Financial Planner Luke Smith joined 2CC Talking Canberra 1206AM in Money Matters, which aired on Friday 10 November 2023. This week’s show considers how to manage the cost of living in a rising interest rate environment. It’s a very challenging time for some Australian’s right now as increasing mortgage repayments bite hard into the family budget. Budget savings can help take the pressure off.
Key topics covered include:
- Why rising interest rates impact us all – cost of living rises for everyone!
- How can you save some money?
- Insurance – shopping around and bundle cover, consider the excess paid and cover amount
- Consider the pro’s and con’s of holding personal insurances inside super and the cover amounts and waiting periods.
- Interest only repayments might be an option on an investment property
- Lease over purchase might be an option for self employed people
- Employers – Can you get a discount for an upfront payment?
- PAYG withholding variation might allow you claim deductions during the year
- Salary sacrificng to super might be put on hold – you can catch up later, if you need extra cashflow now
- Pay closer atttention to yield on your investments, are you getting what you think you’re getting?
- Shop around your bank! It’s not too hard to move and consider a mortgage broker
- Consider your expenses – Access free tools here to help you manage your money better.
- Shop with cash and sell second hand items you don’t use around the house
- Remember seek advice if you need help, especially on more complex items like personal insurance.
Also available on Apple Podcasts and Spotify – ‘The Strategy Stacker – Luke Talks Money’
Is it time to sharpen up your own spending and save more?
Luke as a Financial Planner can help you set up a financial planning strategy to help you achieve your personal financial goals, including investment, super and retirement. Make an appointment to confidentially discuss your goals. Call Envision Financial Services on 6260 4749. You can use the contact us form to make an appointment, for a confidential discussion about your situation. Luke can also refer you to an accountant or mortgage broker.
Luke will return to 2CC to talk about other ‘Money Matters’ next week. You can also catch up with ‘The Strategy Stacker – Luke Talks Money’ podcast at a time that suits you.
We look forward to your company again and Luke’s book Smart Money Strategy is out now.