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Australians are encouraged to think about their financial life, in order to plan for a better lifestyle as well as financial security.
To help people achieve their financial goals the Financial Planning Association (FPA) is offering a Tip of the Day for each day of Financial Planning Week.
Monday
Develop a savings habit early in life and you'll be well on the way to generating wealth in later years. Show your children how to save some of their pocket-money to get the toys or adventures they really want.
Tuesday
Get out of debt and put your money to better use. Debt costs you money so put a plan in place to make weekly or monthly payments to clear it. Once the debt is cleared, put the payments into a savings account instead.
Wednesday
Adapt your financial plan to your life changes. When you get married and start a family, your financial planning needs will be different to when you were living a single life without dependents. Remember to regularly refresh your financial plan.
Thursday
Build a nest egg and you'll sleep better at night. Peace of mind, greater control of your finances and the prospect of a more comfortable retirement all flow from good financial advice and having a savings plan in place.
Friday
Build a relationship with your financial planner. The better your planner knows and understands you, the better the advice will be. Trust and confidence on both sides are essential to good advice.
Saturday
Put your tax refund towards your mortgage. A tax refund is like getting an annual bonus. Paying off some of your debt will reduce the interest payable and help you pay off the mortgage more quickly. Sunday Cook a Sunday meal at home. You will save money by preparing the family meal rather than buying takeaway or eating out. You also get to spend quality time together.
The Financial Planning Association of Australia (FPA) is the peak professional body for Australia's financial planners, representing approximately 12,000 individuals and businesses. |
