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http://www.gurneyfinancialservices.com.au/

Gurney Financial Services, 24 Nangar Street, Woongarrah (2026)

19/07/2026

There is no such thing as a free will.
By GMS

Who can resist an offer? It is tempting to hear the offering of professional executors to have a will prepared for you entirely free of charge.
At first sight this seems a better deal than having to pay a solicitor to draw up a will for you. But it is worth asking the conditions applying to the “free service.” When all is revealed, the true cost may be higher than you think.

How can I draw up a will?
A will can be drawn up by anyone and can be any length you desire, from a few lines to many pages, it is best to use a solicitor to draw up a will. This involved payment of a fee, which solicitors will quote in advance. The amount charged is always significant compared to the value of the instrument to you and your family.

Trustee companies (including the public trustee) will draw up will free of charge but only if they are appointed executor. This appointment gives them the right to charge fees when administering the estate.

How much does an executor charge?
If you appoint a spouse, a family member of a close trusted friend, you can usually expect your estate will be wound up without any more expense than the cost of employing a solicitor to look after the legal aspects.

Professional executors, however, charge a commission for their services, set by statute at a maximum of 4.25% of capital and 5.25% of income. Nowadays, it does not take many assets to build an estate of $200,000. Using simple arithmetic, applying the percentage rates quoted above, will prove that is can be quite costly to name a trustee company as your executor (especially where legal costs are charged in addition to the executor’s fees). The very modest saving in will drafting fees can be well and truly seen as false economy.

A role for the trustee company
All this is not to say that the trustee companies do not have an important and worthwhile role to play.

In complex estates or where there is discord within the family or where the estate must be administered over a lengthy time (perhaps because minors are beneficiaries, or a life estate is involved) the employment of an independent, immortal executor may the sensible choice.

What matter is that the choice of executor should be an informed one as should be the case with every purchasing decision? All trustee companies publish a scale of chargers, and each testator should weigh the respective advantages and the disadvantages of nominating a professional executor.

What does an executor do?
The main duties of an executor are:
• To be responsible for the burial or cremation of the deceased’s body.
• To provide the will (that is, to obtain a grant of probate of the will demonstrating to all the world that the executor named in the will, only that person, deal with deceased’s assets and give a valid receipt for money collected from banks, building societies and so on).
• To collect the debts owing to the estate.
• To claim the life insurance proceeds and money in financial institutions.
• To convert non-cash assets into cash for distributions (subject to the exact terms of the will and mindful of capital gains tax consequences).
• To collect investment income.
• To lodge income tax returns and pay tax
• To pay proper order, to all the other debts owing by the estate.
• To protect and incuse the assets of the estate.
• To administer any trust set up under the will.
• To pay any specific legacies.
• To distribute the remainder of the estate.

It is a promising idea to discuss your wishes for the administration of your estate with your executor and to plan for the future care and well-being of minor children in the event of an untimely death.

The importance of making a will
The worth of properly drawn up will cannot be over emphasised. It will ensure that your wishes for the disposal of your assets are carried out when you are gone.

People often take great pains to arrange their affairs to minimise tax or social security benefits.

They are happy to pay premiums to insure earthly possessions against loss.

How absurd then it would be to overlook making a proper will professional help when such a simple and inexpensive act can help to protect the financial security of loved ones.

Along with death and taxes, there is another certainty of life – you get what you pay for.

For more information, please contact our office or your solicitor.

Send a message to learn more

18/07/2026

Estate Planning for Families.

What is Family Succession Planning?

Family succession planning is a process designed to ensure that an individual’s assets are managed effectively while they are alive and then distributed in an efficient and orderly manner after death.

The Value of Effective Succession Planning

• Ensuring that the ownership and control of a client’s estate is passed to the intended beneficiaries in the correct proportions, at the right time and under the right conditions after death.
• Protecting those assets, should a beneficiary be involved in any legal difficulties including bankruptcy or divorce.
• Establishing appropriate estate structures for multi-generation and broad family benefit
• Appointing trusted persons to manage an individual’s estate, should that individual become disabled or incapacitated.
• Minimising tax being imposed on the income, and capital gains earned on those assets.

