Financial Planning

Top money saving tips with a financial planning strategy

If you are trying to save money, then you won’t be short of advice on how to go about it.

The Internet and various conventional publications are overflowing with well-intentioned wisdoms.  Many of those ideas are perfectly credible and even laudable but unless you’re either very experienced in financial management or psychic, you may struggle to make sense if at all.

That’s because some elements of that advice are going to be in conflict with each other and it’s also fair to say that great chunks of it may not be particularly pertinent to your individual circumstances.

However, don’t give up!  The answer is what’s called a financial planning strategy and here are some top tips about how to go about putting one together. […]

By |May 30th, 2013|Categories: Financial Planning|Tags: , , |Comments Off on Top money saving tips with a financial planning strategy

What is the Impact of Becoming Bankrupt?

Bankruptcy does not last forever. Usually, its protection lasts only a year. During the period, the individual’s financial affairs will be put under restriction. That means there are certain privileges that the bankrupt person may not possibly enjoy even after bankruptcy has been lifted.

Furthermore, being bankrupt is not a guarantee that a person will be totally free from any financial obligation. In many cases, the individual is still required to pay a certain amount to repay debts from creditors following an assessment of current inflow and outflow of income. The repayment scheme under bankruptcy may continue even after the individual is discharged from the provision.

Needless to say, bankruptcy brings about serious implications. Its impact can never be underestimated and overlooked. Aside from the embarrassment and eroded self esteem, an individual can face the greatest setback in his financial aspect. […]

By |October 31st, 2012|Categories: Debt Management|Tags: , , , , , , |Comments Off on What is the Impact of Becoming Bankrupt?

Having a Financial Plan vs. Day to Day Approach

In a month, your income may or may not be fixed. But your basic expenses can be constant. To many people, a financial plan is necessary. It can serve as a guide on how an individual can spend and manage his resources. Not all people realise the advantage of having a working financial plan, though. There are those who prefer to spend without planning and handle their money on a daily approach.

Money management logically does not naturally or easily come to everyone. A financial plan will always be helpful whether you have tremendous or little experience with managing and handling wealth. Financial planning can generate numerous advantages that can cover different aspects of your life. […]

By |September 28th, 2012|Categories: Financial Planning|Tags: , , |Comments Off on Having a Financial Plan vs. Day to Day Approach

How Can Financial Distress Impact Your Health

The stress caused by the economic downturns and financial shortcomings can literally make you sick. This is quite logical. In the recent global economic downturn, many evidences were recorded linking financial distress to various health conditions. That link is not surprising.

In 2005, a research was conducted in the US to identify possible health implications of financial distress. That study explored specific health effects that are often and logically associated with financial problems. It surveyed random individuals from across the country.

The results showed that there are various perceived possible effects of financial stress on both physical and mental health. Financial problems and poor health are associated. Stress is the main health impact of job loss, piling debts, loan defaults, and budget shortages. From there, many other health conditions can possibly ensue. […]

By |June 27th, 2012|Categories: Financial Planning|Tags: , , , , , |Comments Off on How Can Financial Distress Impact Your Health

Australian Borrowers Cautioned to Curb Spending

Borrowers have been urged to stem their spending over the approaching festive season, as the world financial markets remain unstable. As the end of the year starts to approach, the Christmas holiday period is a common time to splurge on those gifts and leisure activities, without as much concern about the bank balance. This is one of the most common times to accumulate debts.

However the head of Consumer Advocacy at a mortgage corporation Lisa Montgomery, warns it is “an area of spending which traditionally tends to blow out over the last few months of the year and invariably leads to a New Year hangover.” […]

By |May 24th, 2011|Categories: Financial Planning|Tags: , , , , , |Comments Off on Australian Borrowers Cautioned to Curb Spending

Retirees Struggle with Finances

A recent survey has shown that one in four self-funded retirees has been forced to return to the workforce as a result of their shrinking retirement funds. On top of this, retirees are looking to cut spending, accept a lower standard of living, sell assets, cancel travel and recreational activities, or delay retirement altogether.

The survey shows that four in ten have lost more than $100,000 in the market downturn. More than one in ten have lost half of their invested wealth (excluding unlisted property).

As a result, 26% of retirees have been forced to get a job or are planning to do so simply to make ends meet.

[…]

By |May 23rd, 2011|Categories: Financial Planning|Tags: , , , , , , |Comments Off on Retirees Struggle with Finances

The Cost of Raising a Child is now $1 Million

The cost of raising children to 18 has hit the million dollar mark research suggests.  In comparison to the days where children where entertained more simply, parents are now finding themselves forking out for expensive toys, the latest technologies and private lessons for dance, sport, music and schooling.
Considering the average child now stays at home until the age of about 24 the real cost to the Australian parent of raising children is said to be roughly $1,028,093.

Generation Z, (those born from 1995), are the most financially endowed generation of children ever.  Every child has their own set of everything. They are definitely not in the era of shared toys or hand-me-downs.

[…]

By |May 20th, 2011|Categories: Financial Planning|Tags: , , , , , |Comments Off on The Cost of Raising a Child is now $1 Million

Generation Y Become Cautious Investors

Generation Y have never before seen a recession. A survey has found that they are taking notice of the current global financial crisis, which has weakened their appetite for investing.

Once known as being among the most adventurous and carefree of all investors, those born in and after 1980 have suddenly become more conservative than their […]

By |August 21st, 2009|Categories: Financial Planning|Tags: , , , , , , |Comments Off on Generation Y Become Cautious Investors

Generation Y Expects the Parents to Help Financially

A recent research project has revealed that two-thirds of Generation Y (16 to 29 year olds) expect their parents to help them out by paying their rent, assisting in purchasing a home, paying for their wedding and purchasing a car.

The research uncovered a concerning disconnect between what Gen Y expect from their parents in terms […]

By |June 12th, 2009|Categories: Refinance and Refinancing|Tags: , , , , |Comments Off on Generation Y Expects the Parents to Help Financially

Start a Savings Habit

Decide your savings goals – this will help you work out the best way to save to achieve them.

Term

Purpose of the loan

Short-term (0 to 2 years)

• Christmas and holidays
• An emergency fund for unexpected expenses

Medium-term (2 to 5 years)

• Pay off loans
• Put a deposit on a house
• Buy a […]

By |March 27th, 2009|Categories: Financial Planning|Tags: , , , , |Comments Off on Start a Savings Habit