I’m a financial advisor and here’s my 5 step checklist to keep stress about money away
Meet Gerry Incollingo, Managing Partner of LCI Partners financial advisers. He’s jumped in this month with some insight directly from him as to how you can best keep the stresses of your bank account to a minimum. Here we go… Thanks to COVID-19, the never-seen-before, once in a century type of weather events that nowseem to be occurring each season and the inability to find employees to harvest produce that didsurvive the floods, the cost of living in 2022 has skyrocketed. And it can be worrying, even forthose of us who are financial advisors. Here is my 5-step checklist to keep stress about moneyaway. Step 1. Re-evaluate your budget With the cost of inflation and interest rates rising, the budget you created at the beginning of theyear as part of your new year resolution will be outdated. With the new financial year alreadyhere, there’s no better time than now to re-evaluate your incomings and outgoings. Look at waysyou can consolidate any loans. Talk to your bank about locking in a fixed rate for your mortgage,or if you’re renting, consider getting a roommate or downsizing. There may be outgoings that youcan cut back on, such as entertainment or transport costs. Talk to a money expert if you’re notsure where to start. Step 2. Use your tax return wisely Did you know the average Australian gets $2,000 back when they file their tax return? Instead ofusing the money to purchase early Christmas presents for the kids or deposit for a Disneylandholiday, find wiser ways to spend the… Read More
