Keep debt to a minimum, particularly if you have a credit card - if you can’t afford it, use lay-buy instead! Budget and ensure you live within your means. Set yourself some savings goals and start a regular savings plan. As a rule of thumb, aim to save at least 10% of your gross annual income.

Review your mobile phone plan and ensure you are receiving the best deal for your usage needs.

Consider taking out health insurance if you are turning 30 to avoid the government life-time loading.

Applying financial discipline now will place you in good stead as you progress through life.

Perhaps you intend to buy a home, or possibly renovate or upgrade, so you need to ensure you are managing your money well. Do your homework and choose the right home loan for your needs - look for loans that you can repay quickly without being penalised or access your redraw facility without charge - don’t pay for the features you don’t require.

Insurance becomes more of a focus as you need to protect your assets adequately. If you are beginning to build your wealth, consider income protection, as your ability to earn a wage is most likely your biggest asset.

Planning a family? Budgeting is extremely important as you may experience a reduction in your wages. Do you have adequate health insurance for your changing needs? Set aside some funds for emergency situations in a high interest at call account.

If you have a family, education costs may be a concern - have you planned accordingly?

Educate yourself about investing and set aside a small amount on a regular basis - time and the effect of compounding interest are on your side!

If you have a mortgage, pay extra if you can afford to - you will save interest in the longer term.

Now is the time to start thinking about seriously planning for retirement if you haven’t done so already - review your superannuation situation.

Estate planning should be considered if you have dependents or substantial assets.

Rid yourself of your mortgage (some may be considering down-sizing).

Retirement planning should be the main focus, whether it be in the superannuation environment or other direct investments, such as property or the share market. Will you have enough money to support your lifestyle in retirement? Consider strategies such as salary sacrificing to top up your superannuation. Seek professional advice.

If your circumstances change, it is advisable to re-visit your Will.

Financial matters are still important – you need to ensure you are maximising your superannuation benefits – just because you may have stopped working doesn’t mean your money has to! Check the asset allocation of your super fund to ensure your money continues to grow – inflation will erode the purchasing power of your money over time.

Do you qualify for any social security benefits to supplement your income in retirement?

Financial literacy is a life long skill. Always seek professional advice, relevant to your situation. To book a consultation with one of our Financial Planners, call us on 1300 654 193 or email finplan@victeach.com.au.