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by Jodie | Feb 25, 2015 | Money, Savings
Did you ever think that you may have some long lost money in bank accounts that you’ve forgotten about. The Australian Securities and Investments Commission’s (ASIC) MoneySmart website has an unclaimed money search.
There is around $1 billion in lost shares, bank accounts and life insurance.
Unfortunately, when I did a search I couldn’t find anything in my name, which was a little disappointing, but also means I must keep a pretty good tab on where things are.
But, here’s a tip. Run a search with only your surname. You may find relatives that have unclaimed bank accounts and they may just be very grateful for the discovery. I found over $2, 200 sitting there for my brother-in-law and have left a message to let him know… And $5 for my father-in-law and $78 for a client.
Hey, it all adds up! Give it a try here: https://www.moneysmart.gov.au/tools-and-resources/find-unclaimed-money/unclaimed-money-search
Good luck with the search!
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by Jodie | Feb 25, 2015 | Budget, Budgeting, Debt Management, Finances, Retirement, Savings, Superannuation
1. Never learning to budget.
Every dollar earned does not need to be spent. Have a financial plan and rigorously stick to it. Budgeting also means having a regular saving plan in place.
- Buying a new car and thinking it’s the most important thing in your life right now.
Most 20 year olds will try and move heaven and earth to have that new car, but when the novelty has worn off and the bills start arriving, most wish they had settled for something more affordable. Payments of a new car lasts for years while the car drops in value every year, not always a smart thing to do when you are just starting off in life
- Thinking that retirement is to far away and not planning for it now.
Many young, give absolutely no thought to retirement, as 65 is so far away. Yet if we start early by taking an interest in Superannuation and personally contributing to it, even in small amounts, the benefits will speak for themselves down the track. It will make all the difference between having a comfortable one as opposed to struggle street. And think of the compound interest over the next 40+ years!
- Trying to keep up with your friends.
Having the latest gadget every time one comes out or the newest iPhone is a never-ending pursuit. Your phone is already outdated the day you buy it so think carefully and maybe try waiting just that little while longer before updating your hardware.
- Not paying off your student loan.
This debt can hand around your neck for many years. Try paying it off as soon as possible, financial freedom will soon follow.
6. Not having a plan for post university life.
Think carefully about your chosen career, how much will the debt bill be at the end of your student days? How easily will you find a job? Always have a plan and then have a plan B as well.
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by Jodie | Feb 3, 2015 | Budget, Budgeting, Finances, Money, Savings, Wealth
I read a recent article about why so many people feel they cant afford to save money and thought I would share some of the insights.
It seems that for some, saving money could feel like losing money. It feels like they seem to just be putting money somewhere, never to see it again. The article in turn, gave this advice, it said “picture your prosperity, have a goal when saving, whether for a house, new car or even that trip overseas.”
The problem seems to be how we view money. It’s our perception of it that can make all the difference. For example, when a group of people were asked if they could save 20% of their income, most said no it was not possible. When asked the question in a different way to another group, they responded very differently to the first group. They were asked, if they could live on 80% of their income and most in this group said that it would be possible.
It seems that when the focus changes so does the way we think about saving. Think about the money you do have as opposed to the money you don’t have.
One suggestion was to try and automate your savings plan, your bank can easily arrange this or you can simply set it up online.
There you go!! No more excuses!! Start today!!
For more tips on saving, check out our 12 part series coming to you month by month throughout 2015.
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by Jodie | Feb 2, 2015 | Business, Finances, Interest Rates
2015 Has started on an interesting financial footing, the dollar is weaker trading at just under 80 cents to the US dollar, oil and subsequently fuel prices are down. I haven’t seen fuel at this level for a couple of years.
Asian giant, China has had the lowest growth in 24 years, and this will negatively affect exports from Australia to China. Miners like BHP and Rio Tinto will feel this weakness, as will investors and shareholders.
The dollar has dropped significantly from only twelve months ago, not good if you are planning for that overseas holiday of a lifetime. The weaker dollar though may yet be a blessing for exports and the economy.
There is also talk of further interest rate cuts. How low will they go? Only time will tell and it will also depend on consumer confidence.
So hold on! We are in for an interesting ride this year…
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by Jodie | Jan 29, 2015 | Budget, Budgeting, Finances, Savings
Ok, I can hear you groaning, and it’s hardly a light bulb moment, but have you really thought about it? Really, really tried to spend less? Unless you’re all over your budget and manage it well, it’s hardly likely. So before you get overwhelmed, throw your hands in the air and admit defeat…
Work out why you want to save in the first place? Is it to reduce debt? Go on a holiday? Save for a wedding? Keep the goal as your focus! Put up a great big pic of why you want to do this!! It’ll keep you motivated, with your eye on the prize!
