Kate White, consultant at Loan Market, facilitated an engaging panel to help explain the life stages of women and how it impacts their finances.
Colonial First State Regional Manager - Superannuation Roberta Albrecht reminded everyone to put away as much as you can into superannuation, and make sure it’s in line with what you are earning.
“If your partner is earning more income than you, then consider contribution splitting,” she said.
“Understand what you want to retire on, and work backwards on your goal. Read your superannuation statement, or call your fund and ask them to walk you through it.”
Ipswich-based Loan Market broker Stephanie Thomas acknowledged that many women were intimidated to even start a conversation about buying their own home. “Most women can afford to buy. It just may not be where they want initially,” she said.
“Understand your budget, and where you are tapping your card as some banks will go through your bank statement line by line.”
“Having a budget in place and a financial goal is crucial, just small steps every week, fortnight or month.”
Julia Scott said the federal government's moneysmart website was a great free resource to self educate. “Silo away any income you have into a high interest savings account to help you feel calm and safe.”
She said not to be too caught up on budgeting, unless saving for a home. “Instead focus on increasing your earnings. Look for opportunities, better deals, more salary, than cutting back on things.”
The packed house had lots of questions for the panel ranging from how does a lender account for a HECS debt, how to start a share portfolio and how to help young adults save for their first home.
