5 Financial things you should know by the time you’re 35

With Dimitri Kondilis, Financial Adviser

Financial things you should know by 35

Finances are not always straightforward.

Depending upon your financial personality and your personal situation, your first whiff of your own cash most likely went one of two ways: you were either overcome with a sense of freedom and extravagance and blew it all in one hit OR you became Scrooge and stocked it all away.  Ok, so perhaps it was somewhere in between, but you get the drift!

So how do you go about gaining financial knowledge?

The simplest way is to seek professional advice. It doesn’t cost a fortune to speak to a financial adviser, and to get help to put a plan in action. Over time, your outlay for advice will pay for itself many times over. 

What’s important?

1. Get Personal

A plan that works needs to fit your personal situation and financial personality. Whether you’re a saver, a spender or a budgeter, your financial personality speaks volumes about how you view money and how you live. A plan that suits you reflects your traits and attitudes, and how you feel about the future. To put a sound plan in place, you need to work it around your unique circumstances.

2. Set yourself an achievable budget and stick to it

Keep track of your spending, start reducing your debt (HECs, credit card, car loan) and start building some savings. If your debt is already under control, start saving a small amount every time you get paid. Pay off debt as quickly as you can and reduce outgoings.

In this consumer-driven world, the perceived solution to not having enough money is often to seek a job that pays more. Of course, this is one avenue to consider, however it adds pressures like finding the right job, having a probationary period and taking on more responsibility at work, or working longer hours. Having a good look at your outgoings and cutting spending is a great alternative (or perhaps something to do in addition) to seeking a new job.

3. Salary sacrifice where possible

Depending on your employer, your type of work and other factors, you may be entitled to make repayments or pay for appropriate purchases before your income is taxed.  This makes a significant impact on your after-tax dollars over time. Ask your employer or HR department about salary sacrifice options, and a Salary Sacrifice specialist on our team can help you navigate and manage your salary sacrificing.

4. Consolidate your Super

Apart from being an administration nightmare, having multiple superannuation accounts means you’re probably not maximising your super earnings. It might seem a long time before you will retire, but it’s important to start saving towards your retirement now. Small adjustments, like consolidating accounts to minimise fees, and choosing the right investments within your super, can make a big difference over time. We can help you with that.

5. Protect yourself and your money with insurance

Income Protection Insurance, Trauma Insurance and, if you have dependants, Life Insurance – all just another form of forking out for nothing in return, right?  Wrong! For a small outlay each month (some premiums can be paid from your super account so you’re not out of pocket), these important insurances protect you in your time of need. Imagine becoming injured or ill and not being able to work for a period of time – months, perhaps even a year.  Would you be able to keep up with the bills?  We can help you with this too!

Essentially, the actions you take now to set yourself up for the future, will take the pressure off down the track. Educate yourself and prepare for a better future by seeking professional financial advice.


While every care has been taken in the preparation of this article, Soundbridge Pty Ltd (ABN 40 151 134 146) and AFTA Pty Ltd (ABN 18 624 984 550, AFSL 507423) makes no representations or warranties as to the accuracy or completeness of any statement in it including, without limitation, any forecasts.

The information and any advice provided in this email is general and has been prepared without taking into account your objectives, financial situation or needs and might not be appropriate to your situation. Because of that, you should, before acting on the advice, consider the appropriateness of the advice, having regard to those things. Past performance is not a reliable indicator of future performance.  AFTA Pty Ltd does not warrant that future forecasts are guaranteed to occur.

The information in this document reflects our understanding of existing legislation, proposed legislation, rulings etc as at the date of issue. In some cases, the information has been provided to us by third parties. While it is believed the information is accurate and reliable, this is not guaranteed in any way. Opinions constitute our judgement at the time of issue and are subject to change. Neither the Licensee nor their employees or directors give any warranty of accuracy, nor accept any responsibility for errors or omissions in this document.

Soundbridge Pty Ltd (ABN 40 151 134 146) is a representative of AFTA Pty Ltd (ABN 18 624 984 550), Australian Financial Services License (507423), Registered office at 166 Quay Street, Rockhampton QLD 4700.

Any advice on this website is of a general nature only and has not been tailored to your personal circumstances. Please seek personal advice prior to acting on this information.

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