Then, just break it down into a manageable format. We’ll start with what used to be our basic needs: Food, Shelter, Clothing.
What are the biggest areas you can save in?
GROCERIES/FOOD: Ok, this is a big one! Do you shop daily or a few times a week, or just do one big shop every week or two? Neither are wrong, but do you know what you’re actually spending on food, including those top-up shops? Lunches? Coffees? Dining out?
It’s worth keeping a shoebox or spike handy for a month and just throwing all your receipts in so you get a good idea of how much you’re spending. Chances are you’ll be surprised, and can cut down. Maybe even skip a week of groceries – put the money towards reducing debt or go towards the goal, and start using up all that ‘stuff’ in the pantry and freezer that’s been just sitting there.
There’s plenty of websites now that can help you turn a couple of grocery items into a meal. Packing lunches definitely helps you save, and even just reducing the number of bought coffees can pack a punch. Throw the savings into an old fashioned piggy bank for a month and see what you come up with! Will that help you in attaining your goal?
Can you take advantage of savings at the end of the day as supermarkets do their biggest markdowns before the doors close? Is it worth visiting the local farmers markets on a weekend – sometimes they’re dearer, sometimes not!
It may be worth setting yourself a weekly limit that you’re no longer prepared to go over whilst you get on top of things. As an example: Get out $100 cash for a single, more for a couple or family. When the funds run out – so do you! Can you use up what you have left in the fridge? How will you manage? Time to invite yourself over to mum’s for a dinner? Or will you keep the baked beans on toast as a last resort? Give it a week and see how you go.
Some have found getting a few friends together, doing batch cooking and swapping meals can provide great variety and lessen your workload. If you’re the spaghetti master, swap a couple of serves with your friend who does the best chicken casserole ever… You might just find all sorts of inventive ways to stay well fed!
If you’re a shocking impulse buyer, try on-line shopping. Search by ‘Unit Price’ to see what the best deal is… It takes the guesswork out for you. There’s no temptation then. Stick to your list and try and schedule delivery for a fee free day.
HOUSING: Usually our accommodation costs are the highest. So, can you look for a cheaper place to rent? Can you ask your bank for a lower interest rate on the Mortgage? Is it worth refinancing? We’re at record lows for interest rates, so take advantage of it!
Maybe the costs of moving would outweigh small savings, so make sure you give it a good investigation. Can you rent out a spare room to a mate or student to assist with costs? Even for a year or two? Every bit can help you move forward!
CLOTHING: Ok, I’ve got an overflowing wardrobe, and around 60 pairs of shoes, so maybe I’m not the best one to tackle this… but you know what, I’ve also got pretty much everything I need (and then some.)
I’ve been told ‘You can only wear one pair of shoes at a time’ (much to my disgust and despair) and only one outfit. So, go through your wardrobe. If you haven’t worn it for a year, chances are you probably won’t again. Can you sell it off on Ebay? Get some stuff cleaned out at a Garage Sale or even give it to an Op Shop or friend in need.
Most of us have way more than we need and can put off new purchases – especially if the whole motivation is ‘it’s on special.’ Walk away, and think for 24 hours at least. If you still desperately ‘need it’ then maybe you do. Otherwise, is your goal more important? What’s the focus? If it was worth $60 – can that amount get transferred to the goal instead?
Ok, that’s only three areas, but you get the idea. Are utility bills killing you? Can you swap around providers? Try some comparison websites. Shop around for phone contracts, credit card providers, electricity and gas options. For big purchases, it is cheaper on Ebay? Can you get away with second hand?
Always keep why you’re doing this in focus? If the end goal is bigger than your immediate need, you’ll find out lots more ways to be frugal. And there’s heaps of other people on the same journey. Type in savings websites and see how many you come up with. You don’t need to be a genius. The tips are already out there… just go find them!
Let us know if you’ve also come up with some other nifty savings ideas. We’d love to hear from you!
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by Jodie | Jan 29, 2015 | Budget, Budgeting, Debt Management, Finances, Savings, Wealth
At Wealth Planning Partners, we often hear people say “I’ll come and see you when I’ve got money.” It’s a bit of a cliche, but unless you win lotto, that’s not going to happen. We’re the ones who help you plan… and keep you accountable!
We also realise that building wealth is a great idea, but for many, saving money is far more important to start with.
To that end, we’re doing a series throughout 2015 with our Top Savings Tips – with one new Hot Tip being published each month.
Keep any eye out to see if any can help you.
Our first Tip is Spend Less! and that blog is coming your way real soon! Sign up for all our articles so you don’t miss any of our Hot Tips 12 part series!
And if you’ve ever been given a Hot Tip that’s saved you a bundle – we’d love to hear about it. Don’t be shy! SHARE!
