Your whole life is ahead of you with so many great possibilities, but with financial concerns such as credit card debt, high student debt, mobile phone bills and unaffordable housing it’s hard not to live for the now without too much thought of the future. However a few small steps could really change how you save and spend money and make a big difference to your financial future.
Consider some of the following financial goals for your future:
Saving for:
- A first home
- An overseas holiday
Starting Up:
- An Investment portfolio
- A new business
Paying Off:
- Credit cards
- Education debts
The average credit card debt for people aged under 30 is $2,800, while the average HECS debt is $10,580².
Now is the perfect time to make a few changes to how you manage your money, such as:
- manage and reduce your debt
- save more, spend less and invest the difference
- plan for your future; your expenses, your growth
A financial planner can help you to work towards these goals without having to make major changes to your lifestyle.
A financial planner will work with Jenny to determine her short, medium and long term financial goals and design a plan that sets out how to achieve them. This could cover:
- managing Jenny’s cash flow with an aim to reduce her debt
- putting investment strategies and solutions in place to maximise her wealth potential
- ensuring Jenny has the appropriate insurance to protect herself from any unforseen circumstances
If you are interested in ‘saving for’, ‘paying off’ or ‘starting up’ then make time to see a financial planner today.
Call our team for more information on (02) 4926 2300. Visit Newcastle Financial Advisors today.
Disclaimer: The information contained in this document is based on information believed to be accurate and reliable at the time of publication. Any illustrations of past performance do not imply similar performance in the future. This information is of a general nature only. It is not intended as personal advice or as an investment or consumer credit recommendation, and does not take into account the particular investment objectives, financial situation and needs of a particular investor. Before making an investment decision you should see your financial adviser to assess whether the advice is appropriate to your individual investment objectives, financial situation and particular needs.
Jenny's Case Study
Jenny is 24 years old and is working full time as a production coordinator.
She earns a salary of $55,000 per year, but is juggling debt on several fronts with a couple of credit cards, with limits of $5,000 and $2,800, a car loan and escalating mobile phone costs.
The credit cards are Jenny’s biggest challenge. She pays more than the minimum monthly repayments but feels she’s never completely on top of the situation.
Jenny would love to own her own home, but is unsure how to start saving for a deposit with her current level of debt.
1 The case study is illustrative only and is not personal advice.
2. AMP.NATSEM Income and Wealth Report Issue 17. July 2007