A budget is a plan that works out how you will manage your income and expenses. Maintaining a budget is a powerful way to control your money.

A budget allows you to see how much money is coming in and going out. It helps you ensure there is enough money to cover your expenses and is an effective way to make sure you are not spending more than you can afford. More importantly, a budget can help you work out how much of your income you can put towards saving for your future, without impacting your everyday needs. Everyone can benefit from having a budget. The purpose of a budget is not to make you go without or to force you to save. It simply allows you to manage your money in a more controlled and effective way and to understand where you are spending your money.

To assist you in making sure budgeting works for you, you can apply the following and ensure your Financial Adviser assists you in keeping accountable to the plan;

• Choose your timeframe
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• Work out your income
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• Calculate your expenses
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• Work our your Surplus or Deficit
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• Track and Update

There are many government benefits you might be entitled to but may not be aware of. Your Financial Adviser can help you to successfully navigate the system to see if you’re eligible and help you make the most of them. Here are some of the benefits

Age pension – access to the age pension may be available once you reach pension age

Concession cards – save on everyday costs like medicine and public transport if you’re eligible

Health support – additional benefits may be available with certain types of disability

Mobility – allowances may be available depending on your circumstances

Carer assistance – caring for a loved one may entitle you to financial support

Bereavement – support after a partner’s passing may be available to you

Whether it's good debt, bad debt or both—how and when you make payments could make a difference in the total cost of your loans. That could mean more money in your pocket to invest in your goals.

Things to think about:

• What debts do I have and what do they add up to?
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• How much interest am I paying?
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• Should I consolidate my debts?

Getting on top of your debts isn’t always a quick fix, but the good news is putting aside a little time today can make all the difference tomorrow.

Estate Planning is about wealth succession - a way to help protect the wealth you have built over your lifetime, so that it is distributed according to your wishes following your death.

You spend a large part of your life working to earn money to look after yourself, to provide for your family and to save for the future. Given the focus that is placed on creating wealth while you are alive, it seems logical to want some control over what happens to these assets once you are gone.

Estate Planning is about giving you that control. Control to make sure that 1. The people you care about are looked after once you are gone and 2. Your assets are passed to the people you want to receive them.

Insurance is a form of protection – a way to protect yourself, your family and the things you own if something goes wrong. It enables you to replace or repair your assets, whether those assets are your belongings or your capacity to earn income.

Everybody’s circumstances are different, but insurance is important for everybody. Your need for insurance will change as you move through the different stages of your life.

There are many different types of insurance, and we can help you find the right level of protection for your needs.

• There’s no defined age you must retire by, and it isn’t just about your finances. Your state of mind, where you live, how you spend your time as well as your goals, all play a big part. Australia has one of the highest life expectancies in the world, and it’s likely to increase well into the 90s over the next 40 years. Meaning we could be looking at around 30 years in retirement. 

So whatever your retirement goals are (like travelling, having a sea change, caring for family or working part-time), it’s important to be prepared financially.

A Financial Adviser can;

Work out how much you’ll need to live on

Work out how you could create an income in retirement

Understand possible future expenses

Examine your superannuation savings, planning for now and in retirement

Understand your living options, including aged care and what it could mean for your finances

Find ways to keep doing the things you love, and new things you’d like to do

Understand the rules around age pension eligibility

Superannuation is a way to save money for your future retirement. It is important that you understand how much super you will need and how to best manage these funds. Through your superannuation account you can hold a variety of investments, depending on which fund you have, this can include Property, Direct Shares, Managed Funds, Term Deposits and Direct Shares.

Superannuation is an attractive vehicle for retirement because it is favorable from a tax point of view, both when you are working and also when you retire and are relying on these funds to provide you with an income.

Employers typically pay superannuation contributions on your salary on behalf of their employees, you can also choose to make your own superannuation contributions out of your own pocket which you should discuss with your Financial Adviser to ensure you comply with the Superannuation Contribution Cap rules. As a self employed member you can make your own contributions also and claim a tax deduction on these.