Welcome to the next in the series of videos featuring Integrity One staff members sharing stories of day to day experiences which may be of interest to you.

Today we hear from Integrity One Senior Financial Planner Matt Getson who shares a good news story from a client review meeting in which a couple thought they did not have sufficient money to retire.

Update : In 2021 after a long and successful career Matt Getson has taken his own advice and retired as a Financial Planner,  we wish him well in his new life!

Click to watch Matt’s story.

If you would like more information regarding retirement planning or any other financial planning matter please call  –

Phone: (03) 9723 0522

Suite 2, 1 Railway Crescent
Croydon, Victoria 3136

Email: integrityone@iplan.com.au

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This information is of a general nature and does not take into consideration anyone’s individual circumstances or objectives. Financial Planning activities only are provided by Integrity One Planning Services Pty Ltd as a Corporate Authorised Representative No. 315000 of Integrity Financial Planners Pty Ltd ABN 71 069 537 855 AFSL 225051. Integrity One Planning Services Pty Ltd and Integrity One Accounting and Business Advisory Services Pty Ltd are not liable for any financial loss resulting from decisions made based on this information. Please consult your adviser before making decisions using this information.

Now is as good a time as any to review your current financial situation and put a plan in place for the next 12 months.

Sorting out your finances doesn’t have to be complicated, as even small savings can add up over the year.

Here are 10 tips to help you get started.

1. Write down your financial goals and current spending

Make a note of where you’d like your finances to be this time next year. Now jot down your income and expenses for the last month. How much is left over? Are your goals realistic? It’s only by taking a close look at your current financial situation that you can begin to take control of it.

Most banks can show you how you spend your money. Make use of this feature to see where you spend each month to help you work out where you can make cuts to meet your goals.

2. Make a list of your lifestyle wants and needs

If you want to save or invest more money this new financial year, you may need to consider whether there is anything that you’re willing to sacrifice to get ahead. Could you live without that overseas trip? Do you really need to update your smartphone again? It all adds up.

3. Build a Spending Plan

To ensure you’re getting the most from your money, build a spending plan and stick to it. However, finding the right balance is key. If you make your plan too restrictive you’ll likely break it. Alternatively, if you make it too light you might miss out on some financial benefits. And don’t worry if you’re not a fan of spreadsheets; there are a range of digital tools to help you organise your finances.

4. Track your spending

Once you have a spending plan, it’s important you stick to it. That means tracking your expenses. A great way to do this is to use a digital money tracker.

5. Review your plans

Review your plans and regular outgoings to ensure you’re getting the best possible value for your money. There are a range of websites that provide direct comparisons of different suppliers offering mobile phone, internet, pay TV, vehicle insurance and utilities plans.

6. Sort out your super and consider the caps

If you haven’t sorted out your super yet, now is a good time to do it. If you have multiple super accounts, finding and consolidating them in the one account could help you cut down on fees and grow your money faster with compound interest.

Before consolidating your super you must consider few important points, such as weighing up benefits and insurance options, comparing the fees and checking potential tax and preservation implications. In addition, if you intend to claim a tax deduction for certain personal contributions, ensure your ‘Notice of intent to claim a deduction for personal contributions’ is made and is acknowledged by the existing fund before consolidating multiple accounts into one.

To boost your balance, consider setting up additional regular contributions. Depending on your income, you may even qualify for government co-contributions.

Before you decide to invest more in super, you need to be aware that restrictions and caps apply to different contribution types. Penalties may apply if you exceed the relevant cap or contribute to super when you were not eligible to contribute. You also need to consider that amounts contributed to super generally can’t be accessed until you reach your preservation age and retire or meet another condition of release. Therefore, unless you’re saving for your retirement, you’ll need to consider other options.

7. Review your investments

Review your investments regularly. Check that your asset allocation and level of risk are appropriate for your age and plans. A financial adviser can help you understand and manage your portfolio more effectively.

8. Make insurance more cost effective

There are ways of setting up personal insurance so it’s more affordable and may be more tax-effective. This can include purchasing your insurance through your super fund.

Buying insurance through super can be more cost effective than buying it outside super. Also, you would be able to have the premiums deducted from your superannuation account balance, without making contributions or using contributions made by your employer.

In some cases, you may be eligible for a discount if you pay your premiums annually rather than monthly and hold all your personal insurances in the one policy. Savings can also be made by consolidating the insurances held by yourself and family members into one policy.

9. Pay off debt

If you’re paying off multiple debts with a range of interest rates, you should consider the appropriateness of prioritising paying down the debt with the highest interest (while continuing to meet your repayment obligations in relation to your other debts). Alternatively, you may be able to combine your debts with a debt consolidation loan. If you can continue to make the same level of repayments, this may significantly reduce the amount of total interest payable and help you pay off your debt sooner.