Three Key Dimensions

• Ownership – deals with how the client’s estate is eventually passed on, including gifting.
• Control – deals with the issues of management rights to a client’s affairs through lifetime representation, such as POA’s (Power of Attorney) or succession to control an estate structure or enterprise such as a trust, company, or partnership.
• Values – deals with the welfare, family vision and value outcomes for family succession planning

Considerations

• Dependants
• Representatives
• Other people of interest – parents, parents in-law, children, grandchildren,
• Assets
• Income
• Liabilities
• Collectables, offshore and investments
• Income streams
• Annual expenses
• Insurance policies – general, health and life
• Superannuation
• Binding Nomination of Beneficiaries
• SMSF
• Wealth transfer intentions
• Taxation for beneficiaries – adults and minors

Important Questions

• Who is the family?
• Who are the intended beneficiaries?
• Are there any beneficiaries at risk?
• What should be the response to those risks?

Strategies to Consider

• Wealth Preservation
• Wealth management
• Wealth transfer
• Wealth transformations
• Financial security
• Current will and power of attorney
• Current directions for distribution
• Guardianship of minors
• Gifts to charities
• Testamentary Trusts

Send a message to learn more

17/07/2026

Financial goals are different for each investor. Whether you are preparing for retirement or just entering the workforce., your financial adviser is there to help you determine your goals and secure the future you want for you and those close to you.

Lifestyle goals

education and career goals

Bequests and donations

Financial independence

Peace of mind

Certainty of income

Cash for emergencies.

Maintain purchasing power.

Grow your wealth.

Establishing clear goals is a critical step in determining the right investments to help your build your wealth and achieve your desired outline, while managing the various risks and pitfalls along the way.

Thanks to the growth and innovation that has taken place int he financial services industry over the past decade, along with new developments in financial technology, investors now have access to a wide range of investment products and solutions that give them more control over their financial destiny.

Building a portfolio that meets your objectives.

Investing involves more than chasing returns. The purpose of your investment strategy is to ensure you are in the best possible position to meet your goal and fulfil your financial obligations.

A typical investor will have a number of financial goals they are trying to achieve, for example, they may wish to grow their wealth over a relatively long period of time, or they may have a specific need for income to pay for holidays, education, or bills.

Meeting your goals requires an investment portfolio that balances these different objectives. Choosing the right strategy for you means thinking carefully about what you want to achieve and the level of risk you are prepared to take on.

Implementing your investment strategy

Exposing ourselves to risk is unavoidable when we invest, markets move up and down, and this will impact the value of our investments over time.

If you are a young investor, you will be better able to withstand these ups and downs because you have a longer time horizon. If you are nearing retirement or already enjoying life after work, you are more likely focused on preserving the wealth you have built up, meaning you will prefer an investment portfolio that delivers steadier returns and income.

Regardless of your age, objectives, or appetite for risk, you need a high quality, diversified portfolio that is tailored to your requirements.

By diversifying your investment and prudently selecting assists based on sound research and due diligence, you can achieve your target return with an acceptable level of risk, while meeting your financial goals.

Actively managing your portfolio

Markets continually evolve over time, so taking a “set and forget” approach to your wealth may not be the best way to achieve your goals. To minimise the impact of market falls and take advantage of opportunities as they arise, you are likely to benefit from an active approach to managing your portfolio that responds to market developments and updates your portfolio quickly and efficiently.

Change in market dynamics.
Discovery of new opportunity
Rebalancing a portfolio
Immediately implementation
Continuous monitoring

Active portfolio management requires continual monitoring of market conditions and a deep understanding of how individual investment products work - including which products are best suited to a different market conditions and objectives.

Unfortunately, this requires a great deal of time, resources, and expertise, not to mention the high cost involved.

Previously, advisers would take a more active role in managing their client’s wealth, choosing products to invest in - usually unit in a managed fund - making changes to the portfolio over time. Clients could monitor their portfolios performance, but there was little transparency and clients had not beneficial ownership of the underlying assets.

Whenever changes were made to the portfolio, the adviser had to get the clients approval before the changes could be implemented, potentially resulting in the client missing opportunities or taking avoidable risks.

