Skilled Migrant Professionals December 2015 | Page 27

B

Five tips to getting
your finances in shape

1
2
3

PLAN AHEAD Set specific measurable, realistic, and achievable goals. The
future is closer than you think it is. Plan for it.

PROTECT YOURSELF Whether it’s your life, your health or your assets, the
real cost of insurance is having insufficient or no cover at all. What is the real
cost of not being covered? Shop around and save.

SET UP A BUDGET A good budget will help you live within your means.
Have you ever had trouble working out the difference bet ween a want and
a need? A good budget will help you see the difference as you prioritise
your spending. In your budget allow 10 per cent to be set aside for an emergency
fund. Also, minimise your credit card use. A pair of jeans bought for $100 could
end up costing four times what you paid as you struggle to pay off your card over
the longer term.

Finance

IF YOU
FAIL TO
PLAN,
YOU
PLAN
TO FAIL

enjamin Franklin supposedly once said,
“If you fail to plan, you are planning to
HAVE AN UP-TO-DATE WILL You can buy a Will kit at the newsagency,
fail”.
but will it truly represent how you wish for your assets to be distributed if you
When it comes to our financial affairs, the
were to die? Initially, using an estate planning lawyer may seem costly, but
failure to plan can be devastating. Think about
you will have the peace of mind that your loved ones will be cared for according
it for a moment, if you were to lose your job
to your wishes.
tomorrow, how long could you afford to live
without your regular income coming in? If you
suffered an illness or had an accident that preGET YOUR DEBT UNDER CONTROL The
vented you from working for an extended peribanks are not doing you any favours by consolod of time, what financial support do you have
idating all of your loans over 25 years. It may
to maintain your current lifestyle? Or even to
seem like an easy solution to your debt problems,
maintain a very basic lifestyle that would only
but in reality you are just delaying them. There are
cover your living expenses? Depressing isn’t it?
loans available that will allow you to pay off your
It’s so much easier to ignore these problems
personal loans over the usual personal loan period
than to plan for them. After all, it’ll never
at mortgage loan rates. Also, don’t be satisfied
happen to you. Or could it?
paying off your loan over the term deterIf you think of your finances as a
mined by the lender. It’s amazBy Andrew
Boyer,
large pie that is too hard to eat in one
ing how small additional
Senior Advisor
gulp, start eating it with one small
payments not only allow
at Fortis Wealth
bite at a time. Here are five tips to
you to pay off the loan
Management
get you started to ensure that your
sooner, but also save a
finances get into shape and stay there.
bundle in interest.

4

5

This article contains information that is general in nature. It does not
take into account the objectives, financial situation or needs of any particular person. You need to consider your financial situation and needs before
making any decisions based on this information. If you decide to purchase
or vary a financial product, your financial adviser, Andrew Geoffrey Boyer
and other companies within the AMP Group may receive fees and other
benefits. The fees will be a dollar amount and/or a percentage of either the
premium you pay or the value of your investment. Please contact us if you
want more information.

December 2015 | www.smpmagazine.com.au

27