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Financial Stability

Phone: 03 9383 1112

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24.01.2022 Have you taken some time to review your finances and reset your financial goals? Now is an opportune time to make sure that you're on track to achieving your goals and making adjustments to ensure your financial position is a positive one in the future. SPECIAL OFFER: We are offering Skype and FaceTime appointments at a reduced rate. All you need to do is have your paperwork with you. Book a time by emailing [email protected] to arrange a time suitable to you, from the safety of your own home.

24.01.2022 Do you expect your partner to make financial decisions for you in the event you're unable to? If you answered yes, you may be mistaken. Unless you have appointed a formal power of attorney, decisions may revert to a government agency instead. Having a power of attorney in place means you can nominate the person you want to make the decisions on your behalf to protect your interests. If you haven't done so already, you should appoint a power of attorney for peace of mind.

23.01.2022 Early accessibility of superannuation is a hot topic of discussion. Individuals can now apply to access up to $10K of their superannuation. In this video, Channel 7's Melissa Doyle asks Laura Higgins from MoneySmart if it's a good idea and what people need to take into account. Watch now... https://www.facebook.com/7NewsAustralia/videos/691807711647968/

23.01.2022 A Personal Account of Bad Timing: We can never, ever, TIME our investments, as we dont know when some extraordinary event may occur. Sure, this is unprecedented, but other events occur that throw a spanner in the works. All we can do is invest in well-researched products, and be true to ourselves regarding our priorities. https://www.financialstability.com.au/what-timing/

22.01.2022 Happy EOFY! Start the new Financial Year off on the right foot. As we're easing out of restrictions look back on your time of isolation and think about what you missed and what you didn't miss so much. Take this time to assess where you didn't spend money and were able to save. For example, coffee, lunch, dinner, shopping and consider how much you saved. Is it time to reassess your spending habits moving forward?

22.01.2022 NEW! CASE STUDY: Why Its Important to Understand Your Superannuation In a recent review appointment with my client, they mentioned, in passing, that their adult daughter was concerned that her modest superannuation balance was quickly diminishing. I offered to investigate her superannuation and as I suspected, her superannuation was being eroded by insurance premiums. Read more in the case study... https://www.financialstability.com.au//case-study-why-it/

21.01.2022 With Christmas fast approaching and the financial impacts of COVID-19 on many people and families, it may be worth reconsidering your Christmas spending this year. To ensure you don't overspend here's my tip

20.01.2022 Are you tending to your financial garden? Even though restrictions have eased somewhat, we are still spending more time at home. Why not use the extra time you have on your hands to review your finances and ensure you position yourself for a positive financial future? We need to nurture and look after our finances, just as we would our garden, to ensure it thrives. Review your finances, check your insurances, understand your superannuation. Make a positive impact in the years ahead by tending to your finances today. **SPECIAL OFFER** We are now offering Skype or FaceTime appointments, at a reduced 50% rate. All you need to do is have your paperwork with you. Book a time by emailing [email protected]

19.01.2022 Learn about all the latest changes to JobKeeper and JobSeeker payments that may impact you. https://moneysmart.gov.au/covid-19/financial-assistance

18.01.2022 The unprecedented disruption caused by Coronavirus (COVID-19) has left many employers considering their immediate options to reduce expenditure over the coming weeks and months. It is a very stressful and confusing time especially if you're facing redundancy. If you, or someone you know, are going through redundancy, the best thing to do is seek the assistance of a financial planner. This will help understand the components of your payout, financial planning including superannuation and insurances and getting help from Centrelink if needed. We offer online appointments, book now by calling 03 9383 1112 or email [email protected]

18.01.2022 If retirement is looming, you may be wondering what your retirement income will look like. MoneySmart offers an account-based pension calculator. Find out the income you'll get from super https://moneysmart.gov.au//account-based-pension-calculator

18.01.2022 During times of crisis and job losses or redundancies it's important to manage your money wisely. An important step is to create an emergency budget based on your reduced level of income. Start with the most important expenses, which include your housing, medical costs, and reasonable costs for food and transportation. Review any monthly expenses such as gym memberships, kids sporting fees, etc and ask for these to be put on hold. ... Due to self isolation many of your expenses will be less or different than what they were before, which include child care, eating out, parking, fuel, public transport and recreation. The key is to reduce your expenses now wherever you possibly can.

16.01.2022 Do you have insurance policies coming up for renewal? Try to save money by requesting quotes from other insurers or speak to your existing insurer if your circumstances have changed.

