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1st September 2024 - Private Wealth
Spring is a great time of year to throw open the doors, roll up your sleeves, crank up your favourite house cleaning music, and clean out those cobwebs. Don’t think this means just vacuuming the dust bunnies at the back of the wardrobe, it’s also a good time of year to spruce up your finances. Here are our top financial planning tips for Spring.
We all start out with good intentions, but it’s easy for that budget wagon to come off the rails. That’s okay. The damage is only temporary. Sit down with a cuppa and a couple of pieces of paper and let’s get started. Of course, if you’d prefer to do this on the computer that’s fine too. There’s a free spreadsheet you can download at MoneySmart that’ll help you to get all your ducks lined up. Get a number against everything – your mortgage, credit card, groceries, parking, insurance, gas and electricity. Leave no stone unturned.
Whichever way you decide to attack the task, it’s well worth doing. When you see exactly what money’s coming in, and where it’s all heading out again, it’s a real eye-opener. Keep track of income and expenditure month by month and you’ll have a better chance of adjusting when you need to, making sure you hit those important savings goals.
Insurance is one of those grudge purchases that you probably avoid thinking about. Unfortunately, while those old policies are gathering dust, they could be costing you money and putting you at risk of real financial headaches down the track. Think about how your life has changed. If you’ve bought a house or started a family, you might need to rethink your cover.
In fact, if you haven’t checked on your insurances in a while they may even be canceled, leaving you with no cover at all. There are rules around insurance within super that require you to manually opt-in each year if you don’t meet the automatic opt-in criteria. According to a February 2018 report from Rice Warner, working Australians with life insurance have an average estimated cover of $344,500. In our experience, this is rarely enough to cover the mortgage let alone cover your loved ones cost of living if you passed away.
Over the past couple of years, we’ve seen hikes in interest rates that have been good for savings, but not good if you’re trying to make headway on your mortgage. The good news, you don’t have to take this lying down. Shop around. See what’s on offer. And if you think you’re paying too much, put a bit of friendly pressure on your bank to match their competitor’s offer. You might be surprised how eager they are to sharpen their pencil.
For a lot of people, superannuation can be a set-and-forget way to invest. Especially in the early years when retirement can seem so far away. But the smart investor never leaves their super on auto-pilot. They look at their contributions and see if they can kick in a bit more.
Are you taking advantage of ‘catch-up’ contributions? If you have less than $500,000 in your super fund at the previous 30 June, you may be able to use any unused concessional contributions from previous financial years to contribute to your super balance this year*. This strategy has two benefits – increasing your super balance now, while also whilst providing a tax benefit along the way.
A savvy member of a retail super fund thinks about whether they should be in a growth fund or take a more defensive approach. Someone with their own super fund checks to make sure they’re complying with the ATO rules and that they’re maximizing the direct investment and tax efficiencies that a self managed super fund can offer.
They also talk to a financial planner about how much they need to enjoy a comfortable retirement. If you’re in a spring cleaning mood, now would be a good time to book in for a chat with your Elston financial adviser. It could make all the difference in the world to your super, and your peace of mind.
*Source: Contribution caps | Australian Taxation Office (ato.gov.au)
If you would like more information please call 1300 ELSTON or contact us.
This material has been prepared for general information purposes only and not as specific advice to any particular person. Any advice contained in this material is General Advice and does not take into account any person’s individual investment objectives, financial situation or needs. Before making an investment decision based on this advice you should consider whether it is appropriate to your particular circumstances, alternatively seek professional advice. Where the General Advice relates to the acquisition or possible acquisition of a financial product, you should obtain a Product Disclosure Statement (“PDS”) relating to the product and consider the PDS before making any decision about whether to acquire the product. You will find further details of the service we provide and any cost to you within the Financial Services Guide. Any references to past investment performance are not an indication of future investment returns. Prepared by EP Financial Service Pty Ltd ABN 52 130 772 495 AFSL 325 252 (“Elston”). Although every effort has been made to verify the accuracy of the information contained in this material, Elston, its officers, representatives, employees and agents disclaim all liability (except for any liability which by law cannot be excluded), for any error, inaccuracy in, or omission from the information contained in this material or any loss or damage suffered by any person directly or indirectly through relying on this information.
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