5 Tips To Secure Your Financial Future

March 11, 2015
Rebecca Crommelin

There are many ways you can secure your financial future today... especially if you are a householder. 

In just a few simple steps you can feel more confident and safe knowing your financials are sorted for your future.  

Here are 5 tips to ensure your financial future is secure;

1. Make a will

If you haven't already, you should start preparing a will and begin your estate planning process. We recommend to seek financial advice during this process and to not simply rely on a will kit from the newsagent. By receiving professional financial advice, you can ensure your wishes are heard and met. If you already have a will, make sure it is up to date and valid. It is also very important to discuss this process with your partner or any family members, especially if you have children, to consider guardianship options for your kids. 

2. Clear credit card debt first

It is important to make a plan regarding your credit cards, but avoid any plan that just involves juggling zero balance transfer offers. This is because too much switching can result in damage to your credit score, which may ultimately increase the cost of borrowing. Consolidating your credit card debts can be a suitable option depending on your situation. 

3. Get life insurance

If you have a family and debts such as a mortgage, it is vital to get life insurance cover to protect you and your loved ones. Also, it is worth looking into getting cover for permanent disability and income protection even though they may be costly and complex, they offer vital support in the worst and unexpected circumstances. Again, it's worth seeking professional advice to better inform you of all your options and tailor your cover to your needs.  

4. Have a 3-6 month emergency stash fund

This can prevent you from relying on those pesky credit cards if (and when) misfortune occurs such as unexpected car or home repairs etc. While you are building your emergency fund, if possible you can establish a line of credit. Also, make sure this fund is safely stashed (and no I'm not just talking about under your bed or at the back of your closet...) 

5. Consider stock index funds

When it comes to investments, it's not hard to see the benefits of broad market stock index funds. They minimise costs, reduce risk and are an easy way to diversify. Stock index funds are also cheap and over a period of time they can give more costly managed funds a run for their money.

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Seek financial advice today to better your financial future. 

If you have any queries about these tips or wish to seek financial advice to help secure your financial future, contact our team at Mortgage Choice Armadale & Byford today on (08) 9485 0090 and we can put you in touch with our Financial Advisor.

 

Vaios Toutountzis, Your Local Mortgage Broker

vaios.toutountzis@mortgagechoice.com.au

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