Although owning a home outright still represents the Australian dream for many women, there are other achievements that top the list when it comes to ranking important financial milestones.
From having enough funds to retire comfortably, to being able to jet set overseas at least once a year, to buying your first investment property or helping your kids with a deposit, there are many unique factors that signify whether we’ve “made it” financially.
A new finder.com.au study asked Australians “Which financial milestones do you consider most important?”
The study found that 74 per cent of Australians want to be mortgage-free.
It estimated that nearly 60 per cent of Australians want to have sufficient superannuation funds to retire comfortably and 36 per cent of Aussies want to be able to go overseas once a year.
When we look at the gender breakdown, women are slightly more interested in being mortgage-free than men.
Women also value having enough super to live comfortably after retirement slightly more than men.
Being able to head overseas once a year is another important milestone for women, valued by 41 per cent of women surveyed compared to just 32 per cent of men.
Surprisingly, owning a boat was considered to be on the lower end of the milestone spectrum, only considered important by 6 per cent of both men and women.
No matter what your financial priorities are, here are some ways you can reach your milestones:
1) Prioritise high-interest debt first
If you have more than one credit card or loan, make sure you prioritise paying off your high-interest debt first.
This way, you can reduce your interest charges and get out of debt sooner.
2) Deposit your funds into a high-interest savings account
Placing your hard-earned cash in a high-interest savings account is a smart way to grow your savings and realise your financial dreams sooner.
When comparing high-interest savings accounts, keep an eye on the conditions you need to meet in order to earn the maximum variable rate.
3) Re-think your need to draw on credit
If you want to reach your financial goals, you need to be careful about taking on too much debt.
Increasing your credit card limits, going into overdraft or taking out several personal loans could be signs that you’re becoming too reliant on credit.
Where possible, reevaluate your need to take out finance.
4) Think of ways to up-skill
Diversifying your knowledge and skill set is a smart way to boost your earning capacity.
Studying could put you in a stronger position when negotiating your next pay rise.
While financial milestones will vary drastically from person to person, it’s important to set yourself realistic goals and get into good money habits.
