STAYING ON TRACK
Simon Podesta offers his top tips to ensure a woman keeps her finances on track:
Don’t ignore your superannuation
— especially while you are young and can be taking your risks now rather than when you are near to retirement and want to be that little bit more cautious. It also pays to contribute extra to super in the years before starting a family to make sure that any time spent out of work won’t affect you later in life.
Have a clear and structured approach
to what you are doing with your money. If you have set needs such as holidays, buying a home, weddings etc, make sure you have separate bank accounts for each one and be disciplined with adding a little bit over time and not dipping into it to cover day-to-day bills. If this is the case, then budget to see why you are spending more than you are earning.
Protect yourself and your family
— make sure you (and your partner) have enough income protection and life insurance in place to keep you out of trouble. An unexpected death, injury or illness can have devastating consequences for your finances and throw away all your hard work. Even if your partner is the main income earner, you both need adequate insurance so your partner can provide care and support for you and the family.