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Youthful Solutions - Big Sky Financial Solutions

Youthful Solutions



With High School finished, Tertiary Education (at least partially) out of the way, and therefore new independence from the family unit. This is the decade when you really start living your financial future. But how can you ensure that it’s the future you want? Since the money practices you set yourselves now will probably affect our ongoing financial wellbeing. Read further to find out…

What do we need to do to get our money matters sorted?
Put simply, it’s all about setting goals. Describing what you want to achieve, when you want it, and making a plan on how to get there. If you’ve recently started working there are three key actions you can take to help you get set for life – Get out (of debt), Get more (from your dollar) and Get amongst it (invest).

Get Out (of debt)

It’s a basic rule, but one that contemporary society seems to have forgotten: Don’t spend what you can’t afford. A 2008 debt study revealed that more than half of all Australian debtors are under 35. While much of this debt is HECS related, the prevalence of phone and credit card debt amongst young people is rising, as Generation Y’s social codes change and visible symbols of wealth become more and more important.

It’s time to develop your own financial priorities.

While it’s increasingly acceptable to put off bill payments, there are easy ways to control debt. Protecting your credit rating and financial reputation is a key priority. Halt the debt spiral by paying your bills on time. It’s always best to try to find a little more than the minimum payment on credit cards, because it will saves substantial interest costs. Don’t fall into the trap of using credit to pay off debt.

Get More (from your dollar)

We all have ‘anyway’ money: our regular income that we use to pay rent, buy food, and (most importantly) a take away coffee or hot chocolate. Anything on top of that is a bonus. You could go out and splurge on a special treat, after all, we’re young and we deserve it, right? Just throw a few more dollars into that black hole. Or we could turn another lot of petty cash spendings into a whole lot of savings.

SuperannuationDon't forget your Superannuation money, . All employers need to pay you Super once your pay packet hits a certain amount. We wouldn’t throw away this money if it were cash in our wallet, so why forget about it when we go to a new job?

Choose the Super Fund that is right for you, and hand over your account details to your new or current Employer. Choosing the right investment option is critical to how your Super will grow.

You might not be thinking about retiring any time soon, but it’s your money after all, so why not plan ahead and make it work harder for you? The early you get it to work for you the more you will have to enjoy later.

Big Sky Financial Solutions offers an easy and convenient way for you to access advice, just call 1300 700 189, or email us and talk to a Big Sky Financial Solutions Financial Planner to help you make the right choice with your Super.

Get Amongst It (invest)

Investing is all about building assets over the long term, which can help create financial freedom. How good would it be to be able to decide, for example, to take time out of our career, secure in the knowledge that we have the financial backing to support our decision.

There is a general misconception that you can’t invest without a large sum of money to begin with, but thanks to the magic of compounding, investing small amounts now actually can be worth more than investing a lump sum later. The right investment opportunity, available through products such as Separately Managed Accounts (SMAs) allows you to add however much you want, whenever you want.

Big Sky Financial Solutions offers a range of ready-to-go investment portfolios to make your investment choices easier, including a Sustainable Investing option for those who want to put their money where their conscience is. This portfolio only supports companies that embrace sustainability and good corporate practice. To find out more about investment alternatives call us on 1300 700 189 or email us.

Whatever your investment choice, remember that the decisions you make now will provide the foundations for the rest of your life. Make sure that they are the right ones. Get out, get more and get amongst it.