Like many other young families, you’re working hard and earning great money, but saving feels like an uphill battle. You know you need to be planning for the future, but (despite your income) you can barely keep your head above water when it comes to expenses. The spending just seems to keep increasing: mortgage, vehicle leases, personal loans, credit cards, school fees, daily expenses for a growing family, leisure activities and the occasional holiday.
With ongoing interest rate cuts over the last three years, and proposed changes to the Superannuation laws, it can be difficult to know whether your savings should be put towards paying off your mortgage or building your Super balance. Read on to find out more and calculate your options with the ASIC Super v s Mortgage Calculator.
Australian household debt has tripled over the last 25 years, growing at an annual rate of 10.3%. Household debt now equates to over $2 trillion.
While Australians may now be more comfortable living with higher levels of debt, there needs to be a balance with preparing for the unexpected and planning to be able to live the lifestyle of your choice in retirement.
