Good financial management allows you to map out your goals and strategies so that you can achieve them and get more out of your money. These should be done and reviewed regularly as you move through the different stages of life.
In this post we look at some of the ways you can maximise your money, which can help you achieve success with tangible goals like retiring earlier, investment returns, or spending less of what you make.
Speak To Someone With finance expertise
Get financial advice! Speaking with an experienced financial planner is the best way to understand your financial position, and the steps you can take to give yourself a comfortable future. The top three areas you might want to discuss with a financial planner are:
Budgeting - being able to factor in budgets for holidays or upgrades to the house can have a positive impact on your family.
Getting out of debt – debt consolidation can be a great way to reduce the many repayments you have outgoing to different loans. Eliminating or consolidating debts will reduce the burden of interest and loan repayments. Check out our article on debt consolidation.
Savings and investments – after making a budget and reducing your debt, you may feel financially comfortable to look at different savings and investment options. ASIC’s Money smart website has a list of investment options that a financial planner can explain to you in more detail.
Your Family Plans - Building a bright future
As we mentioned at the start, you and your family will move through different life stages. Financial needs and obligations change when children are born, as they grow and when they leave the family home. Having a good plan in place with achievable goals will ensure your finances get you through these stages.
For example, learning how to make a budget and save money may be more important during your children’s early years until they are young adults with jobs. This all depends on the type of lifestyle you and your family want to live.
Having a thrifty attitude is an excellent money saving tip, and can see you save money throughout the year by following these simple actions.
- Shop around for the best deal on purchases
- Change small spending habits e.g. taking your lunch to work rather buying it
- Review regular expenses
Retirement Plans - Staying comfortable and independent
It’s not just the immediate future that you need to consider, with more of us living longer, retirement must also be considered even if it feels like a long time away. To have a comfortable retirement, and possibly even an early retirement, it’s important to learn to save money, and make contributions to superannuation if feasible.
Enjoy your senior years without the financial stress. Nobody wants to be a burden to their children so it’s important to have a plan in place to stay comfortable and independent in retirement. Speak to a financial planner or use the retirement and superannuation pages on ASIC’s site for more information.
If you’re looking to maximise your money, get in touch with us today. We’re here to make the process easy and provide a great experience.
The content in this article has been prepared by Horizon Bank for general information only and it is not intended to be professional advice. It does not take into account your objectives, financial situation or needs. You should seek your own legal, accounting, financial or other professional advice where appropriate, and consider the relevant Product Disclosure Statement and Terms and Conditions before deciding whether to acquire any products or services offered by Horizon Bank and/or its affiliated partners. We do not recommend any third party products or services referred to in this article unless otherwise stated and we are not liable in relation to them. Any links to third party websites are for your information and we do not endorse any content on those sites. Horizon Credit Union Ltd ABN 66 087 650 173 AFSL and Australian Credit Licence Number 240573 trading as Horizon Bank.