Checking your financial health regularly is vitally important because failure to do so will leave you unable to make the necessary savings and investments for your future.
Each year the Australian government runs Money Smart week in September where tools are available to help you measure your level of financial security. In last year’s Money Smart week it emerged that 7% of Australians have ‘no idea’ where their money goes.
A significant 15% also said that they were struggling to pay debts or were in real financial trouble. The younger generation of people under 25 also admitted to only paying the minimum amount for credit card bills each month, which can effectively cost around $100 a month.
Whether any of these facts ring true to you or not, the moneysmart.gov.au website offers advice about saving and making your life more financially stable.
Using the resources provided by the government it’s possible to set out a plan to improve your financial stability and stop you from pumping your money into the pockets of credit companies.
Source: http://www.smh.com.au/money/planning/regain-control-of-your-finances-20130827-2sn7d.html
