Top Finance Tips

1.Be actively involved with your finance and wealth creation.

If you have joint accounts with another loved one

• know your lender, super and investment portal logins

• monitor your joint balance, credit card spend and savings • be part of the financial decision making

2. Prioritise and set yourself clear goals on what you want to achieve and by when.

It is sometimes easier when you are on your own to set and plan your goals because you are solely responsible for the outcome. If however, you have a partner, then communication is critical in understanding and appreciating each person’s individual goals. If you find you cannot agree, then seek expert intermediary opinion from your finance and planning team (and that’s not usually other family members – lol!)

3. Be an expert on understanding your financial position at all times – including savings, debt, insurance, investments and super.

4. Understand your saving and spending habits (and your partner’s).

• Know how much money is coming in and going out for you and your family

• Set yourself “safely spend” limits on your various shopping categories, eg groceries, food, clothes and entertainment etc. (A coffee a day adds up – just saying J) After all, as the saying by Charles A Jaffe goes… “It’s not your salary that makes you rich, it’s your spending habits.”

5. Purposefully plan your financial future

• know how much is in your super fund and how it is being invested

• find ways to accumulate more super to enjoy in retirement

• seek advice on whether voluntary contributions are a good idea if you have no ‘bad’ debt (66% of women are not participating in voluntary super contributions!)

6. Protect yourself against the unknown

Ensure you have appropriate and adequate insurances for health, life and trauma.

If you work part time and could not live without your additional income you should also have the appropriate insurances.

• Many women who work part time do not insure their income or have trauma cover

• Many people also think the income protection inside their super policy is adequate, however many policies only cover a few years

7. Review and update your will and estate planning on a regular basis to ensure they are still aligned with your goals.

In fact, anyone can use these seven money tips to achieve a better financial position.

We like to work with our clients to ensure they are using good money management tools and techniques so when it comes time for their first, or next, property purchase or investment, they are in the best possible financial position to secure their mortgage.

Contact the office TODAY to find out how WE can help YOU to purposefully plan for your future.