Financial Planning Financial Planner Launceston

Without going overboard on mortality, in the approach to Christmas, there are a lot of clients looking forward to the break from work, business, and the day to day grind that comes our way during the year.

The most recent actuarial tables are showing that preventative care is now seeing men live 6 years longer and women 5.

Christmas is often a good time to plan a holiday, take rest and undergo health checks.

Too many of us work, work, work and, unlike our cars which we put in for a regular service, forget about ourselves, falling for the typical Aussie slang ‘we’ll be right mate’.

A medical health check is quite simple to arrange and is more than just dropping in to the doctor for a cold or flu injection.

Is it worth considering getting full blood testing, checking out our heart performance during activity, doing the prostate testing for men over 40, or for woman having a breast and ovarian check or even having a look for changes to our skin.

On the financial front set out below are 7 areas you may want to review over the Xmas break.

1. Check out your Superannuation Fund

Superannuation is often our greatest asset yet so many members dedicate any time to reviewing the superannuation fund that best suits them. Is a Self managed super fund worth considering, is a master fund or wrap account that allows you to have access to direct shares, and a completely independent list of fund manager choices worthy of consideration?

2. The Mortgage

Because the debt on our principle residence is not tax deductible, reducing the debt should be a priority. Many of the big banks are offering very attractive rates at present for new business and it is wise to be open to swapping banks to save on interest payments.

If you can reduce the interest rate by 0.5% and keep the same payments up, it is amazing how much time and money you will save over the full term of the loan.

3 Updating Your Will or Prepare One

60% of people over 40 apparently have no will. In addition to this a huge number of Australians have a will that is out of date. A will is a good starting point, but it might be also wise to consider establishing an estate plan and setting up trusts and appointing guardians if you have children.

4. Make a Budget

It might seem basic but having a budget to work to stops us wasting that little bit of extra cash that could go towards saving or reducing debt.

A really good online budget planner is able to be downloaded at www.moneysmart.gov.au.

5. Get rid of the Credit Cards

Credit Cards are so easy to use and offer great flexibility for families. The trap comes when they are overdue and have ridiculous levels of interest accruing, often over 20%.

If you do get in trouble with a credit card consider re financing the card on one of the low interest transfer offers, or by drawing down on the home loan and paying it off.

A good website to compare credit card rates on is www.cannex.com.au.

6. Review your Life Insurance and Income Protection Policy Premiums

Income Protection and Life Insurance are very important. Generally speaking once you have the policy in place the insurance company must offer renewal, but can often see premiums rise to the point where they were once competitive with other insurers, to no longer being competitive. Every 3 or 4 years it is wise to ask your Financial Planner or Life Insurance Broker to shop around to see if there are better options. There are so many life insurers and super funds offering insurance that the market is very competitive for new business, it pays to use a broker who knows the differences between policies and who is offering good terms for your profession.

7. Aged Care Planning

Planning ahead for parents or even grand parents aged care needs is something we are never too young to start looking at. There are a lot of tips and traps in the area of planning for aged care and it is worthwhile using the summer break to do a bit of reading if a need in this area is on the horizon. Of course we are available to help guide you on any or all of these matters.

Contact Financial Planning

To book a no obligation appointment with our experienced financial planner please call (03) 6344 3899 or send us a message online.


General Advice Warning

The information on this website is general information only and is not intended to be a recommendation. We strongly recommend you seek advice from your financial adviser as to whether this information is appropriate to your needs, financial situation and investment objectives.

Whilst every care has been taken in the preparation of this website, BND Financial Pty Ltd (‘BND Financial Services’), its directors, authors, consultants, editors and any persons involved in the construction of this website, expressly disclaim all and any form of liability to any person in respect of this website and any consequences arising from its use by any person in reliance upon the whole or any part of this website.