No matter where you are on your retirement journey, with a little planning, your savings could go much further. Here are some practical tips to get your finances in shape and help set you up for a strong financial future.

Set realistic goals 

Setting achievable goals will help you stay motivated. Make your goals specific, so it gives you something to work towards. For example, rather than saying ‘I want to save more money’, you could say ‘I will save $200 every month’. It also helps if you have a clear idea what you’re saving for, such as a deposit for a home, a new car or maybe you want to invest more money for retirement or future savings.

Prepare a budget so you can achieve your goals sooner

Developing a budget (and sticking with it!) will help you get serious about managing your finances and could relieve a lot stress. You can use our budget planner that you can print out, fill in and work through. Budgets can feel overwhelming and difficult – but a solid budget can reduce stress and help you achieve financial freedom. If you prefer to manage your budget digitally, you could consider using Moneysmart’s budget planner. 

Boost your super

The Government encourages people to put money into super by taxing super at a lower rate than investments outside of super. That’s why it’s a great way to save for your retirement. There are a number of options to boost your super savings:

• Salary sacrifice contributions. Salary sacrifice contributions are generally taxed at 15% rather than your marginal tax rate which can be a good strategy to grow your super while paying less tax. You’ll need to ask your employer to set up regular payments into your super from your before-tax pay.

• After-tax contributions. This is money you can add to your super from your take home pay or other investments or savings. If you're a low-income earner, adding after-tax money to super may qualify you to receive a government co-contribution of up to $500. Check out our Boost your super with the government co-contribution factsheet (PDF) for more information.

• Add money to your spouse’s super. You can add money straight to your spouse’s super account to build up their balance. This may also qualify you for a tax rebate of up to $540 per year, but you’ll need to meet certain criteria.

• Add money to your super and claim a tax deduction. Most people can claim their after-tax super contributions as a tax deduction until they turn 75. These amounts will count towards your before-tax contributions cap and generally be taxed at 15%.

To find out more about these options, including the rules that apply and eligibility criteria, go to the Boost your super page. It’s also worthwhile to check if you have any lost super you’ve forgotten about and think about combining your super if you have multiple accounts.