Women and Super

Take control of your finances

Where to start

Want to do something today to start taking control of your superannuation? This checklist gives you some ideas to consider for kick starting your financial independence.

  • Follow a budget

    A budget is a good way of prioritising your expenses. It allows you to break down your spending into necessary and discretionary items. As an example, rent is a necessary expense as is electricity and food. On the other hand, a magazine or a coffee would be discretionary.

  • Start saving early

    One of the simplest ways to start this habit is to have an amount deducted from each pay before you receive it. With savings, ‘out of sight, out of mind’ works very much in your favour.

  • Choose one super account

    When you start a job, you will generally be able to choose where your employer pays your super. By choosing one super fund and sticking to it, you will avoid paying more than you need to by only having one set of fees.

  • Provide your TFN

    Make sure your super fund has your tax file number (TFN) otherwise all your super contributions will be taxed at a much higher rate than 15% and you won’t be able to make personal contributions.

  • Find lost super and combine accounts

    If you've ever changed your name, address, job, or done casual or part-time work, you may have lost track of some super. There’s currently more than $13.5 billion of lost super in Australia, some of it could be yours.

  • Keep your details up-to-date

    Make sure you let your super fund know if you move house or change jobs, this way you’ll avoid losing track of your super or having it transferred to the Australian Taxation Office (ATO). You can now update your details online with many super funds.

  • Check your super statement

    An easy way to make sure your super is on track is to review your statements. Check your balance, fees, employer payments and tax. If you don’t understand your statement, get in touch with your super fund early and ask questions.

  • Get protection

    Most super funds offer automatic insurance cover for members. This can be life insurance, total and permanent disablement insurance, income protection insurance or a combination of these. Insurance through super is generally a cost effective way of obtaining cover as the fees come out of your super account.

  • Top up your super

    Whether it’s a regular salary sacrifice to your account, one-off after-tax payment or spouse contribution, every little bit counts towards your retirement savings. Make sure you contribute in the most beneficial way by either taking advantage of tax savings or the government co-contribution.

  • Transition to retirement

    A transition to retirement income stream (TRIS) allows you to access income from your superannuation account once you’ve reached your preservation age (age 57 from 1 July 2016 and moves up to 60 year of age from 1 July 2019). This may allow you to cut back your work hours or boost your super balance without compromising your take home pay. Be sure to speak to a financial planner if you’re considering a TRIS.


Our range of calculators can help you to review your superannuation, insurance and finances.

Super projections calculator

Give your super a health check and see how much you could have in retirement with our super projections calculator. All you need is 60 seconds and a few personal details.

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Savings calculator

Once you know how much money is going in and out, you can project how your savings will grow over time. Change the settings on how much and how often you can put money away, and watch your money grow.

Launch calculator

Budget calculator

Saving money is as simple as spending less than you earn. Put your income and expenses into our budget planner and sort the must-haves from the nice-to-haves.

Launch calculator

Understanding money

Do you know where your money is going? Have you prioritised your spending? No matter how much or little – understanding where your money is going is key to taking control of your finances.

We have brought together some helpful money management tools to help you do just that.

Women understanding money

According to Australian Securities and Investments Commission (ASIC), understanding money pays off.

ASIC has developed some really helpful information and tools for women wanting to learn more about money.

For more information visit MoneySmart.

Financial planning

Advice can make a big difference to the way you manage your money and plan for life. A financial planner can help you by:

  1. Clarifying your goals, resources and liabilities. Part of this process can be to also prioritise your goals into short, medium and long-term goals.
  2. Developing a strategy. This can be simple such as developing a budget, or more complex, depending on your personal needs and circumstances.
  3. Implementing and reviewing. Finally a planner will develop an action plan to put these strategies into practice, and an ongoing review timetable to ensure your plans stay on track and keep pace with your changing circumstances.

Many super funds run seminars and workshops as well as offer general financial advice at no additional cost for members. This gives you the opportunity to ask questions before committing to any additional costs. If you’re a First State Super member, find out where your closest seminar is or book an appointment with a financial planner.

This is general information only and does not take into account your specific objectives, financial situation or needs. General advice is provided by FSS Trustee Corporation (FTC) ABN 11 118 202 672, AFSL 293340, the trustee of the First State Superannuation Scheme (First State Super) ABN 53 226 460 365. You should consider the Member Booklet (Product Disclosure Statement) for the product you hold or intend holding before making any decisions. Call Customer Service on 1300 650 873 for a copy, free of charge, or visit firststatesuper.com.au. Financial planning advice is provided by First State Super Financial Services Pty Limited ABN 37 096 452 318, AFSL 240019.