Saving money can feel pretty lonely sometimes, but the truth is there are lots of us trying it!
Let’s look at some Australian websites that are designed to help us keep more money in our pockets!
The Centrelink Payment Finder
Centrelink - Australia’s centre for social security payments and services.
It has an online tool that can help you see if you (or a family member) are eligible to receive any extra financial support from the government.
Unclaimed Money
An unclaimed money search takes around 30 seconds and is completely free.
Any bank accounts, shares or life insurance policies that are linked to your name or an Original Transaction Number (OTN) will show up once you plug your details in.
Sometimes we lose money when we move house and forget to update your details with a company or financial institution.
That unclaimed money is received by ASIC and is then transferred to the Commonwealth of Australia Consolidated Revenue Fund.
But you can claim it at any time if you are the rightful owner, and if you think you might have lost something a long time ago, you’re in luck! There’s no time limit on claims.
Imagine if you’d used your forgetfulness to save money.
FYI:
Bank accounts become unclaimed after 7 years if the account is inactive (no deposits or withdrawals).
Energy Made Easy
Energy Made Easy is a government site that helps find the best electricity deal for you and your circumstances.
You can visit Energy Made Easy here.
It can help you make sure you’re on the cheapest energy plan for your house.
You’ll answer some basic questions such as your postcode and whether you’re looking for gas or electricity, add your National Meter Identifier number (you can find this on your power bill) and the website will tell you if there are savings to be found with other providers.
This can be a powerful and long-term way to save money.
ATO’s myGov superannuation check
We’ve all been there! You start with a casual job, fill out some paperwork. You start another casual job, fill out some more paperwork.
But as long as you’re getting paid, it doesn’t matter so much at the time. Right?
But before long, you might have inadvertently signed up to three or four superannuation funds! And without realising it, 11% of each pay cheque has been siphoned off into one of those funds.
And it’s likely you’re paying fees on every single account.
One way to stop paying all those fees is to consider consolidating your superannuation into one account.
And you definitely don’t have to fill out boatloads of forms, you can just use the ATO’s myGov website.
Make sure you check any costs involved and consider any benefits or features you may lose, such as insurance cover, before deciding to consolidate your superannuation funds. A financial adviser can help you decide if you’re unsure.
Here are the steps if you want to combine your super in one account!
- Create a myGov account at www.my.gov.au, then link the ATO to your account. There’s a huge, obvious button.
- If you already have a myGov account, just log in and click on the ATO section.
- Go to the ‘Super’ tab. In this section, you can:
- See details of all your super accounts, including any you have forgotten about
- See details of all your super, including super the ATO is holding on your behalf
- Click "transfer super" and pick which fund you’d like to be your homebase super fund.
- Then, whenever you start a new job or money comes in, submit this super account as your nominated fund.
Then watch compound interest work its magic and when you’re older, you’ll be a happy little Vegemite.
Money Smart’s Budget Planner
Budgets are amazing! Rather than wondering where your money went, tell it where to go!
This free, interactive budget from ASIC’s MoneySmart website is comprehensive and detailed.
After filling in things like your income, utility bills, groceries, entertainment etc, you can work out how much spending you’re actually doing.
Check out the budget planner here.
Medicare refunds
As of November 2023, nearly a million Australians have unclaimed Medicare benefits waiting for them because Medicare doesn’t have the correct bank account details to pay them into. According to the ABC, the average amount owed to each is a whopping $240.
You can check if your details are up to date on the myGov website or app.
