At this time of year, things start heating up — and that probably includes your spending. Aussies aren’t the best at keeping a close eye on their finances, with stats showing almost 50 per cent deliberately ignore their money situation.
If you’re feeling a little out of your depth, don’t beat yourself up — even the biggest celebrities have their fair share of money woes (think Tori Spelling and Johnny Depp). A financial adviser can help you identify any pitfalls, show you how to do things differently, help you prioritise your goals and put your financial wellbeing back at the top of your to-do list where it belongs.
Shez Ford, Commonwealth Bank’s Executive General Manager, Advice & Insurance, says, “There are common life stages when people might decide to see a financial professional; for instance, buying property, getting married, having kids, or planning retirement. However, the truth is you can seek the advice of a financial adviser or planner at any time.”
Here are six ways a financial adviser can help.
1. Create a broad plan, or focus on a particular area of concern
Whether you’re planning to buy a property, have a big expense coming up, or major debts you want to start sorting out, a financial adviser will work with you to decide your first move. Check out CBA’s financial wellbeing guide for women — a guide to all the key milestones and challenges women face when it comes to their finances, so you can work out which areas you most need help with.
2. Deep dive into your relationship with money
Be prepared to answer plenty of questions about factors such as your money, spending habits, debt, and any investments. By taking your personal and financial circumstances into account, your adviser can work out what your goals are and how you can realistically achieve them.
3. Devise a plan to achieve your financial goals
Once they know your financial goals, a financial adviser wiill consider your current financial position (think assets, liabilities and insurances) and help you figure out the next steps.
“Based on the information you provide, your adviser will then devise a program or plan to help achieve those goals,” says Shez. “This program will act like a roadmap for you to follow. Given life takes many twists and turns, it’s recommended that you check in with your adviser regularly so the plan can be updated and stay relevant to you.”
4. Sort out any money messes
Marie Kondo eat your heart out — when it comes to decluttering, a financial adviser has got it covered. By sorting through the money mess, working out a series of clear steps and setting in place strategies to help you achieve them, an adviser can help you become better equipped to earn, spend and save in a healthier way.
5. Work out a budget — that you’ll actually stick to
Can’t think of anything worse than sticking to a budget? Then you probably really need one! A financial planner can help you keep track of your money (ahem, spending) and work out an achievable budget for you.
An effective budget will put you on the path to financial wellbeing by helping you manage your everyday expenses, setting up a savings plan to make sure you’re prepared for a rainy day and planning for a comfortable future.
6. Set you up for a stable financial future
Say hello to a new and exciting financial future! By the end of the meeting, you and your adviser should have a clearer picture of your finances, goals and any investment options. Before you know it, you’ll stamp out money stress and be on the right track to a brighter economic future.
To help improve your financial wellbeing, please visit financiallyfitfemales.com.au. Proud partner, CommBank. Always consider your personal circumstances before acting on financial advice.
