It’s that time of year when thoughts turn to relaxing with family and friends and perhaps getting away from it all. If you are going away you no doubt take care to lock the doors and windows, organize for mail and garbage bins to be checked and neighbours notified. But have you secured everything?
There may be gaps in your financial security and planning that have potentially disastrous impacts. Imagine having a sudden accident while driving to a holiday destination and not having your financial house in order. Would your life and disability insurances leave your loved ones well looked after? Are there debts and cash flow issues that could leave a financial mess for those left behind? It’s time to get these critical financial issues properly taken care of so you can enjoy the holiday season with real peace of mind. Here is a handy checklist from CLY Financial Planning Croydon regarding issues that you may want to discuss with our Financial Advisor Croydon. It’s your chance to take action now!
Protecting your family
Sometimes we can be so busy trying to earn a living that we can easily overlook the potential disaster of our lifestyle abruptly collapsing due to sudden illness, injury or even premature death. The more you earn and the greater your expenses and liabilities, the more you stand to lose if the worst happens.
How have your circumstances changed in recent times? A new job? Moving house with an increase in mortgage? Family expenses on the rise with children getting older? Life rarely stands still for long and all of these events can increase the threat hanging over your family if something happens to you. The end of year is a great time to review your risk protection strategy with your financial adviser, who can offer:
- A comprehensive risk appraisal to determine the greatest threats to your financial security
- Expert advice on how to use life, TPD, trauma and income protection insurances to disaster-proof your lifestyle
- Thorough research to source the most appropriate benefits and most cost effective cover
Balancing the budget
Year-end is when your cashflow can take a real beating. There’s pressure to spend on Christmas gifts and the grocery bill for Christmas food always seems to go through the roof. Then there’s the cost of holiday accommodation, travel and entertainment.
Even when you get back there is the temptation to hit the January sales. Before you know it, it’s February and the quarterly bills start rolling in to put you further behind.
Fortunately, there are things that our financial planner Croydon can help with to keep spending in check:
- Debt reduction strategies to help you attack high interest debts first and control your use of credit
- Budgeting tools and techniques that can help you stay on track without onerous record keeping
- Tips to help you uncover funds you didn’t know you had and start to accumulate real savings
Wrap up the year with your financial house in order
It’s a great feeling to know that your financial security is in shape for the new year. Contact CLY Financial Planning Croydon to find out how to make it happen.
Disclaimer: The information (including taxation) is general in nature and may not be relevant to your individual circumstances. You should refrain from doing anything in reliance on this information without first obtaining suitable professional advice. You should obtain and consider a Product Disclosure Statement (PDS) before making any decision to acquire a product.