10. Speak to a financial adviser

The investment market, legislation and government regulations change frequently, so unless you’re a financial professional, chances are you’ll need help to navigate them.

A financial adviser can help you understand and maximise your eligibility for government entitlements while supporting you to grow and manage your investment portfolio. The benefits of a tailored financial plan can add up substantially over your lifetime.

Please contact Integrity One if we can assist you with this or any other financial matter.

Phone: (03) 9723 0522

Suite 2, 1 Railway Crescent
Croydon, Victoria 3136

Email: integrityone@iplan.com.au

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This information is of a general nature and does not take into consideration anyone’s individual circumstances or objectives. Financial Planning activities only are provided by Integrity One Planning Services Pty Ltd as a Corporate Authorised Representative No. 315000 of Integrity Financial Planners Pty Ltd ABN 71 069 537 855 AFSL 225051. Integrity One Planning Services Pty Ltd and Integrity One Accounting and Business Advisory Services Pty Ltd are not liable for any financial loss resulting from decisions made based on this information. Please consult your adviser before making decisions using this information.

Welcome to the next in a series of videos featuring Integrity One staff members sharing stories of day to day experiences which may be of interest to you.

Today we hear from Integrity One Financial Planner & Aged Care Specialist Catherine Winduss who shares a story about helping a client commence the transition process to aged care.

Click to watch Catherine’s story.

To speak to Darryn or another Integrity One staff member regard this or any other financial financial planning or accounting matter please call on –

Phone: (03) 9723 0522

Suite 2, 1 Railway Crescent
Croydon, Victoria 3136

Email: integrityone@iplan.com.au

Integrity One Facebook

This information is of a general nature and does not take into consideration anyone’s individual circumstances or objectives. Financial Planning activities only are provided by Integrity One Planning Services Pty Ltd as a Corporate Authorised Representative No. 315000 of Integrity Financial Planners Pty Ltd ABN 71 069 537 855 AFSL 225051. Integrity One Planning Services Pty Ltd and Integrity One Accounting and Business Advisory Services Pty Ltd are not liable for any financial loss resulting from decisions made based on this information. Please consult your adviser before making decisions using this information.

Early planning can take away a lot of the stress and uncertainty that can arise when considering aged care at home or a residential aged care facility.

Know what your options are

The first option that probably comes to mind is a residential aged care facility. These facilities provide accommodation and care depending on your personal needs. Care can range from personal care, such as help with showering and dressing, together with occasional nursing care to continuous nursing care for those with a greater degree of frailty.

What you may not realise, however, is that there are also Home Care Packages that provide access to services that can help you to stay at home for as long as possible. Support services may include cleaning, meal preparation and transport for shopping or appointments.

Start planning early

There are a number of reasons why you should plan ahead and well before the need for aged care is imminent. For example:

• in many cases, the need to move into residential care can be sudden due to a serious illness or injury (eg a stroke, heart attack, or fall), or another unexpected event;
• it’s not uncommon to find there are significant waitlists for residential care, particularly at the more popular facilities; and
• regardless of whether home or residential aged care is required, if you wait until the last minute to speak to a financial adviser, you may not be able to minimise the fees you may have to pay and/or maximise the social security benefits you may receive.

Visit local facilities

Whether you currently need residential aged care or not, ideally you should plan to visit a range of facilities in your chosen area as soon as possible and, you may prefer to do this with family members.

Becoming familiar with the alternatives can enable you and your family to have meaningful conversations regarding your options and make more informed lifestyle and financial decisions.

Importantly, with assistance from a financial adviser, you can:

• determine whether care in your preferred facility is affordable; and
• potentially start restructuring your assets to improve your financial position;

Assess affordability

A range of fees may be payable when accessing care services. One of the key payments when moving into residential care is the accommodation payment. This payment:

• is subject to certain limits;
• can be paid as a lump sum, in regular instalments, or a combination of a lump sum and regular instalments; and
• is published on the facilities website and at myagedcare.gov.au for potential residents to consider.

The published amount will vary between facilities and, as a general rule, it will be higher for newer places because of the money recently outlaid on building or improving the accommodation, and for facilities in more affluent suburbs.

It’s therefore important to ensure you will have sufficient assets to pay the accommodation payment required to secure yourself a spot in your facility of choice when the time comes, as well as cover the ongoing aged care fees and your living expenses.

Understand the trade-off

There are a range of strategies that can be used to reduce aged care fees. However, caution needs to be exercised to ensure you have enough money to afford the care you’d want. A financial adviser can help you to address this complex issue. They can also assist in many other ways. This includes helping to address your estate planning needs, in conjunction with your lawyer. .