Today, thanks to new technology and a cultural step change in hoe advice is delivered, there are new and better ways for you to access high quality, risk managed investment strategies that are tailored to your objectives, give your full visibility over your portfolio, and allow changes to be implemented immediately.

One such solution is known as a managed account.

So, what is a managed account?

A managed account is an investment scheme managed on an investor’s behalf by a professional investment manager. The manager is responsible for the investment decisions, but as the investor you retain beneficial ownership in the underlying assets.

Professional investment managers manage this component of your overall portfolio in line with an agreed mandate, based on the criteria you set with your financial adviser. Managed accounts are overseen by a Responsible Entity (RE) whose job it is to ensure that the portfolio is properly governed, and that the investment manager does not exceed their mandate.

With a managed account, and changes the investment manager makes are immediately implements, so you do not have to worry about missed opportunities or risks due to delays.

Send a message to learn more

16/07/2026

Estate Planning an Essential - Not an Optional Extra!

We all need to embrace estate planning. Do nothing and you run the risk of your family’s wealth being dissipated and ending up in the hands of inappropriate persons. Do not live under the fond illusion that on your death, the fruits of a lifetime of hard work will mysteriously be transferred in accordance with your wishes. Do not live in a state of false security.

Hard earned wealth is not preserved by miraculous non-intervention. Wealth is only preserved and passed to the next generation by using proper risk assessment and formulating clearly articulated strategies to deliver the right amount to the right people at the right time.

Estate Planning & Risk Management

It is necessary to identify the risks confronting you, to quantify the potential impact of these risks and to implement appropriate mitigation solutions. These steps are taken after discussion of all the issues with your advisers.

Many individuals mistakenly see estate planning as a process for ensuring that they have a properly drafted will. Will drafting and preparation are essential parts of estate planning but are only two components of a broader risk management strategy. Estate planning is much broader and involves putting in place mechanisms to ensure that your assets after your death are distributed in accordance with your wishes. For example, if you and your family jointly own your family home as joint tenants, your interest in the family home will fall outside your deceased estate. This may or may not be the outcome you want.

Role of Life Insurance

What role does insurance play in estate planning? Life insurance is simply one of the risk mitigation and funding tools available. Life insurance may be the optimum solution to eliminate debt in the deceased estate or can be used to create seed funding for a testamentary trust or pensions for heirs.

Life insurance is also an invaluable tool to provide funding for heirs where the estate has illiquid assets which are earmarked for specific heirs. Insurance can be used to provide the requisite funding for benefits paid to the remaining heirs.

The Estate Planning Process

What is the process? I suggest that the estate planning process includes the following steps:

Establish your desires and aspirations. The old adage of "knowing yourself" applies in estate planning. An estate plan needs to be tailored to reflect your needs and aspirations.

Identify the points of vulnerability in your life. These are the areas where your family could suffer significant loss if the underlying risks materialise. It is important to quantify the potential exposure to your family in dollar terms.

Construct a family a balance sheet. This should cover your assets and liabilities. You may also have given a guarantee for due performance of your business under its overdraft facilities. Liabilities, including guarantee liabilities are not extinguished on your death!

Draw a family tree, and draft notes on the dynamics between the members of your family. This presents a clear depiction of the relationships in your family and will help identify potential problem areas.

Draft a proposed distribution plan. How would you like your assets to be distributed on your death? This will assist your advisers in identifying any potential tax or regulatory issues. The distribution plan drafted on this basis is invaluable to your solicitor who can then provide advice on the probabilities of the plan being successfully contested by disgruntled heirs.

Way Forward

All estate plans should not only outline the proposed distribution of assets, but also include a comprehensive review of your risk profile and a specific strategy on dealing with the identified risks.

Remember, the success of any strategy will only be tested after your death. At this stage, it will be too late to remedy any defects. We therefore need to ensure that our strategies can deliver the desired outcomes. Proper planning and housekeeping are therefore vital to avoid a spectacular strategic failure.

David Glen

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15/07/2026

Debunking Social Security and insurance
The existence of a sound social security system does not mean the government can or will meet the financial needs of people after an accident, illness, or death. Yet it is not surprising to hear that many people out there believe this is the case. Many Australians may be un-insured or under insured.
One of the advantages of living in a first world, developed nation is that we have universal health care and a social security system that provides basic levels of care for all Australians.