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by Jodie | Jan 20, 2015 | Advisers, General
We’ve started 2015 with a Bang!, moving into our new office space in the Eastside building, Robina.
You’ll now find us at Suite 110, Level 1 Eastside, 232 Robina Town Centre Drive, Robina. When visiting, entry is via Waterfront Place and there’s lots of 2 hour covered parking under the building.
Skye from Liquid Espresso on the Ground Floor would love to fix you up with a cuppa when you drop by and point you in the right direction.
Please update our contact numbers too, with the new office number 07 5593 0855 and the new fax being 07 5593 1922.
Emails, postal address and mobile contacts all remain the same.
Don’t hesitate to drop by and say g’day if you’re in the area.
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by Jodie | Jan 9, 2015 | Business, Social Media
In 2013, Financial Standard launched the inaugural Power50 list, a guide to the top 50 financial services professionals who use social media to lead the conversation on wealth management, superannuation and financial advice.
The list is made up of superannuation chief executives, fund managers, investment analysts and financial advisers – representing the broadest cross-section of the financial services industry.
Individuals are selected based on set of guidelines and social metrics analysed by Financial Standard’s Power50 judging and selection panel and we’re thrilled that Amanda Cassar, Director of Wealth Planning Partners has been included in this list for both 2013 and 2014, meaning she has now been named by Financial Standard as one of the top 50 most influential social media users in finance for two years running.
The Guide is distributed annually as a special edition inside the November issue of Financial Standard. To find out more about the 2015 Power 50 Guide, download the latest guide at http://www.financialstandard.com.au/fspower50 .
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by Jodie | Dec 16, 2014 | Budget, Budgeting, Christmas, Debt Management, Finances, Money
There are many different beliefs and traditions surrounding Christmas, but one thing is for sure… from its start, it was meant to be about joy and celebration. These days for some, it seems more a time of stress and debt.
If ‘it’s only x days to Xmas’ curls your liver, the jingles are grating, your credit card still hasn’t quite recovered from last time, and you still haven’t been shopping… here’s some top tips to keep the finances at least, under control.
If the thought of more debt or the threat of overspending kills your festive spirit, now is the time to take action and make this year the start of something different.
Christmas after Christmas, many allow themselves to fall victim to marketing campaigns, peer pressure to buy more than is affordable, when in truth, family and friends just want a gift with meaning and love, and not having us give beyond our means.
So, keep it simple. So here’s a few tips on how to start saving. Grab a pen and paper and write down everyone you bought presents for last year. Now…
- Cross off people that you haven’t seen all year. If you can’t be bothered actually catching up in person, why buy a gift? Send a card and let them know you’re looking forward to catching up in the New Year. You’ve just given yourself an out, and let them know that you don’t expect to be exchanging gifts.
- Look at the families you usually buy individual gifts for. As an alternate, get something thoughtful for the whole family. A hamper, a movie tickets, a ‘family adventure’ somewhere. Let them know you’re giving a family gift this year so they can change their own plans if necessary.
- Look at your extended family and think of ways to lessen the burden of giving everyone a gift. Think of ideas like buying only for the children, a $10 lucky dip, secret Santa or your own unique raffle!
- For the oldies in your family, give from the heart. They really appreciate your time, memories, a cooked meal, photos and words that mean something. Enlist the help of the younger members of the family to make some new memories for Nan and Pop.
- For those you simply must buy for, just stop and think. Just because someone wants a $100 gift, doesn’t mean you need to buy it. Try and think of something they might need that is within your budget or combine funds with one or more friends to afford what they want.
Be kind to yourselves this year. Buy only what you need. Spend only what you have. And relax, safe in the knowledge that you’re doing the very best for you and your loved ones and not starting 2015 under a burden of financial debt.
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by Jodie | Dec 12, 2014 | Advisers, Retirement
Our senior partner, Trevor Pritchard moved to Australia from the UK in the early 80’s and set up as a Life Insurance adviser from the Currumbin area.
Finally, he’s decided it’s time to hang up the boots.
Trevor has worked for many years partnering with MLC originally, to now being with Financial Services Partners, from the Gold Coast and Brisbane areas.
He has a large and loyal client base, who will be sorry to see him leave, however he is looking forward to moving house and spending more time with his wife Penny, who endured a terrible health scare late last year.
For our clients, it’s business as usual with Amanda Cassar, who has been with Trevor in the business since 1991, taking over the reins.
Wealth Planning Partners are moving to a new premises at Robina from January, 2015, and will keep you posted about our new address and contact details.
We hope you have a great end to 2014 and take this time to wish Trevor and Penny all the very best for their retirement from the rest of the WPP team.
