Money Magazine

I closed out last year not with champagne and seafood but with a mad dash to the hospital. A health emergency involving a close family member needed immediate attention, made all the more stressful given we had an international flight to catch the following day. The skilful doctors assessed the situation, gave a diagnosis and sent us on our way with a treatment plan that essentially saved our holiday and will reap longterm benefits. It got me thinking about how this kind of no-nonsense triage could be applied to other areas of life, specifically when it comes to money. Fronting up, assessing your circumstances with clinical detachment, and mapping out a plan to financial wellness is, frankly, not something that should be put off for another day. Consider Money your dedicated support team.…

Back on course and enjoying the moment Just a quick message to Marcus Padley. I am a long-time subscriber to Money and always read your column. “Enjoy life's true riches” (December-January) struck a chord with me. In the pursuit of perfection (or money or whatever the individual's goal is) we often lose sight of why we are here in the first place. Thanks for putting my ship back on course with your simple advice. Sorry to hear of your father's passing; it sounds like he was quite the man. I am off to read a book with my eightyearold. Soon she will find that “lame” or whatever the cool phrase is today, so I will enjoy the moment while I can. Mark No clarity on SMSF deposit guarantee We have an SMSF and are concerned…

TOM WATSON Senior journalist 2023 is going to require some serious discipline on the savings front because my sights are firmly set on purchasing a home with my partner. I won't lie: the prospect of buying our first place when property is so expensive and rates are at decade highs is a bit daunting, so if we do end up in a position to buy then you can bet we'll be shopping around for the cheapest mortgage we can get our hands on. SHAUNA MILANI Design and production manager Now that I have one less child at school, the goal is to direct any school-related expenses/fees we previously had straight onto the mortgage via higher repayments. This will not only help to pay it off faster but will hopefully provide a good buffer…

I am a 36-year-old, working professional, married (my wife is aged 42) with two little monsters who are now five and two years old. Our goal is to save and invest though property, shares and super, and hope that compounding will result in the dream of retiring at the age of 55 and 61 respectively. Because I grew up as a second-generation migrant single child, with both my parents on low wages due to their low English language ability, I saw saving money as very important. Anything I wanted needed careful consideration and planning, using pocket money earned by doing house chores. Like any young adult, during my teenage and university years, any money I made from part-time work was splurged instantly. It wasn't until I started my first full-time job that…

With destructive flooding, bushfires and other climate-induced disasters, people are understandably feeling worried not only about the climate and future of the planet but also about what impact this has on housing expenses and the cost of living. According to a recent survey by the market researcher Ipsos, 83% of Australians are concerned about climate change and more than two-thirds agree that it poses a serious threat to our way of life over the next 25 years. It's normal to feel anxious about ongoing climate disasters. It's devastating to see so many people struggling and people can, in turn, feel stressed for those affected. Financial stresses can cause low energy levels and disrupted sleep and can also affect our mood in general. Thinking about insurance that protects our homes and finances in relation…

CALENDAR OF EVENTS Tuesday, February 6 RBA interest rate decision Balance of trade Tuesday, February 14 NAB business confidence Wednesday, February 15 Westpac consumer confidence Thursday, February 16 Unemployment rate Wednesday, March 1 GDP growth THE BUZZ Healthy, wealthy and wise … can we have it all? After a calamitous couple of years predominantly marked by loss – loss of freedom, loss of livelihood, loss of life it's safe to say there has been a fair bit of soul-searching as to what is really important. Last year's World Happiness Report, an annual measure of happiness in each country using income, life expectancy, social support, freedom to make life choices, generosity and trust as the main indicators, revealed that the pandemic brought not only pain and suffering but also an increase in benevolence. “In every global region, there have been large increases in the proportion of people…