Yet, sadly, there is a persistent belief the social security system extends to providing financial support in the event of long-term illness, accident, or death.

Debunking the myth of the social security lifeline can go some way to helping you understand why being uninsured, or under-insured could leave you, and your family, in severe financial difficulty.

The tragedy of this belief is that people may not plan for the unexpected, nor put in place debt redemption strategies, and they do not allow for liquidity in their estate or investment planning if something tragic happens to them.

The following is a list, broken down in categories, of the things the government or social security will not do for people, their families, or businesses:

Medical Expenses
• Pay for special medications or treatment.
• Pay extra money for health emergencies.
• Pay a lump sum for a defined event or illness.
• Cover all a person’s last illness or final death expenses such as funerals, medical expenses, or hospital occupancy.

Family Debt
• Pay off a mortgage to ensure the family has a home.
• Pay off credit card or store debts.
• Pay extra income to a widow.
• Pay extra money for children’s education or health needs.
• Provide and pay for children’s education expenses.
• Pay local government, water, gas or electricity rates and costs.

Business Debt
• Payout business partners
• Redeem business debt.
• Extinguish overdrafts on draw down facilities.
• Extinguish debts on death.
• Extinguish debts in the case of long-term disability.

It is important to remember the social security system will not deal with these issues and even where it does supply financial support it will fall short of a properly constructed protection plan, which can do all the above when purchased, completed, and owned properly.

This list paints a grim picture of what will not happen if you fail to take up adequate insurance cover, but a financial adviser can assist in working out what is required.

Why You should have life insurance because you:
…have debts like a mortgage, credit cards or personal loans secured against assets to third parties.
…have dependants where expenses and debts can be quite large over a number of years. These costs include everyday living expenses and future promises of education or a start in life.
…are healthy and now is the best time to get non-cancellable contracts for full cover at standard rates. Waiting till later could mean exclusions, loadings, or outright refusal because of health issues.
…are the homemaker, especially if you have children. It costs a lot more than the average weekly wage to employ someone to do the all the work and running around you do out of love.
…are in a relationship and both in paid work. If you need two incomes to support your debt and lifestyle you need to cover that capital cost.
…have children from a previous relationship. Blended families and extra responsibilities create a greater need for protection for those whom you love who may no longer reside with you.
…have aged parents or dependant relatives. Caring for those older or not as fortunate is a big responsibility that takes love, time, and money, especially if you are not around.
…have financial responsibilities that need to be taken care of such as burial costs, private loans, income tax, rates, or credit card debts.
…are in a business partnership that has debt, liquidity, or equity positions to fulfil should death, disability or long-term injury occur for any of the partners.
…have a favourite charity, club, or cause you want to continue supporting. Many people can create immortality for themselves and longevity for their passion in life by gifting pre-ordained funds after they pass away.
…want to make bequests and final gifts to loved ones. A cash fund can be created to give loved, respected, loyal, and lifelong friends a simple thank you after you have passed on.
…want to inject liquidity into your estate for succession equality. Some estates are high in non-cashable assets like farms, land, businesses, and trusts. Life cover provides an excellent method of liquidity injection.

Serious accidents and unexpected health problems happen every day. No one is bullet proof but that does not mean the public purse will come to the rescue in a time of need.

Putting the right amount of money in the right hands in the quickest time is an economic responsibility, and no debt should last longer than the person who created it.

If you would like to review your current insurances, or receive a free quote for insurance, please contact our office. We would love to assist you in protecting you, your family, lifestyle, and income.

Need to speak to someone?
Need an accountant, solicitor, or mortgage broker?? Call us for a complimentary introduction.

Send a message to learn more

14/07/2026

Estate Planning

Estate Planning is about making sure your family is provided for and that your assets go where you want them to after you die. If you pass away without a Will your assets will be allocated as per the current legislation, this may not be in line with your wishes.

A good estate plan will:

• Ensure that the ownership and control of your assets pass to your intended beneficiaries in the correct proportions.

