INVESTING IN YOUR FUTURE

Planning for your financial future should be a very important part of your life no matter what age you are.

A benefit of compulsory employer superannuation contributions is that from a young age money will be invested which will enable you to accumulate investments which will assist in your retirement needs.
Tracey Burns of Nevett Ford Financial Services said that in July 1999 the rules regarding superannuation changed and that all funds set aside for your retirement are classed as preserved contributions and are now unable to be accessed until you permanently retire after the age of 60.

One of the reasons that superannuation is important is because by the time teenagers reach retirement age there may not be any pension entitlements available.

Tracey said that if you have had many jobs since leaving school, you may be a member of several superannuation funds. You may wish to seek advice on a fund which would best suit your needs and then rollover all your benefits into one superannuation account.

A very important part of managing your money is saving, and there are a number of ways you can save for a car, holiday or even a house deposit. Some banks and lending institutions provide award saver bank accounts that allow you contribute on monthly a basis and reward you with bonus interest if funds are not withdrawn. Another option is to commence a Christmas Club account.

Saving on a regular basis requires discipline and commitment to ensure your don't spend your savings until you have reached your target.

It doesn't matter if you get paid weekly, fortnightly or monthly you can still save money providing you have enough discipline with your money to do so.

Nick Pollock
Youth@bility Reporter