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Seven Tips to Healthy Finances

Would you like to save $1000’s a year of your own money?

It really is easy and we can all do it. Follow these 7 easy steps to healthy finances and treat your finances like you would your health, hobbies or taxes. You need to invest a small about of time keeping them ‘healthy’ to reap the most rewards.

Seven tips to healthy finances

1. Review your loan portfolio regularly. It is more important than ever to ensure your loans and structure are most suitable to your current situation. Record low interest rates has resulted in more competition than ever, meaning that what was right for you last year may not be now. You should review your loans whenever your circumstances change or every six months (if this is a little daunting – every year is a good place to start).

2. Use a Finance Broker. Like you would an accountant or financial planner, it is important to have a good Finance Broker who may save you thousands of dollars, hours of time and lots of stress. The loan market place is more confusing and crowded than ever and they will guide you through the process and analyse a wide range of loans currently available.

3. Consider the smaller bank and non-bank lenders. Traditionally borrowers have tended to favour the big four banks however the second tier banks and non-bank lenders generally offer superior service, are very competitive and may have more flexible policies.

4. Plan ahead. Most good accountants provide structures and advice that will minimise your income tax obligation however this may work against you when you come to borrow. Be sure to keep your accountant informed of your intentions to borrow for future property investments.

5. Know your Credit Cards. One of the most usury and unsavoury behavior by banks is to constantly offer very expensive credit that you don’t need or can’t afford and then punish you when you want to borrow cheap money for good debt. Reduce your credit card limits to what amount you actually require on the monthly basis and move to an interest free option, if possible.

6. Get pre-approved. To ensure certainty when purchasing your property, it is often worthwhile to get pre-approved. This pre-approval will only be subject to the ‘contact of sale’ and valuation of the property. This will give you an advantage if there is multiple parties interested in a property and can save you time and most importantly stress.

7. Take the gig! Treat your finances like you are getting paid to manage them. Think of it as if someone is offering you several thousands of dollars for a few hours work. Make time for your own finances and you will be rewarded.

As always we are here to help and would be happy to spend time with you to help you achieve your lifestyle and finance goals – why not take action right now and give me a call on
0409 02 99 22 or send me an email on greg.clough@onyx.net.au.

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