• Minimize tax being imposed on the income and capital gains earned on those assets.

• Protect those assets should a beneficiary be involved in any legal difficulties, for example, bankruptcy or divorce.

Essentially, a good estate plan can provide you with peace of mind and minimize potential complications for your beneficiaries.

Firstly, have you accumulated sufficient assets to provide for your family and pay off any debts in the event of your death? If you determine there is a short fall, your financial planner will be able to suggest some ways for you to make up for the shortfall.

Considering your estate planning needs, have you thought about who will inherit your assets, which assets they’ll inherit and in what proportions?

If you are injured and unable to control your investments, have you chosen someone to manage your affairs for you whilst you are recuperating? This is known as an Enduring Power of Attorney. It gives another person the legal power to act on someone’s behalf in relation to their financial affairs.

You should review your estate planning needs on a regular basis, and particularly when an important event occurs, such as:

• Retirement
• Marriage
• Divorce
• The birth of a child
• Death of a relative you have provided for.
• Commencement of change of employment

Each of these events can be a life-changing experience for you and your family and should trigger a consideration of your estate planning needs and objectives. At any stage of your life, estate planning is important, and it should be considered and reviewed regularly. Estate planning is an important part of your overall financial plan, and it shouldn’t be left until it is too late.

The advice contained herein does not take into account any person’s particular objectives, needs or financial situation. Before making a decision regarding the acquisition or disposal of a Financial Product persons should assess whether the advice is appropriate to their objectives, needs or financial situation. Persons may wish to make this assessment themselves or seek the help of an adviser. No responsibility is taken for persons acting on the information provided. People doing so, do so at their own risk. Before acquiring a financial product, a person should obtain a Product Disclosure Statement (PDS) relating to that product and consider the contents of the PDS before making a decision about whether to acquire the product.

Send a message to learn more

13/07/2026

Building a portfolio that meets your objectives

Investing involves more than chasing returns. The purpose of your investment strategy is to ensure you are in the best possible position to meet your goal and fulfil your financial obligations.

A typical investor will have a number of financial goals they are trying to achieve, For example, they may wish to grow their wealth over a relatively long period or time, or they may have a specific need for income to pay for holidays, education or bills.

Meeting your goals requires an investment portfolio that balances these different objectives. Choosing the right strategy for you means thinking carefully about what you want to achieve and the level of risk you are prepared to take on.

Implementing your investment strategy

Exposing ourselves to risk is unavoidable when we invest, markets move up and down, and this will impact the value of our investments over time.

If you’re a young investor, you will be better able to withstand these ups and downs because you have a longer time horizon. If you are nearing retirement or already enjoying life after work, you are more likely focused on preserving the wealth you have built up, meaning you will prefer an investment portfolio that delivers steadier returns and income.

Regardless of your age, objectives or appetite for risk, you need a high quality, diversified portfolio that is tailored to your requirements.

By diversifying your investment and prudently selecting assists based on sound research and due diligence, you can achieve your target return with an acceptable level of risk, while meeting your financial goals.

Actively managing your portfolio

Markets continually evolve over time, so taking a “set and forget” approach to your wealth may not be the best way to achieve your goals. To minimise the impact of market falls and take advantage of opportunities as they arise, you are likely to benefit from an active approach to managing your portfolio that responds to market developments snd updates your portfolio quickly and efficiently.

Change in market dynamics
Discovery of new opportunity
Rebalancing a portfolio
Immediately implementation
Continuous monitoring

Active portfolio management requires continual monitoring of market conditions and a deep understanding of how individual investment products work - including which products are best suited to a different market conditions and objectives.

Unfortunately, this requires a great deal of time, resources and expertise, not to mention the high cost involved.

Previously, advisers would take a more active role in managing their clients wealth, choosing products to invest in - usually unit in a managed fund - making changes to the portfolio over time. Clients could monitor their portfolios performance, but there was little transparency and clients had not beneficial ownership of the underlying assets.

Whenever changes were made to the portfolio, the adviser had to get the clients approval before the changes could be implemented, potentially resulting in the client missing opportunities or taking avoidable risks.

