Higher interest rates? How well are you prepared for the changes ahead?
Financial Planner Luke Smith joined 2CC Talking Canberra 1206AM in The Money Show which aired on Friday 29 July 2022. Interest rates have started to rise from the record low rates, but what does it mean for your monthly budget? This week’s topic: How well are you prepared for interest rate rises?
Key topics covered include:
- Record low interest rates aren’t likely to stay, we’ve had a couple of rate rises already and it’s likely to go higher
- Now’s the time to review your budget and spending and start staving
- Work out your spending and savings with the future in mind, what would your budget look like if interest rates got to 5%?
- Shop around for better rates, you might even use a mortgage broker
- Look at your discretionary spending, consider shopping in cash
- Also consider loan set up – how is your offset account working?
- Look at your spending – do you need all of the pay tv subscriptions? Is there other wasteful spending?
- How can transition to retirement help you get some cash into your offset account if you’ve reached your preservation age?
- Luke shares his top tips around preparing for interest rate rises
Listen to the Podcast right now
Also available on Apple Podcasts and Spotify ‘The Strategy Stacker – Luke Talks Money’
Do you need advice on financial planning matters?
Luke as a Financial Planner can help you set up a financial planning strategy to help you achieve your personal financial goals. Make an appointment to confidentially discuss insurance, investment, super, and retirement planning. Call Envision Financial Services on 6260 4749. You can also use our contact us form to make an appointment for a confidential discussion about your situation. Envision Financial Services can also refer you to a mortgage broker.
Luke will return to talk about financial planning on 2CC next Friday. You can also catch up with The Strategy Stacker – Luke Talks Money podcasts on our website too.
We look forward to your company again.
