Whether you’re an individual, a couple, or a family, it’s never too late to lay the right bedrock on which to build your financial future.

Elston Brisbane believes everyone deserves access to the right tools to build and protect their wealth, and have structured 10 Top Tips for Successful Financial Planning, to help you develop a solid foundation for growth.

1. Budgeting

A budget, at its most basic level, gives a clear picture of how much money you have, what you spend it on, and how much is left over. Once you know where your money is going you can set short and long term spending and saving goals. No matter what your income level, a working budget that is adhered to is the basis of your ongoing financial strategy and success.

2. Saving and Reducing Debt

It seems too easy to say you’ll never get ahead if you spend more than you earn, but many people forget this golden rule. Examine your budget for areas that can be improved by cutting costs. Save on interest by paying more than the minimum off your credit card each month, cut back on unnecessary expenses and luxuries, and pay your bills on time.  Incorporate a healthy savings plan into your life – set aside a percentage of your salary, or have it deducted straight from your wage.

3. Take Advantage of Employee Benefits

Many employers offer benefits and plans that can save you money by reducing taxes or out-of-pocket expenses. If your company has a dental or health care plan, make sure you take advantage of it. Additionally, some organisations offer flexibility with commission scales or sliding salaries to potentially increase your earning capacity.

4. Get the Right Financial Advice

Partnering with an experienced financial adviser is a good investment in itself, so make sure you find the right fit for your needs. Financial strategies are never a ‘one size fits all’ solution, and every individual and family has unique goals, limitations and assets. The team at Elston Brisbane will take the time to discuss your personal circumstances, identify your goals, and tailor a financial plan or investment strategy to achieve your full financial potential.

5. Investment Strategy

An investment strategy is the cornerstone to achieving your long term financial goals, so when conducting your research, make sure you have a firm understanding of investment risk and reward.

Bruce Williams, Director of Elston, recommends clients opt for a well thought out investment strategy that draws on diversity.  “The good thing about Elston is that we don’t push anything. We sit between two options, offering the best of both worlds. Our strategy provides the freedom to buy shares and own direct assets within a transparent portfolio.”

For many, investment strategy is a mystery. Your financial adviser will provide clarity on issues such as investment risk, target return, liquidity, income requirements and tax effectiveness.

6. Insurance

Insurance is a security measure, and therefore a necessary part of your ongoing financial and lifestyle protection. However, failure to obtain the right advice for your insurance needs can result in overpayments of life, disability and other forms of insurance.

Troy Pearsall, Insurance Adviser at Elston Brisbane advises, “Ensure the right amount of money is available to you and your dependents in a cost effective manner. This involves assessing the financial impact of a risk event, considering your existing assets and income sources, and investigating tax efficiencies on funding insurance premiums and on claim benefits when they are paid.”

Pearsall states insurance cover should add value to your personal situation, observing, “Clients often have too much death cover compared to disability and critical illness cover. Statistically, the average person is more likely to be financially impacted by a risk event that doesn’t end in death. Careful consideration should be given to what type of insurance and amount of cover they should have.”

7. Superannuation

Even if you’re at the start of your financial planning journey, you would be aware of the buzz surrounding Self Managed Superannuation Funds (SMSF’s) as a way of taking control of your superannuation, and as a viable investment vehicle.

“SMSF’s are the fastest growing solution for a reason,” says Dean Ireland, Strategy Adviser at Elston Brisbane. “They provide the opportunity to consolidate family superannuation into a pooled wealth strategy built around your personal requirements. SMSF’s are built by you, controlled by you and produce results for you.”

For those wondering how to build superannuation, consider making your own contributions, or organise a salary sacrifice arrangement. Additionally, if your taxable income is less than $49,489 per annum, you may be eligible for a government superannuation co-contribution.  

8. Time Management & Organisation

As with others aspects of life, an organised approach to financial planning will save time, streamline operations and maximise productivity.  Devote some energy to developing a well-maintained records management system (it could be as simple as a physical filing system or an electronic spreadsheet).

Diarise important dates and deadlines and stick to them. Know at a glance when bills, taxes, insurance and superannuation contributions are due, and review your financial situation as changes in your personal circumstances occur (including updating your Will). Elston recommend the start of the new financial year as the optimum time to evaluate your strategic plan to ensure you’re still on track to meet your goals.

9. Discipline

Taking control of your financial future requires a disciplined mindset. The budget you set, the goals you made, the timeline you aspire to, the sacrifices you are making, they all require self control to stay on track.

Developing financial self-discipline can be challenging at first, so expect to fall down at times. The most important thing is to pick yourself back up again. By sticking to your plan, you control your financial success and your efforts will be rewarded.

10. Partner with an Expert

There are many reasons people ultimately seek the advice of a financial planner. For some it’s to build wealth through an investment strategy, or tap into the benefits of SMSF’s with a view to financial security in retirement. Others seek advice on managing tax and insurance needs, dividing or combining marital assets, or maxmising an inheritance. Some simply need budget management advice to make the most of their personal finances.

Whatever your financial aspirations, an experienced, qualified financial planner knows how to tailor a strategy based on your unique circumstances.  To partner with an expert Brisbane financial planner or learn more about how our Top 10 Tips for Successful Financial Planning can work for you , call  07 3211 9555 or 1300 ELSTON (357 866) alternatively email info@elston.com.au and an adviser will be in touch.