Planning ahead helps your finances
THE easiest way to keep track of your finances is to follow a financial calendar, said AMP Financial Planner Wendy Scarlett.
January is first on the list and can often mean the back to school blues for many parents; however it doesn’t always have to be that way.
“Unless parents plan ahead and start saving early, their kids run the risk of being all dressed up with nowhere to go when it’s time to start school,” Ms Scarlett said.
“Some simple habits like budgeting and planning – and good financial advice – can help parents manage these commitments better.”
March has been identified as the best time to start planning your tax return with many people leaving it to the last minute in June and then being “too late to get everything organised”.
Ms Scarlet also believed in using the government’s Federal Budget in May as an inspiration to look over the family budget to see where money was spent.
“The first simple rule is to make sure you are not spending more than you earn,” she said.
July was the time for re-evaluating your superannuation; September was a favourite time for spring cleaning the mortgage and December was the perfect time to look at combining your credit cards into one, in time for the festive season.
Southern Cross University Business School lecturer Scott Niblock believed that although the calendar would work for many people, it was still important to seek professional advice.
“It’s important to consult a financial planner. Have a financial plan to manage your personal short and long term goals,” he said.
This advice is general only and does not take into account personal financial situations.
Where possible, you should always contact a financial planner to consider how this advice may affect your current needs.
Regular assessment of your finances will help you determine what your needs are.