How Money's Best of the Best awards can save you money
At first glance the Money Best of the Best awards can seem overwhelming. Totalling 126 awards across 20 categories, it can be hard to know where to start. There are no hard-and-fast rules. The aim of our annual awards is ultimately to help you save money.
So, whether you're looking to boost your super, secure a home loan, sign up to a mobile plan or invest your hard-earned cash, we've endeavoured to present options to suit your needs and maximise your savings.
The longevity of Money's Best of the Best awards (22 years and counting) speaks to our dedication when it comes to unearthing competitive products and services offering best-value and/or outstanding performance. It also makes clear who the repeat high achievers are: for example, CommSec has again taken out first place in the category for best feature-packed online brokers - bank, winning for the 16th year in a row.
Our financial experts have once again done the hard yards for you. Interesting to note is the increasing importance of environmental, social and governance (ESG) products. Investing responsibly with long-term sustainability is at the core of the strategies of many of the companies on the winners' list. Our newly introduced ESG Investment Innovator award is testament to this.
Switching from your current provider or investing in one of the award winners could potentially save you thousands, so it's often worth making the comparison. Here are some Money tips to get you started.
Check your investments often. How is your super fund performing across one, three and five years?
It's also worth regularly rebalancing your investments to ensure your assets and risks are distributed in a way that suits your financial plan.
Supercharge your future
For many, super is our largest investment alongside our home, so engaging with our retirement savings is paramount. Your fund's performance should be high on the checklist, and thanks to federal government initiatives holding super funds to account and alerting you to poor performance, it's easier than ever.
Ensuring the asset mix and level of risk suit your situation and life stage is key. And checking your fees is another must. There should be a good reason why you are paying more than 1%.
Another simple task is to make sure contributions are going into your account, your employer is paying contributions at least quarterly and they are the correct amount.
Many online comparison tools can help you assess whether you are on track to have enough money in retirement, and if you feel extra contributions are necessary you can consider salary sacrificing or making after-tax contributions, within your contribution limits.
Bank on it
It's a good time to consider your mortgage to ensure you're getting the best deal. Whether you're a first home buyer or refinancing an existing loan, keep in mind how rising interest rates might affect your repayments (and your lifestyle).
We've looked at competitive rates, fixed and variable, and flexible features, to help you on your way.
Our awards also compare credit cards, depending on your personal and business needs, and name best savings accounts for everyday banking, online, children and self-managed super funds.
Finding the right fit for you when it comes to your phone and broadband is more important than ever considering our changing usage.
This year we've introduced the Home Wireless Broadband award.
According to WhistleOut's Kenny McGilvary, providers are offering affordable home wireless broadband plans that compete head-to-head with NBN services in terms of price point and, depending on where you live, faster speeds than the NBN. As with the rest of our award results, they're definitely worth looking into.
Get stories like this in our newsletters.