about how to manage debt, invest your money and save for retirement.
Find lost superannuation

As at 30 June 2018, there was almost $18 billion in lost and unclaimed super at the Australian Taxation Office (ATO). Could some of this money be yours? This article by the Australian Tax Office provides advice about how to claim lost and unpaid superannuation.
Make additional contributions to your superannuation

If you’d like to start making additional contributions to your superannuation, go to MyTransport and search ‘Superannuation – Additional Contributions form’.
First State Super

Check out the slides from the First State Super presentation here or visit their website for more information.
Maxxia

If you’re interested in learning more about novated leases with Maxxia, visit their website or contact Allanna Lakin.
Graduate Recommendations

It’s great to hear that so many of our grads are already using apps and websites to help them manage their finances! See some of their recommendations below:

Pocketbook is a Sydney-based free budget planner and personal finance app that helps users setup and manage budgets, track spending and manage bills. The app can link to your bank account to help track your spending.

You Need a Budget (YNAB) is a personal budgeting program that can be accessed via your computer, phone or tablet. For a small fee, the software allows you to categorise your daily spending and save for long term financial goals.
If you have another resource that works for you, email it to the ELTP team to share it with the other grads.