Whatever your goals – whether saving for a house, putting the kids through private school, or ensuring you’re comfortable in retirement – you must start with a sturdy foundation.
That’s why Map My Plan’s financial roadmap begins by building that foundation. We map out your plan so you’re ready to cope with life’s unexpected hurdles.
Here are the three pillars of a solid financial foundation:
1. Get in control of your lifestyle debt
Credit cards are convenient. Providing you pay them off every month, they’re a great financial aid. But when debt starts to pile up, it can be the start of a slippery slope, because banks charge you interest upwards of 20% if you don’t pay it back on time.
So the first step is to pay off those credit cards and store cards. Sound daunting? We can guide you through the process, step-by-step, and help you put measures in place to limit your card usage and make sure you don’t rack up those numbers again.
2. Build up an emergency fund
Emergencies are a part of life. It’s important to be prepared to deal with them, whether it’s a plumbing crisis, a sudden illness, car repairs or temporary job loss.
Once debt is paid off, it’s a good idea to build up an emergency fund that covers living expenses for several months. This way, you’ll be ready for anything that comes your way, and you won’t need to rely on those expensive credit cards.
3. Prepare yourself for the unexpected
What’s your biggest asset? Your house? Think again.
The most important thing supporting your financial security is your ability to earn money. What would happen if you had an accident or became sick and couldn’t work anymore? What if, touch wood, you weren’t here to care for your family?
We insure homes and cars, so why not what you earn? To avoid the financial hardship and loss of security that comes with income loss, the next step in making sure you’re set for the future is getting the right amount and type of cover – life cover, income protection and TPD (Total & Permanent Disability) insurance.
You’re worth it.
We’d love to help you have control over your finances. Give us a call at 08 8231 4709 or send us an email at email@example.com.
Article reproduced from MapMyPlan