Established in your career with rising income and you have financially dependant children. High debt levels due to home loan/car loans and spending habits are typically centered around your family and children’s growing expenses.
At this stage of life your income can easily be consumed by your children’s expenses (such as education, sports, holidays), buying a larger home and a new car and this brings added complexity to your finances.
For these reasons it is important to stay on track by:
- setting financial goals
- reviewing your budget
- putting in place a savings plan for your children’s education expenses and other big ticket items like family holidays, a new car, home renovations etc.
- borrowing wisely (for a larger home or new car)
- investing surplus income
- reducing tax
- maintaining or building your investment portfolio
- managing your debts and borrowings
- protecting your income
- having adequate life insurance to protect your family
- preparation of an estate plan
- making sure your superannuation is in order
Getting the right financial advice at this stage of your life is critical because it is easy to get bogged down in the day to day activities of family life and to lose track of your financial goals.
Having an effective financial plan in place will help you stay on track during this busy time of your life.
To get your finances back on track, complete the 5 Minute Financial Health Check now, and one of our Financial Planners will be in contact to discuss how to help you.