• Do you feel stressed or overwhelmed by your finances?
  • Do you make good money but don’t feel like you’re getting ahead?

If you answered yes to either of these questions, the following 10 step plan below will help you regain control.

  1. Write down your goals so you are clear what you are trying to achieve.
  2. Develop a plan for achieving these goals, including how much you will need to fund them and how much you need to save each year to reach this figure.
  3. Review your expenditure to see where you can save money.
  4. Make sure the interest rates on all loans and mortgages are as low as possible, as the more interest you pay the less you can save.
  5. Set up a regular investment plan, including making sure you are taking advantage of any tax incentives for super contributions.
  6. Make sure your investments and super have low costs and are all performing well. If they aren’t performing think hard about whether you should keep them.
  7. Build up a cash reserve to cover about 3 months of your expenses. There is nothing more stressful that worrying about how you would meet unexpected bills.
  8. Ensure the main breadwinner has enough life insurance to clear your mortgage and provide a lump sum to help cover the cost of dependents.
  9. Ensure the main breadwinner has enough income protection insurance to cover the family’s living expenses.
  10. Make sure both spouses have a Will with Power of Attorney in place.

If you follow these 10 steps you will be where you want to go in no time.

If you don’t know how or don’t have time to do it, we recommend you talk to a professional. Call Phil on 0417034252 or email us at office@constructwealth.com.au to make a booking.