16.01.2022 Given our current restrictions here in Victoria, more and more people are purchasing goods online. Sadly many of these people get themselves into debt beyond their financial means. Please remember that a credit card is not free money.

16.01.2022 In these uncertain financial times, it's incredibly important to us that we're providing our clients with information on changes and how you can protect your financial future. Here's what Christine had to say

16.01.2022 Considering accessing your superannuation early? The Government is allowing individuals affected by the Coronavirus to access their superannuation. We offer a number of resources on our website to help you through this time. You can check eligibility and find out how to apply. https://www.financialstability.com.au/resources/

15.01.2022 What JobKeeper payments can individuals receive? If youre an eligible employee, you will receive a minimum of $1,500 per fortnight, before tax. Depending on your circumstances, you may receive $1,500 per fortnight in a number of different ways. If you ordinarily receive $1,500 per fortnight of income before tax, you will continue to receive your regular income according to your workplace arrangements. The JobKeeper Payments will subsidise part, or all of, your income.... If you ordinarily receive less than $1,500 in income per fortnight before tax, your employer must pay you $1,500 per fortnight, before tax. If you have been stood down, that is, you cant be usefully employed and your employer is not required to pay your wages, your employer must pay you $1,500 per fortnight, before tax. If you were employed on 1 March 2020, subsequently ceased employment and then were re-employed by the same eligible employer, you will receive $1,500 per fortnight, before tax.

15.01.2022 As the festivities draw closer it's almost time to take a break. Our office will be closing on Friday, 18th December 2020 and reopening on Monday, 18 January 2021.

15.01.2022 Do you feel a sense of security when you think about your financial future? Here's what Joseph had to say... "It was definitely worth seeing Sonia. In the first year alone, what we saved in tax and was worth more than double what we paid for such great advice. I also now feel so much more secure in our financial future and have a greater understanding of how we will achieve out lifestyle goals." Consider your lifestyle goals and create a vision for your future. Seek the expert advice of a financial planner who has many years of training and industry experience to help you achieve the vision for your future.

15.01.2022 Prioritising debt can help keep you financially focussed. Determine which debts are your priority and try to pay them first. Priority debts can include: - Rent or mortgage payments - Council rates and body corporate fees - Electricity, gas and water bills... Once you focus on prioritising these debts you can see what funds you have left over for other necessities and for savings opportunities. https://www.financialstability.com.au/

14.01.2022 We are very excited to launch the new Financial Stability website! It's user friendly interface allows you to find the information you need. Take a look and let us know what you think. https://www.financialstability.com.au/

14.01.2022 Happy Birthday to Sonia! Even though were in lockdown, a perk of having a team member working next door means that a birthday cake can be baked and shared, and happy birthday sung (from a distance of course) !!

13.01.2022 According to a recent article published in Money & Life magazine, Australians tend to worry more about their retirement savings than their health and ageing. This worry can be intense for older women, many of whom are burdened by a savings shortfall after a lifetime of career sacrifice and unpaid family labour. To read the full article go to page 26 of the magazine. If you are concerned about your retirements savings and your financial future, reach out and make an appointment to see Sonia at Financial Stability. https://fpa.com.au/wp-cont//2020/06/ML-June-2020_Web-1.pdf

12.01.2022 Do you feel that your superannuation is slowly being eroded by fees and payments? It's quite common for this to happen if you're not taking notice of the fees associated with your superannuation account. In this case study, you'll learn why it's so important for you to understand your superannuation... https://www.financialstability.com.au//case-study-why-it/

12.01.2022 As an employee are you eligible for JobKeeper? Here's how to determine your eligibility: your employer is eligible for the JobKeeper Payment wage subsidy you are currently employed (including if you are stood down or rehired) you were employed by the employer as at 1 March 2020 you are employed full-time, part-time, or a long-term casual, that is, a casual employed on a regular basis for longer than 12 months at 1 March 2020... you are aged 16 years or older you are an Australian citizen, holder of a permanent visa, a Protected Special Category Visa Holder, a non-protected Special Category Visa Holder who has been residing continually in Australia for 10 years or more, or a Special Category (Subclass 444) Visa Holder you are not in receipt of the JobKeeper Payment from another employer. Access fact sheets and other useful information here: https://treasury.gov.au/coronavirus/jobkeeper\

12.01.2022 Looking after your physical and mental health has never been more important. With the world-wide pandemic of COVID-19 not far from our minds, many people find themselves stressed and anxious. Be sure to take some time out each day (even if it's a very short time) to do something you enjoy.

