SLS Advisors December Newsletter

December 2017

The sun is shining and there is a buzz in the air with Christmas just around the corner. It’s often hard to focus on your financial goals with so many festivities going on – but November can herald the start of a pricey time of year. It could be a good opportunity to set a budget for yourself now for the holiday season, so you avoid a nasty surprise in the New Year.

You might also be thinking about that well-deserved break that is coming up, and even reflecting on the year that was. If you would like to talk about your priorities for next year and what you might need to do to keep on track, give us a call. As always, we can help you with a clear and realistic plan to help achieve your goals and dreams.

To keep you informed and inspired, in this edition we discuss….
– How to be financially prepared this Christmas
– How would your life be affected if you had no income?
– How much will your child’s education cost?

We look forward to hearing from you if you have any questions.

How to be financially prepared this Christmas

 

With Christmas just around the corner, here are 5 tips to help plan ahead and avoid a financial hangover on New Year’s Day.

Think back to last Christmas and consider where the extra expenses came from. Was it petrol for the drive to the holiday destination? Gifts for new children in the extended family? Wine for the constant gatherings? And don’t forget the taxi fares for the journeys home from nights out.

However you look at it, Christmas is a pricey time of year. If the expense causes stress then the holiday period is ruined.

Here are some tips to prepare for, and enjoy Christmas.

1. Figure out a budget

What exactly are you going to spend on gifts, food, drink, accommodation, airfares, fuel, cabs etc.? Be realistic and even pessimistic. If you over-prepare then you’ll end up with a surplus, which is a great result.

2. Christmas saver

Consider opening a new account which you can put a weekly amount into over the next few

 

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How would your life be affected if you had no income?

 

The idea of insuring against loss of income is one that has clear value. But many neglect to insure their most valuable asset. Income protection could be the answer – so how does it work? 

We happily insure our homes, our vehicles, even our smartphones. But have you considered how your family’s lifestyle would be impacted if the main breadwinner was suddenly unable to earn an income due to injury or illness?

According to Lifewise, a body coordinated by the Financial Services Council, 83% of Australians insure their cars but only 31% insure their ability to earn an income.i One obvious solution is income protection insurance – here’s how it works.

In a nutshell, income protection insurance can provide a percentage of your income for an agreed time if you have to stop work or you can only work in a reduced capacity due to injury or illness.

Income protection typically covers up to 75% of your salary earnings (or, if you’

 

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How much will your child’s education cost?

 

Your child’s education is an important investment in their future. But getting it right takes careful planning, which means you need a true understanding of the costs involved.

As every parent knows, a quality education is one of the most important foundations you can provide for your child. But the costs of schooling can really add up over the years – and it’s not just fees; there are plenty of other extras you’ll need to cover as well. And of course, if you have more than one child, then all the expenses will be multiplied.

So how much can you expect to shell out for each child’s education – and are there ways to plan ahead so you can reduce the strain on your household finances?

What to expect

The cost of a child’s schooling in Australia varies widely between metropolitan and regional areas, and depends on whether you opt for a private or public education. But even if you send your child to a government school, there are still

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SLS Advisors

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Georgina Lee and SLS Advisors are authorised representatives of Count Financial. This document contains general advice. It does not take account of your objectives, financial situation or needs. You should consider talking to a financial adviser before making a financial decision. This document has been prepared by Count Financial Limited ABN 19 001 974 625, AFSL 227232 (Count) a wholly-owned, non-guaranteed subsidiary of Commonwealth Bank of Australia ABN 48 123 123 124. Count Wealth Accountants® is the business name of Count. Information in this document is based on current regulatory requirements and laws, which may be subject to change. While care has been taken in the preparation of this document, no liability is accepted by Count Financial, its related entities, agents and employees for any loss arising from reliance on this document. Count Financial is registered with the Tax Practitioners Board as a Registered Tax (Financial) Adviser. However your authorised representative may not be a Registered Tax Agent. Consequently, tax considerations are general in nature and do not include an assessment of your overall tax position. You should seek tax advice from a Registered Tax Agent. If you do not wish to receive direct marketing material from your adviser, please notify your adviser by email, phone or in writing.