Today, thanks to new technology and a cultural step change in hoe advice is delivered, there are new and better ways for you to access high quality, risk managed investment strategies that are tailored to your objectives, give your full visibility over your portfolio, and allow changes to be implemented immediately

One such solution is known as a managed account.

So what is a managed account?

A managed account is an investment scheme managed on an investors behalf by a professional investment manager. The manager is responsible for the investment decisions, but as the investor you retain beneficial ownership in the underlying assets.

Professional investment managers manage this component of your overall portfolio in line with an agreed mandate, based on the criteria you set with your financial adviser. Managed account are overseen by a Responsible Entity (RE) whose job it is to ensure that the portfolio is properly governed and that the investment manager doesn’t exceed their mandate.

With a managed account, and changes the investment manager makes are immediately implements, so you don’t have to worry about missed opportunities or risks due to delays.

Send a message to learn more

12/07/2026

Quick Facts from GFS… Budgets

• In today's tough economic climate, it is more important than ever to budget and establish a savings plan. This is because budgeting is the best way for you to take control of your finances, save money and plan for the future.

• Sometimes it was easy to get away with a more casual approach to financial planning: you could be sure of earning enough to pay your bills, even if this meant looking for some extra overtime or taking a second job for a while. But those times are rare and wasted if you do not take advantage of them.

• A sound budget and a savings plan will help you achieve your immediate needs and long-term financial security. Few individuals or families know just how they spend their money.

• They know that at the end of their pay period - weekly, fortnightly, or monthly - it is all gone. A budget will change this. It is the direct and sensible approach to personal money management.

• Basically, a budget is a financial plan that itemises an individual's or a family's spending and helps accomplish short-term and long-term goals.

• Its main purpose is not to get you out of trouble - although it will help. Better still, it will keep you out of trouble in the first place.

• In fact, a budget is really an essential part of everyday life. Without a budget it just is not possible to cope with those unexpected bills and to see at a glance, how you can most easily cut back you’re spending.

• The ultimate aim of budgeting is to ensure that you can:

o Adequately meet all your financial commitments and
o Have some money left over to save.

• Set a savings goal that is within your reach and will not put a strain on your budget. Even if you begin by saving only a small amount each pay period, this will add up over a year to a respectable amount.

• Everyone will have his or her own savings target. But, as a general rule, we suggest you aim to save 10 per cent of your gross annual income: five per cent for short-term aims and five per cent for longer-term intensions. While this may not be practicable now, it is worth aiming to reach this goal in the future - and sooner rather than later.

• People with young families should aim to build up an emergency fund equal to three months take-home pay in case of retrenchment or emergencies. Remember:

o Your savings will help you through those difficult times and emergencies.
o Savings will free you from day-to-day money worries.
o If you have money saved, you can use it in emergencies instead of credit cards (with their high interest charges).
o By saving, you will establish a financial track record, which will be important when you apply for a loan for a major purpose (house, land or car).
o Your longer-term savings will help you build up income-producing investments for a better, more secure lifestyle.
o By saving and investing responsibly, you will contribute towards Australia's future by helping to create a national savings pool to fund our development and reduce our dependence on foreign capital.
o A dollar saved is a dollar earned

• Deciding to budget does not mean that you have to cut out spending on discretionary items that are important to your lifestyle.

• But you should be realistic about them and become a disciplined shopper (as well as a disciplined budgeter). This will help make your money work better for you. Here are just a few ideas on this important topic:

o Consider buying lower priced "generics" or items of a similar nature to your regular purchases.
o Switch to less expensive versions of goods or services.
o Shop harder for the best possible deals on items you must have.
o Avoid buying items that are of limited value to you or your family.
o Become a comparison shopper: watch the advertisements and be aware that prices vary from day to day on a whole range of goods from furniture to food.
o Watch for genuine sales and specials.
o Deal with shops, which offer good service and will take goods back without argument if they are unsatisfactory.
o Shop for seasonal specials and stock your freezer. But buy in bulk only when you know you can use everything you intend to buy - otherwise you will have to throw a lot of it out. Waste is costly.
o Phase your purchasing of big items like furniture and major electrical goods over three to five years and buy only when you really need and can afford the items.
o Think about buying good second-hand items - check-out auctions and garage sales.
o If you are holding money in a special savings account, you can often use it to pay for an item - and get a discount for cash.
o Buy Australian-made goods in preference to imports - buying Australian helps save jobs and reduces the nation's overseas payments and debt problems.

