As we step into the new financial year, it’s the perfect time to reflect on our financial habits and set the stage for smarter money management. Whether you’re looking to save more, invest wisely, or simply get a better grasp of your budget, establishing effective strategies can help you reach your financial goals. With the right approach, you can transform your financial outlook and make this year your most prosperous yet. Let’s dive into actionable strategies that will empower you to take control of your finances and secure your financial future.

 

1. Getting the right insurance cover

Having an insurance cover that is suited to your lifestyle and circumstance can be useful. Understanding what your insurance cover includes and does not include and how comprehensive or specific it is – can be a good starting point. Talk to a financial adviser about the specifics of your cover and how you can change or improve it to be more suitable.

 

2. Is there a better rate for your mortgage?

Consider this question seriously – is there a better rate for your mortgage? Studies show that about 38% of Australian homeowners are unaware of what their mortgage rate is! With all the rate cuts announced by the RBA last year, it is quite possible that you are missing out on a good opportunity to save.

 

3. The implications of an offset account

An offset account is like any other transaction account, but with one major difference. The difference is that the offset account is linked to your loan and helps you reduce the interest you pay on your loan. It is simple to set up and maintain and can make a significant difference to your savings over the term of your loan.

 

4. Re-examining your Super

Have you previously felt trapped in an underperforming super fund? Until recently, some employees were allocated super funds based on enterprise bargaining agreements. In 2021, new rules offer Australians more choice when picking their super fund, allowing us greater scope to decide where our hard-earned retirement savings are invested. It may be a good time for you to re-examine your super.

 

5. Creating an emergency fund

An emergency fund is a useful and practical strategy to overcome the challenges posed by an unforeseen event – such as an accident (especially if it impacts your ability to earn an income). Typically, you can live off of the emergency fund for 3-6 months. This gives you enough time to recover from your injury or find an alternate source of income.

 

6. Partnering with a trusted financial adviser

Discussing your financial needs, objectives and goals with a trusted financial adviser can make a huge difference. It can bring you peace of mind and also ensure your financial security – Take a look at the latest statistics that back this claim. Advisers can offer advice on important financial matters and make decision-making a simple and informed process.

 

Working with with BFD Financial Planning

These unprecedented times have meant different things for different people depending on your specific circumstances – a simple readjustment or a more significant new step. With financial planning, you are prepared to handle unforeseen challenges and are assured of the outcome.

At BFD FP, we are your financial advisers of choice. We are here for you – looking out for your financial wellbeing, guiding and supporting you with sound financial advice.

We have over 100 years of cumulative experience working in this field, and specialise in working with medical professionals. Our strategies can help you navigate the market with ease and confidence, helping you to make the best possible decisions that are still aligned with your personal objectives.

Are you ready to take control of your finances? Contact us today.

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General Advice Disclaimer

The information contained on this website and in this blog-post is general in nature and does not take into account your personal situation or circumstance. It is recommended that you consider and use the information provided responsibly, and where appropriate, seek professional advice from a financial adviser.

Although, every effort has been made to verify the accuracy and correctness of information, BFD Financial Planning, together with our consultants, officers, agents, and employees, disclaim all liability for any loss or damage suffered by any persons directly or indirectly relying on this information.