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In a recent speech made by the Reserve Bank of Australia (RBA) Deputy Governor, in June 2010, Ric Battellino raised the question “are Australian households over geared”? Following this question he states that household debt has risen significantly faster than household income since the early 1990’s.
RBA figures indicate the average personal credit card debt is approximately $3,300. With credit card interest rates heading towards 20% or more, people with a large balance are facing very high repayment amounts. If only paying the minimum payment, this could take six or more years to pay off.
If you are struggling with paying off your debt then take control of the situation today. Even if you feel completely hopeless, you do have options. Once you start taking simple baby steps you’ll feel more in control of your finances.
Try some of these helpful tips below;
Take time to analyse your income & expenses. Do a budget by visiting FIDO’s budget planner. It is so important to track your spending so you get an understanding where your money is going.
Distinguish between what you ‘want’ and what you ‘need’. Cut down or cut out altogether on what you ‘want’. Making sure you spend less than you earn should provide more money to repay your debts.
Make short term and long term goals. Short term goals will keep you motivated and help you achieve your long term goals.
You may consider selling some household items you no longer need. Have a garage sale or use Ebay to sell those unwanted items. If necessary sell down some investments to pay off high interest debt. There is no point having money in the bank earning little interest and a debt carrying a higher interest.
Research credit card deals. You can compare credit card features and interest rates visiting www.ratecity.com.au. By switching over to the right deal may lower your interest rate and therefore pay off your credit card debt faster.
Consolidate all your credit cards if you have more than one card. Try to switch to a credit card that provides balance transfers and discounted or nil interest rates for the first six months.
If you cannot consolidate debt then start paying off the card that has the highest interest rate first. Tackle one debt at a time. Once a credit card is paid off, consider closing the account.
Don’t fall into the trap of continuing to use a card with high interest rates just because it carries a reward program. Often the extra interest you pay negates any benefit from receiving the rewards.
Learn how to pay “cash” for your purchases and not the credit card. Alternatively set up a debit visa card, that way you need to have cash in the account before you are able to purchase.
To get further information contact Tiffany Cosh via email or ph (08) 8333 2488.
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It is never too soon to begin the Estate Planning process. It is much more than simply making a Will. Estate Planning is all about ensuring your assets are distributed to your chosen beneficiaries, distributed according to your wishes in the most financially efficient and tax effective way.
Inadequate Estate Planning comes at a cost. The worst case might see the “wrong” people inheriting your estate. Or the cost might be expensive legal or trustee company fees or perhaps heartache for your family and friends.
Surprisingly, 60% of Australians do not have a Will.
For those who don’t, the law determines who inherits their belongings. Their spouse and children may not automatically be the main beneficiaries. That is why it is so important to regularly review an Estate Plan, particularly if personal circumstances change. If you re-marry, become divorced, commence living in a de-facto relationship, have a blended family (consisting your own children and step children), or have new members in the family..... you should review your Estate Plan.
A well constructed Estate Plan can help to avoid unexpected taxes and protect assets from claims and challenges. Our advice is to consider choosing someone to be your Power of Attorney, name someone in your Will to become your children’s legal guardian, list your beneficiaries in your insurance policies and nominate binding beneficiaries in your super fund.
Make your Estate Plan easy to administer for your executors. Talk to us to arrange for an Estate Planning Information Kit to identify and organise your estate planning needs.
To contactTiffany phone(08) 8333 2488 oremail any queries or comments to her.
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It is sad to say, but most of us have had a loved one, close friend or work colleague die of cancer. Cancer is not confined to the elderly, many Cancer victims are young, in the prime of their life with families and careers. Like many others, I am shocked and saddened to see so many people, particularly young people taken by Cancer, with little or no warning.
Cancer is the leading cause of death in Australia. According to the 2006 figures reported by the Cancer Institute of NSW, 1 in 2 men and 1 in 3 women will be diagnosed with cancer in their lifetime.
More people are being diagnosed with Cancer, up by 10% in males and 7% in females between 1997 and 2006. More than 40% of cancer patients do not survive more than five years after diagnosis. However, the good news is that due to medical breakthroughs the survival rate has increased by 30% in the past 20 years.
Breast cancer remains the leading cancer for females from age 30 to 64 yrs followed by melanoma of the skin and bowel cancer. Even high profile women like Kylie Minogue have not escaped breast cancer.
For the men, melanoma of the skin (predominately aged 30– 49 yrs) and prostate cancer (aged 50 and over) are the main concerns.
It is estimated that 43,000 people will die from cancer in 2010 while many others will recover but struggle to resume a normal life. Financially, the diagnosis of cancer can be devastating, irrespective of whether the victim makes a full recovery.
Wakefield Partners financial planner Tiffany Cosh urges clients, particularly those with young families, to consider taking out adequate Crisis or Trauma insurance cover. This can provide a much needed cash lump sum should a critical illness strike. Trauma insurance can make a significant contribution towards the financial survival of families and businesses in a real time of need.
Talk to Tiffany on 08 8333 2488 oremail any queries or comments to her.
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