• But you should be realistic about them and become a disciplined shopper (as well as a disciplined budgeter). This will help make your money work better for you. Here are just a few ideas on this important topic:

o Consider buying lower priced "generics" or items of a similar nature to your regular purchases.
o Switch to less expensive versions of goods or services.
o Shop harder for the best possible deals on items you must have.
o Avoid buying items that are of limited value to you or your family.
o Become a comparison shopper: watch the advertisements and be aware that prices vary
o from day to day on a whole range of goods from furniture to food.
o Watch for genuine sales and specials.
o Deal with shops, which offer good service and will take goods back without argument if they are unsatisfactory.
o Shop for seasonal specials and stock your freezer. But buy in bulk only when you know

• You can use everything you intend to buy - otherwise you will have to throw a lot of it out. Waste is costly.

o Phase your purchasing of big items like furniture and major electrical goods over three to five years and buy only when you really need and can afford the items.
o Think about buying good second-hand items - check-out auctions and garage sales.
o If you are holding money in a special savings account, you can often use it to pay for an item - and get a discount for cash.
o Buy Australian-made goods in preference to imports - buying Australian helps save jobs and reduces the nation's overseas payments and debt problems.

• Try to be as realistic as possible. Do not make the budget so tight and demanding that it will be impossible to achieve your goals. Do not make it too generous - or you will destroy your incentive to budget and save. Be flexible - but disciplined.

• Partners should budget together. But involve everyone in your household - tell them about your budget and savings goals and why it is so important to achieve them.

• Do not be discouraged if you cannot get your budget to work - try again. Once you have set up a workable budget, you will find that budgeting becomes a habit.

Today is the best day to begin budgeting.

• There are two main items to consider: your INCOME and your EXPENDITURE.

• In the section headed INCOME, list all your incoming money (after tax).

• Expenditure:

o When you begin compiling your expenditure, it will be helpful if you have by you all the receipts from last year's bills that you can find.

o If you do not have these, keep a detailed list of your spending over the next few months. If you see some items that you can cut back on, note them for future attention.

o If you look after your possessions, they will last longer. Money spent on maintenance to extend life of a costly item can be money saved.

o Learn to be a good supermarket shopper. Make up a shopping list - and stick to it. Avoid impulse buying. Once in a while it is OK to buy something you do not really need. But if you let impulse shopping get out of hand it will overload your trolley and destroy your budget.

o When you have completed your Budget, add up all your income and expenditure and subtract the expenditure total from the income total. What is left over is your spare money for the year.

o As this is a yearly figure, you will need to divide this by 52 to bring it down to a weekly figure, by 26 to make it fortnightly or by 12 to make it monthly. This money is yours to spend or to save; we suggest you save it each pay period.

• You may find that you have a shortfall - in fact that you are spending more than you earn.

• If this is the case, you will need to go back and reassess your expenditure or, look for ways to increase your income. You may have made a mistake with your calculations. Or you may need to cut down on some area of your spending: entertainment, gifts, clothing, and luxury items.

• It is better for you (or your family) to make these decisions, rather than have them taken out of your hands.

• This will enable you to see at a glance the payouts you will have to make each month to the nearest dollar. This means you can calculate the minimum amount you need to have available to meet your bills.

• Some months you will be more heavily committed to repayments than in other times of the year. Be sure you are adequately covered so you will not be short of money.

The advice contained herein does not take into account any person’s particular objectives, needs or financial situation. Before making a decision regarding the acquisition or disposal of a Financial Product persons should assess whether the advice is appropriate to their objectives, needs or financial situation. Persons may wish to make this assessment themselves or seek the help of an adviser. No responsibility is taken for persons acting on the information provided. Persons doing so, do so at their own risk. Before acquiring a financial product, a person should obtain a Product Disclosure Statement (PDS) relating to that product and consider the contents of the PDS before making a decision about whether to acquire the product.

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