Our articles this month are focused on how you can get out of debt, effectively manage your money and be able to save for your future.
If you’re trying your hardest to save up big to buy your first home, I strongly recommend you read our article on the Safe Money Manager program in full.
We take the worries, stress and confusion out of keeping on top of bills, budgeting and getting the best value from your current service providers.
In addition to seeking assistance with your money management, you may also want to consider a First Home Saver Account.
These accounts give you concessional tax treatment on earnings, plus government contributions to help you save for your dream home faster.
The government will contribute 17 per cent on the first $6,000 you deposit each year.
This means that if you deposit $6,000 in one financial year, the government will contribute a further $1,020 to your account for that year.
There is a lot of information out there on these accounts but it’s essential you read through all of the fine print and understand the conditions of these accounts.
The key conditions to note are:
The last point especially, is why you should be careful with how much savings to add to this account, knowing that it cannot be quickly withdrawn if something urgent pops up.
But all in all, it’s a great opportunity to take advantage of if you’re trying to save for your first home.
All the best,
Safe Financial Managing Director