12.01.2022 #NewBlog A Personal Account of Bad Timing. In my latest blog, I share a personal experience during the COVID-19 pandemic and how it was really bad timing. Read the full article https://www.financialstability.com.au/what-timing/

12.01.2022 The Government has announced a $130 billion JobKeeper payment to help keep more Australians in jobs and support businesses affected by the significant economic impact caused by the Coronavirus. Around 6 million workers will receive a fortnightly payment of $1,500 (before tax) through their employer. Access FAQs as well as employer and employee fact sheets here... https://treasury.gov.au/coronavirus/jobkeeper

12.01.2022 Planning for retirement? What keeps most people awake at night is their concerns for their retirement funds and whether they will have enough money to last in the future. This MoneySmart retirement calculator will help you work out: - What income you're likely receive from super and the age pension when you retire.... - How contributions, investment options, fees and retirement age affect your retirement income. - How working part-time or taking a break affects your super balance. If you need some support to plan for your retirement and want to rest easy, make an appointment to see your financial planner or get in touch with Financial Stability. https://moneysmart.gov.au/retirement-inc/retirement-planner

11.01.2022 How can you navigate your way through this crisis and remain in a good financial position? Here are 3 steps you can take to help you get through 1. Create a budget for the next 3 to 6 months. Evaluate your current income and expenses. If your work has been affected your income is likely to have changed. Cut out any non-essential payments and defer payments on subscriptions that you are not currently using such as gym memberships. 2. Review loan repayments. Continue to make t...he minimum repayments on your credit card and any loans you may have. If youre finding this difficult contact your lender and request a hardship variation to reduce interest or repayments for a set period of time. 3. Reduce your expenditure by assessing grocery and utility bills. While these are essentials, we can find ways to reduce the amount we spend. Buy fruit and veggies that are in season or on sale and cook bigger batches of meals that you can freeze. Also compare your utility suppliers to ensure youre getting the best deal at the moment.

11.01.2022 Life is a journey, and Financial Stability travels this journey with you from being a young, single independent, to a family with a mortgage right through to your retirement. Using our many years of experience, we provide solutions and support for you, no matter what stage of life you are at. Financial Stability can be there with you every step of the way to protect and secure your financial future. Get in touch to arrange an online appointments.

11.01.2022 If you're saving for something special here's a little tip to help you get to your goal faster...

10.01.2022 Retirement Planner. MoneySmart offers a retirement calculator to help you work out: - What income you're likely to get from super and the age pension when you retire... - How contributions, investment options, fees and retirement age affect your retirement income - How working part-time or taking a break from work affects your super balance If youre nearing retirement then be sure to seek the right advice. If you need some assistance or would like to make an appointment please call our office on 03 9383 1112. https://moneysmart.gov.au/retirement-inc/retirement-planner

10.01.2022 When you reach retirement you may be eligible for government benefits. MoneySmart provides more information on benefits and entitlements for seniors and retirees. If you need assistance for your specific situation, get in touch with Sonia from Financial Stability. https://moneysmart.gov.au//age-pension-and-government-bene

10.01.2022 If you are experiencing redundancy at your workplace it's important to check potential payouts, unused leave, savings, shares and other assets. If you are uncertain about these aspects, seek professional financial advice. Financial Stability can help you get through this difficult and stressful time with a planned approach. We offer online appointments to assist you. ... https://www.financialstability.com.au/receiving-a-redundan/ See more

10.01.2022 The 5 simple ways struggling Australians can stay financially afloat. With the economy in a tailspin and the Prime Minister warning our societal lockdown will be the new normal for at least six months, many Australians need urgent financial assistance. Find out what's available here... https://thenewdaily.com.au//04/03/coronavirus-income-supp/

09.01.2022 Even though we can't meet face to face, our online appointments will still provide all the information you need to create a secure and financial future. Here's what L&R had to say

08.01.2022 If you've received a redundancy payment it's important that you give consideration to a few other issues such as: - Understanding the various components of your employer redundancy - The redundancy payment and how it can be used to achieve your overall financial objectives... - Superannuation and the continuance of any insurance benefits and ongoing investment strategy. - Understanding your cash flow requirements and how youre going to fund your living expenses We highly recommend speaking with your Financial Advisor to ensure you have access to current legislative requirements and how to move forward while making informed decisions about your finances.

