The Budget Queen — Jackie Matjasec
July is the start of a new financial year. That means many of us are suddenly looking at payslips, bank statements and tax documents, wondering where the last twelve months went and how much money has flowed through our hands along the way.
It is also a great time to do a little financial housekeeping, including checking whether there is any lost money sitting somewhere with your name on it.
Most people have had the experience of finding $20 in a jacket pocket, an old wallet, the bottom of a handbag, or my personal favourite, tucked inside a book as a bookmark in a book I never got around to finishing.
It is a nice little surprise.
But what many of us do not realise is that lost money can also be sitting in old bank accounts, shares, investments, refunds or money held by government agencies.
According to ASIC, around $2.7 billion in unclaimed money is currently waiting to be reunited with Australians. This money can become lost when people move house, change their name, forget about an old account, or lose contact with a bank, company or government department.
A refund or overpayment may not have reached the right person because contact details were out of date.
It is more common than you think. And the good news is that checking is FREE..
The Australian Government’s MoneySmart website has an unclaimed money search where you can look for lost money linked to your name. In Queensland, It’s the Public Trustee, please be sure to only use the official government website. Try searching your current name, any previous names, and family names where appropriate.
A few minutes spent checking may not lead to anything. Or it might uncover money that has been sitting quietly for years, just waiting to find its way back to you.
If you do find money sitting out there with your name on it, let Logan Local know. We would love to hear if July’s little money check up turned into a nice surprise – send us an email at news@localnewsgroup.com.au
