Christmas and New Years is a wonderful time of the year. Tis the season for a much needed break, catching up with family and friends, while reflecting on the year that was and the year that will be. Tis also the season that blows out your finances with multiple Christmas parties, lots of Christmas presents, and stepping over the mark in shopping and drinking.
Our greatest problems come in the aftermath of the season when all the joy leaves us in recovery mode with a giant Christmas New Year hangover and debt. This is where your financial health comes in because your financial health is just as important as your physical and mental wellbeing. Gold Coast Banker Phil Soper has all the tips to Keep Your Financial Health In Check This Silly Season – and stop the post Christmas New Year blues in their tracks.
CHECK YO’SELF
During the season of excess, keep yourself in check:
• Set a budget and stick to it.
• Keep separate bank accounts for separate activities.
•Contain costs and control your spending.
NEW YEAR, NEW YOU
The New Year is the chance to refresh your financial goals and reset your priorities.
With a Financial Health Check, your Financial Planner or Advisor assesses your current financial situation where even the smallest changes could leave a big affect on your cash flow. They can find all the surprising ways to save you money and make life easier.
HOME SWEET LOANS
Your Home Loan is the biggest area you can save money on.
• If you haven’t reviewed your interest rate for the last 1-2 years, now is the time to reassess your payment structure.
• You could look at changing from paying monthly to paying weekly. Because interest is calculated daily, frequent payments into your home loan can help you own your home sooner.
• You could also look at changing your home loan for a reprice or refinance. A change in your interest rate could mean cheaper payments, or an entire change in payment structure.
CREDIT CARDS
The Plastic Fantastic is the next big area where your money goes.
• Explore balance transfers rates between banks to effectively pay little to no interest on the rate.
•But remember: if you want to keep your debt down, you have to make payments.
TOP TIPS
- Constantly review your financial situation.
- Pay the full closing balance on credit cards each month or do a balance transfer.
- Build a great relationship with your bank. Have a banking representative like your Home Finance Manager, who’s on your side that you can call direct to their mobile phone.
REIQ PROPERTY BUYERS SEMINAR
GET TIPS IN REAL ESTATE FINANCES FROM PHIL
In Person
Real Estate Institute of Queensland Property Buyers Seminar
5pm, Tuesday December 5
Registration is free and available >here<
From LinkedIn
Keep up to date with Phil Soper from his LinkedIn >here<
ABOUT PHIL SOPER
Phil Soper has worked his way up from teller to personal banker, home lender and business relationship manager. He now works with and coaches senior lending managers across Queensland to provide the highest level of service. You’ll often find him walking around barefoot in Coolangatta or catching a wave on Rainbow Bay, sporting a designer beard.
