It’s Time to Get Back on Track

It’s time to get back on track. It’stime to take back control and get some real financial certainty.

Time to Get Back on Track?

Many people face the reality of getting their finances and savings plans in order. At Polaris we also offer Financial Advice in getting the finances in order and taking steps to ensure that you won’t find yourself again in a similar situation.

Here are some simple steps you can take to get back on track.

Take Inventory. List and rank your debt, including all outstanding balances, interest rates and minimum monthly payments for all of your accounts. This can include university debt, home loans, credit card and car loans

Review Cash Flow. Next, determine how much income is brought home every month, what are the expenses, and how much is left over to save. This allows a starting point to identify what is available to put towards a debt repayment plan. A detailed cash flow analysis will assist in mapping out net monthly take home income and spending.

Create a Budget. Looking at the monthly expenses, identify areas where you can significantly cut spending by grouping expenses into two categories: fixed and variable. The fixed expenses included items like their mortgage and household utilities. Variable spending, is on the luxuries, restaurants, clothing, travel and entertainment etc. Finding ways to cut your variable spending habits and make real savings that will assist in going towards paying off accumulated debt.

Devise a Repayment Plan. Devise a plan that is both realistic and maintainable. To make this a reality, sometimes steps such as selling a luxury car or downsizing vehicles are a step in the right direction. Selling unnecessary clutter around the home is also another revenue stream that can net some more cash to achieve your debt-free goals sooner.

Peter Taniane is a Wealth Accumulation Specialist with Polaris. Based in Sutherland NSW, Peter Taniane provides personalised, full service financial planning to individual and corporate clients.