Current financial situation

It is important for you to understand where you are in the investment journey so an important part of financial planning is having a clear picture of your current financial situation. This means knowing:

  • how much capacity you have to save: what is your income — your expenses? Yes, completing a budget may just be necessary at this step!
  • your net worth: what is the value of your assets — your liabilities?

What is my capacity to save?


By taking charge of your money, whether you have a little or a lot you will feel more secure and in control.

Moneysmart suggests you consider these 2 simple concepts to change your spending habits.

Managing your money

Download a copy of ASIC's moneysmart budgeting, saving and spending guide.

Budget planner

These online and downloadable free tools from Money Help will help you get more control over your finances.

Budgeting & savings apps

Wanting to take control of your finances but don't know where to start? These budgeting and savings apps might be worth checking out.

What is my net worth?

How am I tracking?

Getting an idea of your current financial situation involves a little bit of effort but it is well worth the time - you will know where you are 'starting from' so that you or adviser can work out the most appropriate strategies for you. (ASA content coming soon)

What should your net worth be?

Investsmart crunches some number to help you pin down whether your net worth is on track.

Net worth calculator

Moneysmart's net worth calculator helps you work our if your total assets outweigh your debts and assess the strength of your financial situation.

What types of insurances do I need?

Do you have enough insurance?

Some interesting facts on 'no insurance' and 'understanding insurance' as well as some useful calculators to help you to work out how much insurance you need.

Types of insurance

Moneysmart looks at types of insurance and what to look for in insurance products so you can find the right policy for your needs.

Life insurance: yes, you need it!

But we hear you say: 'Not me, I don't'. Life insurance over the right person is important to wealth preservation and to a good estate plan.

What amount of life insurance is enough?

How much insurance cover you need will vary according to your individual circumstances.