One thing is for certain, Spring is here! It’s getting warmer and our days are getting longer. Now is a good time perhaps to look at ways we can get our money matters in order!
Review your cashflow
Don’t worry! We are not going to bore you with “spend less, save more” speeches. However, having a healthy cashflow allows you to maintain your current lifestyle – be it eating out, holidays, buying that dream car etc. It also gives you the opportunity to start thinking about the big things such as buying a home or investment property, investing in shares or even starting a small business. Understanding your money is essential for long term financial success.
Start a budget, if you don’t have one already. If you have one, go through it again and this time, compare your actual spend with your budgeted spend.
Review your utility bills. Spend time to compare different rates. You may be surprised.
Review your loan repayments. There’re several comparison websites that may be useful. Get the best deal for you.
Salary Sacrifice your Income
If you’re lucky enough to have an employer who’d allow you to salary sacrifice your income, this may be something worth considering. Simply put, salary sacrificing is an arrangement between you and your employer where your employer allows you to pay for certain items or services straight from your pre-tax income. This strategy can reduce your tax payable and give you more disposable income.
You may salary sacrifice to pay for child care expenses, computers, cars, home loan repayments & etc.
Protect what you cannot afford to lose
If something is important to you and you cannot afford to lose it, then protect it! For most of us, our incomes will probably be our biggest asset we’ll ever have. The question to ask yourself will be this; “what will happen to my hopes and dreams if I cannot earn income due to sickness or injury”?
Your income is important to your long term financial freedom. Ensure it is adequately protected!
Pay attention! It’s your money.
Every pay day, almost 10% of what you earn is taken away from you and put somewhere for your future financial needs. The question is, where does it go? Who takes care of it? Whose responsibility is it to ensure your money works harder for you? These are all important questions you must seek answers to.
Superannuation is your money. It is time you pay attention to what happens to it!
Get a mentor and get started!
Spring is here and it’s exciting! You have that dream to attain your financial freedom. Well, that dream remains a dream until you start doing something. To be successful with your money matters, it is important you seek appropriate advice from a qualified financial adviser who will work with you to achieve your dreams and aspirations, whatever they may be.
Give us a call on 1300 861 143.
This information is current as at 05/10/17 This article has been prepared by Heart1Stop, a social media brand owned by Heart Mortgage Services and Heart Financial Advisers. The information contained in this article is an overview or summary only and it should not be considered a comprehensive statement on any matter nor relied upon as such. The views expressed here are not those of Heart1stop, Heart Mortgage Services, Heart Financial Advisers, shareholders, directors or staff and associated contractors and business associates. This article has been prepared without taking into account any person’s objectives, financial situation or needs. Because of this, you should, before acting on any information contained in this article, consider its appropriateness, having regard to your objectives, financial situation or needs. Any taxation information contained in this article is a general statement and should only be used as a guide. It does not constitute taxation advice and is based on current laws and their interpretation. Each individual’s situation may differ, and you should seek independent professional taxation advice on any taxation matters. While the information contained in this article may contain or be based on information obtained from sources believed to be reliable, it may not have been independently verified. Where information contained in this publication contains material provided directly by third parties it is given in good faith and has been derived from sources believed to be accurate at its issue date. It is not the intention of Heart1Stop or Heart Mortgage Services and Heart Financial Advisers that this publication be used as the primary source of readers’ information but as an adjunct to their own resources and training. To the maximum extent permitted by law: no guarantee, representation or warranty is given that any information or advice in this publication is complete, accurate, up to date or fit for any purpose; and no party of Heart1Stop or associated entities as mentioned is in any way liable to you (including for negligence) in respect of any reliance upon such information. This article may also contain links to websites operated by third parties ("Third Parties") who are not related to Heart1Stop. These links are provided for convenience only and do not represent any endorsement or approval by us.