Tag Archives: financial advice

Powerful Ways to Getting Your Financial House In Order

Unfortunately, not only you, many of us spent more than what we could afford financially over the recent holiday season. And now, focusing on paying for those bills might be too stressful.

However, as your 2015 New Year’s resolution, you can stop this uncomfortable experience becoming your perpetual habit by getting your financial house in order.get your financial house in order

Here are some simple but powerful strategies to think on;
Strategy 1:
Behavioral researcher and strategist Dan Gregory says spending is just like any other method people use to fill an emotional gap in their lives. And I strongly believe this is a short term fix to a long term problem.

The first step to eliminate poor financial decisions and making smart ones is to find out your emotions that might have been sabotaging your financial life.

Strategy 2:
To help you, although many people dislike hearing, I would say “develop a realistic budget/cash flow“. It is the best way to reduce unnecessary expenses. As it provides you with a snapshot of how much money comes in and goes out, and what all these spending are for.

Strategy 3:
Accessing information, comparing products or their prices within our high tech environment is only a click away. Rather than setting and forgetting, gaining the habit of shopping around for a better deal on your credit card, phone and internet, and other utility bills even on your home loan can pay off surprisingly well. To reduce time and energy while doing it, as a first step start asking your current service providers for a beter deal.

Strategy 4:
Making extra loan repayments as much as you can may potentially save you thousands of dollars in interest. And never get into your comfort zone again when interest rates fall, instead maintaining repayments during this period can reduce your debt or help you get out of it as quickly as possible.

Strategy 5:
Never underestimate the power of consistently saving certain amount, regardless of how big or small. Pay yourself first. Put some money that you are comfortable with aside and watch them grow over time. Savings to good use in the future is a kind of stress release method.

Strategy 6:
No one wants to hear about “tax“. There is an old saying “you cannot escape from two things in life; one is death, and the another one is tax.” However, you can legally use strategies to minimize your tax. Ask for an advice from your accountant or a qualified financial adviser about it.

Strategy 7:
For peace of mind, review your personal and asset protection plans/insurances if your circumstances have changed – for instance if your loan amount has increased, have recently got married, or your income has increased or you have changed your employment etc. – and make sure they are still enough to eliminate any financial burden to your loved ones if you were no longer able to earn an income.

Strategy 8:
Look after your long term investment – your super fund -. If you have multiple super funds, think about merging them into one so you can reduce the paper work hassle, and potentially save on fees while monitoring it with much ease.

For sure, your best chance of reducing money related stresses comes from developing a financial plan that is specifically tailored for your circumstances and goals. And when things do not go as planned, have the discipline to readjust and flow through again.

Should you want to review your financial plan, or have friends, family members who are worried about their financial health get in touch with your financial planner/adviser.

Halle Yilmaz is a financial adviser and business consultant. As a financial adviser, she gives solid advice that can create rapid and lasting results for her clients. Sign up for her free E-Book and download “7 Steps to Healthy Wealth Management.” Follow Halle on Twitter @halleyilmaz

Is Financial Planning really for wealthier?

Some people have misconception that financial advice is only for wealthy people. They feel that there is no need for them to consult a financial adviser.

However, we know that we all need shelter, butter and bread on the table and much more; we all have dreams and goals. We also know that there is scarcity with financial resources. It means we must use our resources more effectively and efficiently by employing appropriate strategies and monitoring their performance to make sure that results match our plans.

It is true that financially wealthy people have financial advisers as they have the mindset to clearly define set of goals and act upon them. They value the professional advice and guidance in order to achieve their goals more effectively.

Failing to plan is the same as planning to fail. Unfortunately, many individuals do not plan. Rather, they just let their financial life happen to them.

Although it is very crucial to step back periodically and set realistic goals for how we want to manage our money and resources, most do not take the time to look ahead and make plans for the future. As a result, we focus on paying monthly bills, rather than planning to achieve a desired goal.

There might be lots of reason behind this attitude, and I believe the most important one is our mindset.

People in general have

  • Fear of making wrong decision. This shows up especially if we do not have enough information or lack of understanding of something in order to make informative decisions.
  • Fear of something being sold to us that we might not need it at all
  • Fear of changing existing habit over a new one and not sure if the new one is good for us.

All is coming from lack of clarity, understanding and therefore of low self-esteem.

However, we all know that

  • economic environment continuously changes
  • our age, social status and life cycle change
  • regulations in each industry , country and at global level change
  • our goals and dreams change
  • the risk tolerance level of each of us changes

In this continuously changing social -economic environment if we want to improve and sustain our financial lives we need to keep ourselves up to date, and if necessary make some adjustments with our options.

No matter what the size of the problem or issue is, consulting to a competent and trustworthy adviser or expert saves you time, money and improve your financial situation significantly. Even if you don’t need an ongoing relationship with an adviser or consultant, there are times when you have financial questions or just want someone you trust to assure you that you’re on the right track is priceless experience .