It’s common to feel stretched at this stage of life with seemingly endless bills and little disposable income or money to invest but smart choices now can make a big difference to your financial security and flexibility.
One key is managing your debt and cash flow.
The demands of buying a home, paying all your children’s needs and lifestyle expenditure can be hard to balance. By doing a budget and taking into account your income and expenditure – including things like holidays, emergency expenses, and even coffees and newspapers – you can see where your money is going and identify where you could cut back. It also helps you realise how much you actually have to spend, rather than just putting things on credit card.
Interest on loans can really add up so pay off your debts as a priority, with the highest interest loans paid first. Another idea is to consolidate your debts under one lower interest rate.
Debts with non-deductible interest like a mortgage, credit cards and personal loans should be your priority.
At this stage of life most people have a flourishing career and good earning. By taking adequate cover with income protection, death and disability insurance you can secure peace of mind for you and your family if something unexpected were to happen to you.
Taking a bit of time to plan can help you balance immediate needs with long-term goals, and work out how and where you should be investing. Strategies like positive gearing or packaging your remuneration can provide real benefits to some. Don’t just let life happen to you at this busy stage.
At Cotter Financial Services we can show you how to make the most of your finances and help you achieve the lifestyle you want. Give us a call today on P: (07) 3333 2610
The information provided is general in nature and does not take into account your particular investment objectives, financial situation or insurance needs; we therefore recommend you seek advice tailored to your individual circumstances before making any specific decisions.
Cotter Financial Services and its advisers are Authorised Representatives of Fortnum Private Wealth Pty Ltd ABN 54 139 889 535 AFSL 357306 Australia Credit Licence No 357306 trading as Fortnum Financial Advisers.