At this time of year many people are taking stock of their financial position. 

There are many great resources around – some free and some charge a small fee.

A great starting point is the Australian Government website: Moneysmart.gov.au.  The website is managed by our corporate regulator – the Australian Securities & Investment Commission (ASIC).  Their purpose is to provide free tools, tips and guidance to Australians.

Not only is the resource free but it doesn’t bombard you with advertising - allowing you to concentrate on the task at hand!

Important features of the site include:

• Budget Planner 
  There are many great tips if you are trying to reduce your cost of living as well as a downloadable excel template to prepare your own budget.
   
• Mortgage Switching Calculator
  This tool allows you to calculate whether you will save by switching your mortgage to another loan type or loan provider.
   
• How to Invest
  This section provides guidance on what you should consider before investing.  This includes; how to develop an investment plan and choose your investments, diversification and what to consider if borrowing to invest.
   
• Managing Debt
  If you find yourself overwhelmed with your financial situation, please reach out to one of the many providers that can assist for no cost. The site includes a significant number of resources to assist with managing debt including how to request financial hardship assistance from your bank or loan provider, how to contact a financial counsellor (they are free) and where to obtain free legal advice.
   
• Financial Advisor Register
  Guidance is provided on what you should consider when looking for a financial advisor.  The site also includes the Financial Advisor Register.  This allows you to check your potential advisor is registered, their qualifications and the type of investment advice they can provide.
   
• Super Contributions Optimiser
  This calculator allows you to work out ways to boost your super savings to maximize your money for retirement.
   
• Financial Scams
  There is a link to Scamwatch – run by the National Anti-Scams Centre (NASC).  This is a government website that provides information on the different types of scams, how to spot a scam and allows you to report a scam.
   
• Investor Alert List
  The Investor Alert List provides you with 2,500+ companies, businesses and websites that may be targeting Australian consumers, are not licensed with ASIC and/or not allowed to offer investments in Australia.
   
• Life Insurance Claims Comparison tool
  This tool provides you with information on insurance claims from Australian insurers such as the % of claims paid out, how long the insurance company takes to pay and the number of disputes consumers have lodged about claims with the insurer.  The data covers the period 1 July 2023 – 30 June 2024.

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https://moneysmart.gov.au/