November 20, 2023 | 6 min read
Summary: Mastering these money mantras - budgeting, saving, setting financial goals, investing, and celebrating financial milestones - can lead you on the right road to financial wellness and security.
Achieving financial wellbeing requires more than just smart investments and strategic planning. It's about embracing a holistic approach to money management that goes beyond numbers and charts.
We have developed five ‘money mantras’ that embody the essence of our philosophy, offering you a roadmap to financial success that is not only effective but also empowering.
As you embark on your financial journey with us, we invite you to explore these five guiding principles that can shape your path to financial freedom, security, and prosperity. Each mantra is a pillar of strength, designed to help you build a solid foundation and make informed decisions that align with your unique financial goals and aspirations:
In each section, we will offer actionable tips and insights to help you take control of your finances and pave the way towards a brighter financial future.
Creating a detailed budget is the foundation of sound financial management. It's like having a roadmap that guides you through your financial journey. Here are some simple habits to get you started:
Remember, budgeting is not about restricting yourself but about taking control of your finances and making sensible choices with your money.
We all have unique spending habits and personalities. Here's how you can tailor your saving strategies to match your individuality:
Setting financial goals is crucial for staying motivated and ensuring you're headed in the right direction. Using the SMART criteria can make your goals structured and achievable:
Remember to review and update your goals periodically as your financial situation and priorities change.
Investing is a powerful way to grow your wealth, but it's essential to align your investment style with your risk tolerance. Here are some investment styles based on risk:
It's vital to evaluate your risk tolerance, investment goals, and time horizon before making investment decisions. Diversifying your investments can also help spread risk.
Marking financial milestones by treating yourself is an activity that is often overlooked, but it can be a powerful motivational tool. Here's how to implement this in your financial journey:
*Based on KPMG Super Insights 2023 Report as at May 2023 KPMG Super Insights 2023 Report
As one of the largest super providers in Australia,* we’re focused on delivering competitive returns, so your money continues to grow. When it comes to support, we go the extra mile— providing general super advice at no additional cost.
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This article has been prepared by NULIS Nominees (Australia) Limited ABN 80 008 515 633 AFSL 236465 (NULIS) as trustee of the MLC Super Fund ABN 70 732 426 024. NULIS is part of the Insignia Financial group of companies comprising Insignia Financial Ltd ABN 49 100 103 722 and its related bodies corporate (‘Insignia Financial Group’). The information in this article is current as at November 2023 and may be subject to change. This information may constitute general advice. The information in this article is general in nature and does not take into account your personal objectives, financial situation or needs. You should consider obtaining independent advice before making any financial decisions based on this information. It is recommended that you consider the relevant Product Disclosure Statement (PDS) and Target Market Determination (TMD) before you make any decisions about your superannuation. You can obtain the latest copy of the PDS (or other disclosure documents) and TMD by calling us on 132 652 or by searching for the applicable product at mlc.com.au. You should not rely on this article to determine your personal tax obligations. Please consult a registered tax agent for this purpose. Opinions constitute our judgement at the time of issue. The case study examples (if any) provided in this article have been included for illustrative purposes only and should not be relied upon for decision making. Subject to terms implied by law and which cannot be excluded, neither NULIS nor any member of the Insignia Financial Group accept responsibility for any loss or liability incurred by you in respect of any error, omission or misrepresentation in the information in this communication.