07.01.2022 If you've been made redundant you should check with your employer if they offer a Financial Planning Allowance. It's often available yet employers fail to share this information. Use the allowance to seek professional advice so that you can use your redundancy payment wisely and secure a financial future for yourself and your family. Here's what Kathleen had to say... "When I was made redundant, my employer provided a Financial Planning Allowance. So I sought some professional advice. Sonia at Financial Stability was great, she understood our needs and priorities and really help set us up financially for the future. Her advice also helped steer us from some poor decisions we had been considering. We've now got the mortgage paid off and are doing really well. We can't thank Sonia enough."

06.01.2022 From 20 April 2020, people affected by the COVID-19 pandemic may be eligible to apply to access up to $10,000 of their super in 2019-20 and a further $10,000 in 2020-21. Your super is your retirement savings. Before you apply to access your super, evaluate if you are eligible and consider all the options. MoneySmart provides the steps to take before you withdraw your super. https://moneysmart.gov.au/covid-19/accessing-your-super

05.01.2022 Preparing for retirement in these uncertain times? Here's my 3 top tips 1. Create a budget. Keep a simple budget of all your income and expenses. Creating a budget allows you to control your spending habits and means you can plan ahead with some confidence. 2. Plan for retirement. Be proactive and build up your wealth to ensure your financial future is secure and meets your lifestyle needs. One way to do this is by placing more money into superannuation which also helps you ...gain a tax benefit. 3. Get professional advice. An experienced and qualified financial adviser will review your financial position and help you make financial decisions based on your circumstances and goals. They can also help inform you whether you qualify for any government benefits to supplement your pension and what you need to do to get them. For more information or to get financial advice based on your specific circumstances and goals, we invite you to get in touch with me at Financial Stability.

05.01.2022 The reality of our current crisis is taking its toll on many Australians, with many people losing their jobs and income streams. Is it time to realistically evaluate your financial situation? The most effective way to do this is to understand your current financial position. It's time to evaluate your spending, the resources you have on hand and what the next steps are to make a positive impact on your financial future. We continue to offer Skype or FaceTime appointments to help. All you need do, is have all your paperwork in front of you, and we can take it from there. Times can be booked by emailing [email protected]

04.01.2022 The team at Financial Stability wishes you a peaceful festive season! Take this time to enjoy lots of precious moments with those you love. Merry Christmas! Our office will reopen on Monday, 18 January 2020.

03.01.2022 It's a challenging time with being enforced to stay home, however looking after your mental health has never been more important. Here are some tips to help you get through... Stick to a daily routine - get up at the same time each day, keep to your routine and add in some activities that you enjoy (reading, movies, hobbies). Keep active - create an exercise routine that can be completed at home to reduce stress and maintain your physical fitness.... Eat well - plan and eat a variety of nutritious meals. Try a new dish or experiment with a different cuisine. Stay connected - remain connected with friends and family via phone, chat, email, or video conferencing.

03.01.2022 In response to the economic impact of the Coronavirus, the Government has announced a number of initiatives to help individuals and businesses. To help you if youre a retiree, the minimum pension payments you are required to withdraw from your account-based pensions or similar product will be reduced by 50%. This is to help retirees re-gain the value of their super after the market downturn. For more information contact our office on 03 9383 1112.

02.01.2022 If you've been financially affected by the COVID-19 pandemic, you may be eligible to access up to $10K of your super in 2019-20 and another $10,000 in 2020-21. However before you do, follow these steps outlined by MoneySmart before you make any decisions. If you're unsure speak with a trusted Financial Advisor. https://moneysmart.gov.au/covid-19/accessing-your-super

01.01.2022 We will get through this current situation and we have many bright days ahead to look forward to. However, now that you may have some extra time on your hands why not review your finances and prepare for the future? Position yourself so that when life returns to being busy and full you know you're financially in the best place you can be. Review your finances, check your insurances, understand your superannuation. Get a better understanding of your financial position and how you can make a positive impact in the years ahead. **SPECIAL OFFER** We are now offering Skype or FaceTime appointments, at a reduced 50% rate. All you need to do is have your paperwork with you. Feel free to send me a message to book a time or email me at [email protected]

01.01.2022 Redundancy & Unused Annual Leave. An employer must pay out the annual leave that you have accrued, but have not taken. The total amount of the unused annual leave, paid out as a lump sum, is added to your taxable income in the financial year that you receive the payment. However, the tax you will generally pay on this amount is limited to a maximum of 30 per cent plus the Medicare levy. The after-tax unused annual leave will be paid into your bank account it cannot be directly rolled over into a superannuation fund.