FINANCIAL CHECKLIST Organising your finances can seem like an overwhelming task, with the biggest hurdle being “Where do I start?� Here is a checklist that gives you a starting point for the types of steps you can take to organise your financial future. Task required Save for retirement Start with your Superannuation. Review your Super plan, is it working for you? Do changes need to be made? Can a Transition-To-Retirement strategy work for you?
Have a suitable investment strategy Should you seek advice from a trained professional who has the means to adequately ascertain your investor profile (your attitude to risk) so that you can utilize an investment strategy that is designed specifically for YOU to achieve YOUR goals?
Be adequately protected Life insurance provides protection against the un-thinkable, just you would insure your car or home to protect against and accident on breakage, you can also insure yourself so that in the event of an accident you and your family are covered. Do you have life insurance? How can it help you provide for your family?
Develop a financial reserve Do you have adequate savings? What strategies do you have in place? Can the 10% rule whereby you save 10% of what you earn and put it away help you increase your savings potential?
Develop a household budget Do you have a budget in place? Do you know what your income and expenses are on a monthly basis? Can you reduce your expenses with a budget?
What to do with high interest rate credit card debt Do you have and credit card debts? How many do you have and what are the interest rates attached? Can you consolidate and transfer the balances to a lower interest rate? Or can you increase your payments and reduce you usage?
Be sensitive to taxes No one likes to pay more income tax then they need to, so should you look at ways to reduce your tax? For example, is
Tasks Completed
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salary sacrifice an option? Whereby you reduce your take home income by putting extra into super or off other expenses (depending on your employment award), reducing your taxable income while adding to your retirement in the process.
Take care of estate planning Having a well thought out estate plan/will can protect your assets and your family for certain contingencies, provide for their continuing personal and financial care, and reduce unnecessary taxes. Do you have a will? When was it last updated?
Finally, organize your records Do you have a filing system that you can refer to for your important documents such as your bills and receipts, any policy documents including income tax statements and annual superannuation reports? General Advice Warning: This information is general in nature and does not consider your individual circumstances or needs. Do not act until you seek professional advice and consider a Product Disclosure Statement. Money Works Financial Planning Pty Ltd is a Corporate Authorised Representative of Millennium3 Financial Services Pty Ltd ABN 61094529987 AFSL 244252 Unit 7, 50 Borthwick Ave Murarrie Qld 4172