Financial Services

I. Financial plan & goals

Have short-term, mid-term and long-term financial goals – these can be personal or business goals
A short-term financial goal is something that can be reached within a year. E.g., Save $ 2,000 until Christmas for a holiday. Or a business goal. E.g., Reduce business overhead costs by 2% by the end of the financial year
Mid-term financial goals can take up to five years. E.g., Pay off HECS debt or car loan in three years or pay off a business loan in five years
Long-term financial goals could take more than five years to achieve. E.g., buy a family home with four bedrooms in ten years with minimum mortgage or open a new office location in the city in eight years

II. Tips to help you achieve 3 goals this year

III. Money and budget management

Keep track. The best way to work out where you are spending your money is to keep a record of where it is going
Categorise your payments. Put the different types of expenditure into categories so you can see where you spend the most
Set a goal. Once you have set your budget, put in place ways to help you manage it
Automate your savings. For example, consider setting up automatic regular withdrawals to a separate savings account
Track your progress. Your budget should be a dynamic document, so make sure you check it each month to see if you are on track

IV. Buying a property

Know your position well– your budget? Is it an investment property or home? Which area? Is it accessible to public transport? Are there any grants available?
Have a finance pre-approval ready with bank to avoid uncertainty as to how much you can borrow
Visit the location and do some fieldwork, drive, and use public transport
Seek advice from professionals before the purchase for the right property ownership structure

V. Should I set up a self-managed superfund

Consider following questions:

What is the cost involved? Cost vs. Benefits compared to industry superfunds
What is the balance of my current superfund?
What is the purpose of having self-managed superfund?
Do I fully understand all the legal responsibilities?
Do I have the time, expertise, and motivation to actively manage my own super?
Am I confident I can do better than professional investment managers through my investment strategy?
Do I have enough money to make it worthwhile, given fees and expenses such as accounting, legal, audit or tax advice?
If something goes wrong, am I satisfied with the lower levels of protection that apply to SMSFs, compared to APRA-regulated super funds?

Before making any investment decision, we recommend that you seek qualified financial advice

VI. How to manage financial anxiety

Speak to professionals
Keep track of all the spending
Have a budget and stick to it
https://www.helpguide.org/articles/stress/coping-with-financial-stress.htm
Think about the worst-case scenario. Taking a hard look at the worst-case scenario has the paradoxical impact of lowering your anxiety
Ask for help. Consider working with a financial planning professional to help you cope with your anxiety and make progress on tackling your financial challenges

Speak with a Wellness Hub Specialist and get a one-on-one demo, tailored to your organization’s needs.