Please contact Integrity One if we can assist you with this or any other financial matter.

Phone: (03) 9723 0522

Suite 2, 1 Railway Crescent
Croydon, Victoria 3136

Email: integrityone@iplan.com.au

Integrity One Facebook

This information is of a general nature and does not take into consideration anyone’s individual circumstances or objectives. Financial Planning activities only are provided by Integrity One Planning Services Pty Ltd as a Corporate Authorised Representative No. 315000 of Integrity Financial Planners Pty Ltd ABN 71 069 537 855 AFSL 225051. Integrity One Planning Services Pty Ltd and Integrity One Accounting and Business Advisory Services Pty Ltd are not liable for any financial loss resulting from decisions made based on this information. Please consult your adviser before making decisions using this information.

Welcome to the next in a series of videos featuring Integrity One staff members sharing stories of day to day experiences which may be of interest to you.

Today we hear from Integrity One Founder and Managing Director Darryn Borg who recounts a recent experience with clients concerned about the impact of downsizing his home home and impact on their aged pension

Click to watch Darryn’s story.

To speak to Darryn or another Integrity One staff member regard this or any other financial financial planning or accounting matter please call on –

Phone: (03) 9723 0522

Suite 2, 1 Railway Crescent
Croydon, Victoria 3136

Email: integrityone@iplan.com.au

Integrity One Facebook

This information is of a general nature and does not take into consideration anyone’s individual circumstances or objectives. Financial Planning activities only are provided by Integrity One Planning Services Pty Ltd as a Corporate Authorised Representative No. 315000 of Integrity Financial Planners Pty Ltd ABN 71 069 537 855 AFSL 225051. Integrity One Planning Services Pty Ltd and Integrity One Accounting and Business Advisory Services Pty Ltd are not liable for any financial loss resulting from decisions made based on this information. Please consult your adviser before making decisions using this information.

If you’re experiencing financial difficulty – if you’ve taken some hard knocks – then you’ll know how quickly things can spiral. We look at five ways you can take charge.

Talk to a Financial Counsellor

There are government-funded financial counselling services available in every state and territory. They come under the umbrella of Financial Counselling Australia (FCA). Their motto is: “Without fees. Without bias. Without judging. We’re on your side.”

A financial counsellor will help you take stock of your financial situation and regroup. Their free, independent and confidential services might include:

• Help with spending plans.
• Mapping out sustainable repayment plans.
• Talking to your creditors.
• Looking into government assistance.

To find your nearest financial counselling service, go to the FCA website. You’ll find heaps of good info there, and they also have a freecall number—1800 007 007.

Contact your bank

Another site worth looking at is Doing it tough? (from the Australian Bankers Association). It notes: “The majority of customers don’t call their bank if they’re feeling like they’re losing control of their finances or experiencing financial difficulty. This is a mistake.”

The site has a wealth of resources. While it can be hard to make the call, you’ll usually find your bank will be receptive and reasonable.

They’ll look at your individual circumstances and work on a plan. It might be a short break from repayments. Or perhaps a debt consolidation loan (at lower interest). The important thing is to talk to someone before it’s too late.

Work out a spending plan

When you’re battling, it’s easy to let things slip-to spend money you don’t have.

Working out how much money is coming in—how much you’re spending, where it’s going, and what changes you may be able to make—can help you take charge of a situation. Take control back.

Set goals

Once you’ve sorted out your spending plan, you’ll be in a better place to set some realistic goals. This might be to pay down your credit card, personal loan, to save for a washing machine or build up an emergency fund for the future.

Setting goals, however humble, is satisfying.

Start saving

Once you’ve got a spending plan in place, set goals, and mapped out a financial plan, you can start saving. Most of us know the basic saving rules—how the secret is to make it a habit and start today (or tomorrow if you must). It’s true—a dollar here, a dollar there adds up: it’ll do wonders for your morale if you see your debts dropping, and your assets building.

We’re here to help

A financial adviser can provide you with advice to help you manage your debts efficiently. To find out more, contact us today.

Please contact Integrity One if we can assist you with this or any other financial matter.

Phone: (03) 9723 0522

Suite 2, 1 Railway Crescent
Croydon, Victoria 3136

Email: integrityone@iplan.com.au

Integrity One Facebook

This information is of a general nature and does not take into consideration anyone’s individual circumstances or objectives. Financial Planning activities only are provided by Integrity One Planning Services Pty Ltd as a Corporate Authorised Representative No. 315000 of Integrity Financial Planners Pty Ltd ABN 71 069 537 855 AFSL 225051. Integrity One Planning Services Pty Ltd and Integrity One Accounting and Business Advisory Services Pty Ltd are not liable for any financial loss resulting from decisions made based on this information. Please consult your adviser before making decisions using this information.