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What can I do to avoid a financial disaster?

  • Don’t spend beyond your means – base your budget on your base income so that you do not end up relying on borrowed funds to make ends meet.

You will never get ahead if you rely on borrowed money to get by. When making non-essential purchases check in with yourself and see if you really need those ‘nice to have items’ and that you aren’t allocating money that should be allocated on ‘essential items’.

  • Don’t over-borrow – if you borrow on income that includes overtime, shift work you could be setting yourself up for unnecessary stress by committing to a debt level that is based on an income that isn’t guaranteed. Always check that you could meet the level of the debt repayments as well as your basic living expenses on your base wage.
  • Protect your income and your assets – So if you can’t work or earn an income, or something happens to you; you and your family will not be forced to sell assets that you’ve worked hard for.
  • Every 6 months check in on yourself – check your income, expenditure, debt levels to make sure things are still tracing the way they need to and aren’t slipping. and once a year check your personal insurance to make sure its still relevant for your circumstances.
  • Get Personal Financial Advice: Reading and self-educating on financial matters is very important. However this information is only of a general nature and isn’t tailored to your needs, your circumstances and your lifestyle. What is suitable for Gary may not be suitable or appropriate for Jamie. Seeking professional advice from a qualified financial planner will allow you to have a plan that details strategies appropriate for you and your circumstances.