Here are our top tips to help you achieve your new financial goals this year. Follow them through and you just might make your financial year 2018/2019 the year that makes a difference to your financial future!

Revisit or redo my budget

Email us for a copy of our budget organiser to help you make a start.

Save 10% of my earnings

Direct credit/transfer into a separate high interest savings account to avoid unnecessary and emotional spending temptations. Alternatively if you have a mortgage, these savings may be better served by depositing them into your mortgage or offset account (provided you have the discipline not to spend them!)

Make extra payments on my mortgage

It’s amazing how increasing the frequency of payments from monthly to fortnightly or even weekly will allow you to save on interest costs, provided you maintain the same total repayment for the month. If you can afford more – even better! If you call us we can let you know how much interest you could save over the lifetime of your loan. You’ll be surprised at what a difference it can make.

Pay off my ‘bad’ debt first

‘Good’ debt is used to purchase assets that are likely to earn income or increase in value over time – assets such as your house and investment properties. ‘Bad’ debt is used to buy goods that devalue as times goes by, such as cars and TVs. If your current debt is mostly bad debt, then pay off the credit card/loan with the highest interest rate first. Once paid off, allocate that amount to your next debt until it has been paid off.

Consolidate my debt

By transferring your debt into one easy payment, we can help you reduce your total repayments and help you work out a plan to eliminate your debt and get ahead financially. For example, if you consolidate your debt into your mortgage, we may be able to set up a split loan facility with a shorter loan term. This will allow you to pay off this portion sooner to avoid spreading it over 30 years and actually accruing even more interest! If you maintain your current payments, it will be paid off even sooner as the interest rate on your mortgage is generally lower than that of your other debts. Your home loan will nearly always have the cheapest interest rate.

Buy my first or another investment property

Market growth varies across Australia. While it may not necessarily be in your backyard, experts predict property investment will remain a solid long term strategy for years to come. The earlier you can get onto the property ladder the earlier you can begin to grow wealth.

 

Update my insurances: income protection, trauma, life and TPD

In the event of illness, accident or accidental death, most families find themselves under insured. Don’t let this happen to you. Call the office and we can guide you in the right direction.

Find ways of saving money or earning more money

There are only two ways to improve your financial situation – either earn more or spend less. If your budget is already cut to the minimum, think of ways to increase your income. What can you sell? Jump on sites such as eBay or Gumtree to research current values and then think about what you can sell that you don’t need.

Get the best from my superannuation

Review your superannuation. Research any potential ‘lost’ super from previous employer contributions. Consider consolidating separate super accounts into one. Make sure your investment risk profile matches your current retirement timeline*.

Teach my kids about money

First you need to be a good role model. It’s never too early to start creating good money habits to help your kids with their financial future. It’s never too early to explain the concept of an ATM, comparing prices at the supermarket, paying bills and creating a budget.

There are money games that teach children great skills in a fun way, eg board games such as Monopoly and the Game of Life. There are also many online games tailored to certain age groups.

My top 3 personal goals for the financial year 2018/2019 are:

  1. ……………………………………………………
  2. ……………………………………………………
  3. ……………………………………………………

My top 3 financial goals for the financial year 2018/19 are:

  1. ……………………………………………………
  2. ……………………………………………………
  3. ……………………………………………………

 

*Seek advice from our recommended financial planner to determine your appropriate risk profile.

Disclaimer: This article provides general information only and has been prepared without taking into account your objectives, financial situation or needs. We recommend that you consider whether it is appropriate for your circumstances and your full financial situation will need to be reviewed prior to acceptance of any offer or product. It does not constitute legal, tax or financial advice and you should always seek professional advice in relation to your individual circumstances. Subject to lenders terms and conditions, fees and charges and eligibility criteria apply. © 2018