Get smart with your cashflow

It’s often said that building financial wealth isn’t a function of how much you earn, but how well you manage it.

If you want to consider how to build your wealth, chances are you could use a little guidance, so here are some strategies that a financial adviser can talk you through to help you make the most of your hard earned cash.

Streamline your budget
With so much focus on direct deposits and cashless payments, it doesn’t take long to become separated from how much you earn and spend.
A financial adviser can show you how tracking what you spend will not only help you understand where your money is going but, more importantly, where the leaks are.
After they help you revise your budget and start directing your money into what is necessary and important to you, you will be amazed at how quickly your financial situation can improve.

Build up an emergency fund
A good rule of thumb is to always have three months’ worth of living expenses set aside for emergencies.
Given this could take some time to build up, a financial adviser can help you decide on a realistic savings goal – taking into account some inevitable slip ups along the way!
Having an emergency fund in place not only makes good financial sense, it also gives you peace of mind that you have money available should something unexpected happen.

Start an investment plan
Investing small amounts regularly is one of the easiest ways to save for what you want in life – an overseas holiday, a new car, a deposit on your first home or your children’s education.
After reviewing your situation, a financial adviser can show you how much you have available to invest and what is most appropriate for you to invest in, based on your risk profile.
Even if you start with just $100 per month, it won’t take long before you start seeing your investment building up nicely.
Having this amount taken out of your salary as soon as you get paid means you will soon get used to living without it.

Get cost-effective insurance
Many people don’t have enough insurance to protect themselves, or their family, because they believe it is too expensive.
A financial adviser can show you a number of ways to get appropriate cover, one of which involves taking out life insurance within your superannuation fund.
Having your premiums paid by the contributions and earnings within your super fund means your insurance cover will not impact your day-to-day cashflow.
Plus, you may also get access to a ‘group policy’ by doing it this way too, which often gives you better value cover than what you would receive by taking out insurance on your own.
No matter what the cost of insurance or how you structure it, you cannot argue the value of protecting your lifestyle and your loved ones. You may just need guidance on the most cost-effective way to do so.

We’re here to help
Managing your finances and implementing strategies to build your wealth can be confusing, time consuming and for many of us…a bit boring!
But with a little guidance, it can be a very fulfilling experience.
A qualified financial adviser has a range of tools and strategies that can help you stay in control of your finances and make the most of what you have.

They will work with you to focus on what is important to you and the options available.
Get in touch and let’s sort out your cashflow, it could be the most useful meeting you have this year!
Contact our office today and make an appointment with one of our professional financial advisers.

*John Flanagan is an Authorised Representative of RI Advice Group Pty Limited (ABN 23 001 774 125), AFSL 238429. This editorial does not consider your personal circumstances and is general advice only. It has been prepared without taking into account any of your individual objectives, financial solutions or needs. Before acting on this information you should consider its appropriateness, having regard to your own objectives, financial situation and needs. You should read the relevant Product Disclosure Statements and seek personal advice from a qualified financial adviser. From time to time we may send you informative updates and details of the range of services we can provide. If you no longer want to receive this information please contact our office to opt out. The views expressed in this publication are solely those of the author; they are not reflective or indicative of Licensee’s position, and are not to be attributed to the Licensee. They cannot be reproduced in any form without the express written consent of the author.

CMS Private Advisory (Large)

The CMS Group

CMS Private Advisory partner with Halpin Wealth to provide financial advice.

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