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:
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.
Download a copy of ASIC's moneysmart budgeting, saving and spending guide.
These online and downloadable free tools from Money Help will help you get more control over your finances.
Wanting to take control of your finances but don't know where to start? These budgeting and savings apps might be worth checking out.
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)
Investsmart crunches some number to help you pin down whether your net worth is on track.
Moneysmart's net worth calculator helps you work our if your total assets outweigh your debts and assess the strength of your financial situation.
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.
Moneysmart looks at types of insurance and what to look for in insurance products so you can find the right policy for your needs.
An article originally published in ASA's EQUITY magazine covering the risks that life insurance can address.
How much insurance cover you need will vary according to your individual circumstances.