Financial advice helps you achieve more

Posted on 20 December 2021 | by Allan Hall

Whatever you want to do, you’re more likely to do it with the help of some sound financial advice.

We all have something we’d like to be doing more of. It could be spending more time on hobbies, less time at work and more time raising a family, more time travelling the world or reducing working hours as we get closer to retirement.

One thing we all want to make sure of is that we have a steady income stream to make the most of what we really want to do – now and in retirement.

That’s where the power of financial advice has been proven to help those with a goal achieve what they want.

Of those who set goals with a financial adviser, 86% said financial advice helped them achieve their goals.*

This key insight came to light in a groundbreaking survey of over 12,000 Australians in conjunction with CoreData. It found the benefits of financial advice helped no matter your age, wealth or gender.

So, if you want to achieve your very own goal and have a comfortable life, it’s more likely to happen with some financial advice.

We can provide you with professional advice for your financial planning needs. Call us today to arrange a meeting.

General Advice Warning

The information contained on this website is general in nature and does not take into account your personal situation. You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from a financial adviser.

Mark O’Connell, Robin Bell and Allan Hall Financial Planning Pty Ltd are Authorised Representatives of Consultum Financial Advisers Pty Ltd ABN 65 006 373 995 AFSL 230323.

Source

*IOOF Survey 2020: The True Value of Advice – A study of 12,643 Australians is an Authorised Representative of Lonsdale Financial Group, ABN 76 006 637 225, AFSL No 246934. This is general advice only and does not take into account your objectives, financial situation and needs. Before acting on this advice, you should consult a financial adviser.

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Managing Household Finances

Posted on 25 October 2021 | by Allan Hall

Five tips for looking after your household’s finances

Take the pain out of managing your family’s finances with some simple tips every family can use.

Taking care of household finances can be time consuming and boring – and often people don’t know where to start. Your local library may have some good resources if you want to do your own research, but these simple tips are ones every family can use. If you want to get more serious about your household budget, financial goals and planning your family’s financial future, a qualified Financial Adviser can work with you on something much more detailed, tailored and appropriate.

1 | Look at your current income and expenditure

Sitting down as a family and figuring out how much money is coming in and going out may help you gauge the state of your family’s finances. A clear picture of your household income and expenses could set you up to manage your cashflow better going forward.

You can make this fun by setting up a spreadsheet or large piece of paper with income and expenses categories you will use to track all expenses and income. You can even highlight different categories in different colours to make it easier to read.

2 | Consider any unnecessary expenses

Keeping expenses under control can be tough, especially if you are not used to sticking to a budget. But if you’re spending is as much, or more, than you’re earning, you might want to consider limiting your family’s discretionary costs by buying only what you can afford. If you are tracking expenses on a spreadsheet, it is much easier to see where you may have any unnecessary expenses and cut them out.

3 | Set financial goals as a family

Setting financial goals as a family may help you work towards shared aspirations instead of simply meeting current expenses. Whether it’s buying a bigger house, upgrading your car or going on a dream holiday, having a financial goal may help your family set priorities and stay on track financially.

4 | Look at what’s important to your family

There are things that will be important to your family, that you should definitely factor into your budget. But there will be other things you can do without. Protecting your family for the long term, through health and illness, is important, so talk to a professional financial adviser about factoring in personal insurance cover that will keep the family protected from unexpected accidents or illness.

5 | Build up emergency and retirement funds

Unplanned expenses such as unforeseen medical bills can put a dent in family finances. By growing your emergency fund to cover three to six months’ worth of expenses, you may be better positioned to handle unexpected events.

While it’s easy to neglect your own financial future when providing for your family, saving for retirement should not take second place. Keep in mind that the earlier you start saving, the better chance you have to grow a sufficient nest egg.

Working with a financial adviser

Managing finances need not be a painful exercise. By working alongside a financial adviser and setting financial goals as a family, handling household finances is a task you can achieve. If you are ready to take your budget to the next level with some professional help, we would love to hear from you.

General Advice Warning

Mark O’Connell, Robin Bell and Allan Hall Financial Planning Pty Ltd are Authorised Representatives of Consultum Financial Advisers Pty Ltd ABN 65 006 373 995 AFSL 230323.

5 ways to stick to your financial resolutions

Posted on 12 July 2021 | by Allan Hall

Setting a goal for the New Financial Year?

Take steps to make it work.

It’s that other time of year when we set new goals or dust off old ones. But how can we boost our chances of sticking to our financial resolution? Here are some practical tips.

1. Choose an attainable goal

It’s good to be ambitious, but you may have a better chance of adhering to your resolution if you have a smaller, reachable goal. Using the well-established SMART formula can help. SMART stands for:

Specific – make your financial goal as clear as possible.
Measurable – if your goal is specific, most likely it is measurable too.
Achievable – choose a goal that you can reach in the foreseeable future.
Relevant – ensure you really want this goal and that it would benefit you.
Time bound – set a timeline for achieving your target.

2. Have a plan

Create a plan that can help you take small but regular steps toward reaching your financial goal. The key is to set specific milestones and a timeframe for each. You may wish to talk to your financial adviser about setting a plan for your financial situation and goal.

3. Announce your resolution

Tell your family members or friends about your resolution, or post it on social media. By making your resolution known to others, you might feel more responsible for sticking to it.

4. Track your progress

Record and analyse your progress against your milestones. It could help to get your financial adviser to check your progress every so often.

5. Enjoy the process

Enjoying the process of reaching your goal may help you stick to your financial resolution. So give yourself a small reward every time you hit a milestone.

Whether you want to boost your savings or retirement fund, your financial adviser may be able to help you stay on track to achieve your resolution.

General Advice Warning

Mark O’Connell, Robin Bell and Allan Hall Financial Planning Pty Ltd are Authorised Representatives of Consultum Financial Advisers Pty Ltd ABN 65 006 373 995 AFSL 230323.