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Finance and content expert, Julia Newbould (BEc), knows a thing or two about money. As the senior content manager at Financial Advice Association Australia (FAAA), co-author of The Joy of Money, and former managing editor at Money Magazine and Conexus Financial, she’s shared leading finance insights with Australians for decades. Here, she reveals her key thoughts for anyone looking to establish new and enduring finance habits.

Flip the script

While supporting our financial literacy goals is becoming more accessible thanks to self-education tools and platforms online, there’s still plenty of work to be done in boosting confidence around talking about money and making money decisions. This is particularly true in the case of women. “It’s not that women are getting things wrong, but what they tend to do more than anything – is nothing,” says Julia. “We think we don’t know the answer, so we ignore the situation, or we let someone else look after our money for us.” To change this, Julia urges everyone to believe in their own abilities. “Whenever we go shopping, we know what we’re spending and what we’re saving – we tend to have good money sense,” she says. “But we don’t always equate this with the jargonistic terms of investment, and that needs to change.”

Invest in your education

Whether you’re in your early twenties or your mid-seventies, there’s never a bad time to start improving your financial literacy. From podcasts to books, newsletters or newspapers – there are plenty of ways to engage with the world of finance. This might even include seeing a planner who can help you with any tricky terms of reference. “A lot of people use jargon and they’re hiding behind it,” says Julia. “If you’re working with an adviser, get them to explain what exactly they mean and how their plan for you is really going to work.”

Julia's top recommendations:

• Podcasts
  
• Books
  • Rich Dad Poor Dad by Robert T. Kiyosaki and Sharon Lechter
  • The Richest Man in Babylon by George S. Clason        
    

Get personal

Whether you have big plans for the future or you’re looking to change your life right now, you’ll need to know where you stand financially before making the next move. For those in a relationship, this includes having money conversations at home, particularly if you have goals that need to be aligned in order to be achieved. “If you’re taking your lunch to work and your partner is spending money on taxis every day, you’re going to be annoyed by that,” says Julia. “So, it’s all about having open conversations about what you can and can’t spend, and what your mutual goals are.”

For those in a relationship, and who aren’t in charge of their finances, Julia believes knowing your position is key to ensuring your future financial safety. “Whether you’re the one managing the money or not, you need to know your position, so if you do split up down the track, you know what the situation is,” she says. This may include taking stock of your accounts – is everything under both of your names? Are there separate accounts? How do you pay the bills? “These are all the conversations and questions to have up front.”

Although finances are often split jointly in a divorce, Julia believes it’s still important for each person to have their own accounts. “You hear stories of someone having closed off the bank accounts and then the other person can’t access their money – or sometimes the credit cards have all been taken out in one partner’s name and with their income, and then post-divorce, you may try find getting your own card quite difficult.”

Don't forget your super

It might not be super sexy but spending time with your superannuation is one of the most important things you can do as you grow your wealth. Think of superannuation as a very tax-effective long-term investment structure.“If you can contribute more at any time, do it, even if it’s a few dollars a week or month,” says Julia. “If you get a pay rise, direct some of it  straight in there if possible.”

For women who are taking time out of the workforce to raise their families, consider having your partner contribute to your super instead. “Unfortunately women are penalised in that sense, but we have to look after ourselves, so see if your partner can contribute during this time,” adds Julia. Those on a lower income could also benefit from co-contributions by the government, which are matched up to $500. “For me, the whole idea of money really is about giving you choices, and super will help give you those choices later in life.” If you’re planning on taking some extended time out of the workforce perhaps in the planning stages you might contribute more into your super to make up for what you’ll be missing out on when you’re not working.

Disclaimer: The information provided is not financial advice. This article provides general information only and should not be considered as personal financial advice.

Written by Alana Wulff for SAM Extra.
Illustration by Jenny van Rantingen (BVA/BAdvStudies '24). Jenny van Ratingen is an illustrator and multimedia artist, primarily working with painting and sculpture. Outside of Jenny's illustration practice, her artwork delves into themes from the Everyday, the complexities of intergenerational conflicts and the laborious dynamics found within the home.

This article originally appeared in SAM Extra. If you are a University of Sydney alumni, update your preferences to receive this monthly e-newsletter.