Where to next?

Saving & investing, frugality & simple living. They're all part of the wealth equation.
Here's the place to discuss getting (and keeping!) your money.

Moderator: lvergon

hellig
Posts: 2
Joined: Fri Feb 08, 2013 5:08 pm
Contact:

Where to next?

Postby hellig » Fri Feb 08, 2013 5:16 pm

Hi all,

I've made a start on getting my personal finances on track and would appreciate any advice on what I should work on next.

So far I have:
- tracked all my family expenses for 12 months
- created a budget within my means and trying to stick to it
- arranged life and critical illness insurance
- started investing for my 2 kids with a view they will become involved and start investing themselves
- paid off all debt except for the mortgage

I am forty, married with two kids under 10. I appreciate any thoughts or suggestions.

Thanks

Tightwad
Posts: 1356
Joined: Mon Nov 01, 2010 5:15 pm
Contact:

Re: Where to next?

Postby Tightwad » Fri Feb 08, 2013 5:39 pm

Congrats! How about an emergency fund?

jaiko
Posts: 117
Joined: Sat Jun 16, 2012 8:06 am
Contact:

Re: Where to next?

Postby jaiko » Fri Feb 08, 2013 7:36 pm

What is "critical illness" insurance? Catastrophic health, disability, or LTC?

How are your retirement savings coming along? If you have no pension or annuity from an employer, are you saving at least 15% in an IRA or 401k?

hellig
Posts: 2
Joined: Fri Feb 08, 2013 5:08 pm
Contact:

Re: Where to next?

Postby hellig » Sat Feb 09, 2013 10:37 pm

Thanks for the replies.

I have a modest emergency fund, which is currently offset against the mortgage.

Critical Illness covers things like heart attack/cancer, terminal illness etc.

I'm in Australia, so we have compulsory superannuation at 9% of salary. The government keeps tinkering with the pension rules so I'm not sure I want to put any more in as I can't get it until probably 70 by the time I get to retirement.

I was thinking of putting some into an ETF that tracks the market index. Any thoughts on that?

Thanks


Return to “Personal Finance”

Who is online

Users browsing this forum: Bing [Bot]