Upcoming Events

There are currently no events, please check back soon.

Book a FREE financial
health check today!

Recent Articles

The lost art of conversation

  When was the last time you had a lengthy chat to a friend over the phone or, rarer still, a decent face-to-face catch up? Remember spending time with a loved one making the most of precious hours having saved up every story, anecdote and interesting conversation starter up your sleeve? Nowadays the bulk of our relationships seem to...

Read More ...

Life insurance inside or outside super?

  If you've got super, chances are you'll have some default insurance included and the option to buy more at an attractive price. It's a cost effective way to get a basic level of cover, but holding insurance inside super does have some downsides.   Forms of super insurance There are three types of insura...

Read More ...

How to prepare for climbing interest rates

  Interest rates have been low for so long it's tempting to think low rates are the new normal. So when the Reserve Bank suggests that a cash rate of 3.5 per cent is the new 'neutral', people take notice. Even the Prime Minister warned Australian householders to prepare for higher interest rates ahead.i The official c...

Read More ...

Take a day: It can pay

Ever thought about taking a break from your routine, a "Financial Health Day" to spend some time tightening up your personal finances? While it might not be the most exciting day you will ever spend unless the thought of saving a significant amount of money excites you, it will be worth your while. It should be a weekday so you...

Read More ...

< Previous | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | Next >
Articles via RSS rss

Are you a young professional?


Take a day: It can pay

Written on the 1 August 2017 by Arrow

Take a day: It can payEver thought about taking a break from your routine, a "Financial Health Day" to spend some time tightening up your personal finances?

While it might not be the most exciting day you will ever spend unless the thought of saving a significant amount of money excites you, it will be worth your while.

It should be a weekday so you have scope to call banks, credit card issuers, health insurers, and other financial service providers who are easier to contact during office hours. And you will also need all your tools financial records, current tax return, mortgage, credit card and bank statements close at hand. Internet access is also important as there are many things you can do online.

Hitting the target

So, what are your objectives? Well, there are two sides to this coin. The first objective is to put more $$ in your pocket by saving a little more and spending a little less of your income, without making your life a penny-pinching misery in the process. The second is to discover some cheaper ways, if they exist, to pay for some of life's essentials.

Start at the beginning by reviewing your monthly budget or constructing one, if necessary so you can pinpoint the big expenses before trying to pare them back. Take your power bills, for example. Some power companies will not only reward you with a discount for combining your gas and electricity, they will also allow you to pay them with a pre-set monthly direct debit, avoiding the shock of that big quarterly hit and smoothing your cash flow.

Monthly payments or saving targets can be an excellent budgeting tactic. In fact, you can even create your own monthly debit system for major expenses such as school fees, annual holidays and Christmas by estimating the cost and transferring monthly instalments to a separate savings account. Your bank can probably make the transfers for you automatically.

If you can manage it painlessly by cutting one or two unnecessary expenses, one good outcome of a budget review would be to save an extra 1 per cent of your salary just $1 out of every $100 you earn for a major objective like an overseas trip, new carpets or as a reserve fund. The best budgets can be wrecked by unexpected emergencies, whether it is a burst water heater or an unexpected mortgage rise.

Smart moves

Once you have your budget review completed and have set up new direct debits and/or opened one or two new dedicated savings accounts, you should still have a few hours of your Financial Health Day left to look for some significant savings on financial services.

Credit cards are a black hole in many budgets. Could you save by switching to a cheaper card? Are you paying off your card within the interest-free period? What about rewards programs if you are paying for them, are you using them? Some supermarket reward programs now offer a "double reward" so it may pay to investigate your options. You can compare cards online at several sites such as www.creditcards.com.i And if you do decide to change card companies, you might find one that will give you an interest rate holiday for the first 36 months as a reward for switching.

Your private health insurance plan is also worth reviewing because your family circumstances might have changed since you took out the plan, or the market may have newer, more flexible options. A Choice Magazine report on 40 private health funds may be a good starting point if you are looking for better value, since they reported cost differences of up to $800 a year or more. (See www.choice.com.auii or www.privatehealth.gov.au)

Planning ahead

And finally, if you haven't had an annual check-up, make time before the end of the day to contact your adviser and arrange to review your superannuation and investments, to ensure your financial planning strategy is still on track.

All done? Congratulations on a good day's work!

i http://www.creditcards.com.au/compare/
ii http://search.choice.com.au/consumer/Health%20Funds

Author: Arrow

When can I retire?

Have you started planning for retirement yet? Whether its decades off or looming around the corner, you will need a solid plan in place and Arrow Focus on Wealth can help you to create that, even if you plan on retiring early...... Read More

Our Investment
Beliefs eBook











 

Arrow Focus on Wealth Pty Ltd is a Corporate Authorised Representative (CAR) No. 270472 of GPS Wealth Ltd (GPS) , www.gpswealth.com.au , AFSL no. 254 544 and Australian Credit Licence no. 254 544, ABN 17 005 482 726 . For more information please refer to · Combined Financial Services and Credit Guide (FSG), GPS Privacy Policy , GPS Complaints Process
General Advice Warning:
The information contained on this website has been provided as general advice only. The contents have been prepared without taking account of your objectives, financial situation or needs. You should, before you make any decision regarding any information, strategies or products mentioned on this website, consult your own financial advisor to consider whether that is appropriate having regard to your own objectives, financial situation and needs.
Whilst Arrow Focus on Wealth Pty Ltd is of the view the contents of this website is based on information which is believed to be reliable, its accuracy and completeness are not guaranteed and no warranty of accuracy or reliability is given or implied and no responsibility for any loss or damage arising in any way for any representation, act or omission is accepted by Arrow Focus on Wealth Pty Ltd or GPS Wealth Ltd or any officer, agent or employee of Arrow Focus on Wealth Pty Ltd or GPS Wealth Ltd.
Tell a FriendPrintBookmark SiteSend an enquiryBook a consultation