The Top 5 Financial Mistakes Canberra Families Make — And How to Avoid Them

Raising a family in Canberra is rewarding — but it also comes with financial pressure. Between mortgages, private schooling, sport fees, and day-to-day expenses, even smart families can make costly financial mistakes. Here are five of the most common — and how to avoid them.

1. Not having a clear financial plan

Without a structured plan, it’s easy to drift — saving when you can, investing occasionally, and hoping for the best. A financial plan gives you direction, sets milestones, and helps you make informed decisions about spending, saving, and investing.

2. Focusing on debt but ignoring investment growth

Many Canberra families focus solely on paying off their home loan, which is great — but neglect building wealth outside their property. A balanced approach — combining debt reduction with long-term investing — can accelerate your path to financial independence.

3. Not using super strategically

Super is one of the most tax-effective ways to build wealth. Strategies such as salary sacrifice or spouse contributions can help boost your super balance while reducing your overall tax bill.

4. Relying on group insurance without reviewing cover

Many families assume their super fund’s default insurance is “enough.” But for most, it’s not. Reviewing your cover ensures your family’s lifestyle and mortgage can still be supported if something unexpected happens.

5. Delaying advice

The biggest mistake of all? Waiting too long to get advice. The earlier you start planning, the more options you’ll have.

At Access Wealth Group, we work with Canberra families to create clear, achievable plans that balance lifestyle today with financial security tomorrow.

Ready to get your finances on track? Contact us today.

This article is of a general nature only and does not take into account your individual financial circumstances, objectives, or needs. It does not constitute personal financial advice. You should not act on any of the information provided without first seeking professional financial advice that considers your personal situation.