Easy Financial Planning Steps that Won’t Take All Summer

The end of year is coming…FAST.  If you’ve been promising to get your financial affairs in order before the year is through, here are the top 3 financial planning steps to consider now so that you can keep that promise.

Melbourne Cup Tuesday usually marks the start of the summer party season. Then in no time at all Christmas and New Year are memories. Before you know it, it’s late January, the holidays are over and you’re settled back at work…

financial planning steps

And once again you’ve forgotten about that New Year resolution where you promised to take a good look at your finances. We understand that any steps of financial planning is a foreign concept to many people.

That’s why we’ve developed an easy step by step financial planning approach where you can use some of your summer down-time to tackle your finances in comfortable bite-sized chunks. You might just find that financial planning isn’t as daunting as you thought.

3 Financial Planning Steps To Take

Let’s break financial planning into 3 key financial planning areas. Pick one to start with. Then speak to an expert to find out how you and your family can benefit from including it in that all-encompassing financial plan that you’ve been thinking about for ages.

step by step financial planning

Making Your Will

  • Do you have one? If so, is it current and does it accurately document your wishes? Remember the old saying: ‘Where there’s a will, there’s a relative’.
  • If you have children, have you considered a Testamentary Trust in conjunction with your will?
  • Do you have a Power of Attorney in the event of your incapacitation?

Have Income Protection Insurance

  • Your most important asset is your income. If it stops due to sickness or injury, how long will it be before you are in financial difficulties?
  • Life insurance will protect your family if you die, but won’t help you meet your financial obligations if you’re still alive but unable to work. Income protection insurance and trauma cover are vital aspects of your financial planning.

    Talk to an expert without delay for advice that suit your particular circumstances on appropriate amounts and structuring.

steps of financial planning

Check Your Finance

  • If your housing or investment property loan is more than 3 years old, you are probably paying too much interest. The residential market is as competitive as we have seen at the moment, particularly for owner-occupiers.
  • Credit card debt hard to move? Think about transferring to a provider who offers no interest on balances transferred. That’s a good first step, although you also need to change your spending and saving habits for long-term benefits. A financial planner can show you how.

Start Your Financial Planning Steps Today

Your will, insurances and finance are the cornerstones of financial steps and should feature in any effective financial plan. Asset protection, tax planning, succession planning and philanthropy are all worthy objectives, but without strong foundations, your overall plan may be compromised.

For expert personalised financial planning steps and advice that covers these essential cornerstones and more, please contact Collins Mann today.

Financial Services

Our services include:

  • Values-based financial planning.
  • Wealth accumulation strategies.
  • Tax-effective strategies.
  • Risk management.
  • Retirement planning.
  • Estate planning.
  • Divorce financial settlement analysis.


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