Financial savings advice & planning

With the right approach and sensible planning, it's possible to achieve personal goals - from paying for a car or wedding to taking an overseas holiday. With some simple strategies in place you can take financial control and start ticking off your personal wish-list.


What is cashflow management?

Cash flow management is the process of tracking of your incomings and outgoings. It allows you to predict how much money is available in the future and how much money you will need to cover costs. 

How can a financial adviser help me manage my cashflow?

A financial adviser can identify areas in your cash flow where you can potentially save on costs, reduce debt, and maximise your income.

As part of the service our advisers offer, you'll receive access to FinChoice MoneyTrack - an innovative solution designed specifically to help you better manage your money. 

FinChoice MoneyTrack is powered by Moneysoft, a state-of-the-art cashflow management and budgeting solution that supports the strategic financial planning process. It automatically retrieves and reports on your overall financial position, all in one easy-to-use platform. 

Steps we guide you through along the way

Setting financial goals

We all have goals – things we’d like to achieve for ourselves and our families. A key starting point in turning goals into realities is writing down what you’d like to achieve. This provides something concrete to work towards.

Give your goals a timeframe

Now, divide your goals across timeframes.

For instance, you may want to buy a car in 12 months; have sufficient funds for an overseas trip in two years, or be ready to buy a first home or upgrade your current home in five years.

Draft a road map

It’s likely you’ll need to build personal savings to fund your goals and it’s important to develop a road map that sets out the specific actions you need to take here.

A more specific financial savings plan generally works better as a guide, planning to ‘save more’ can be very vague. A more effective approach is to set concrete actions like “I plan to save $50 each week”.

Budget for success

Most goals cost money, making it essential to build a pool of savings. That means spending less than you earn and the most effective tool for this is a household budget.

Your budget will show how much income you earn; how much you spend – and highlight areas where cutbacks can be made to set aside savings to fund your goals.

Once your budget has pinpointed how much you can save on a regular basis, the next step is to transfer those savings to a suitable savings account or investment. It’s an area where expert money saving advice can help, letting you select the investment best suited for your goals and tolerance for risk.

Create an emergency fund

An emergency fund or a ‘rainy day’ fund can help you avoid the financial stress during unforeseen circumstances.

A good rule of thumb is to create an emergency fund that can cover your expenses for a period of 3-6 months in the case you are unable to work or out of employment. Also account for irregular expenses within this budget including car related expenses, insurance and big purchases. Putting a little bit of money away from each paycheck the moment you get paid can help you grow it long-term.

Track your progress

Staying up to date with your savings process will tell you whether you’re on target to meet those goals. Some fine tuning may be necessary so it pays to maintain a flexible outlook.

To get help with your savings plan, talk to your local expert today.

Key stages to our service

1

Initial discussion and review of your cashflow

We can analyse your cashflow to help you find ways to save on unnecessary expenses.

2

Maximising your future savings

Some savings accounts have strings attached that only let you earn a decent interest rate if you meet strict conditions. We can pinpoint the savings accounts that will work well for your circumstances.

3

Personalised plan

Creation of a personalised plan, tailored to your individual circumstances.

4

Regular reviews and feedback

Regular reviews and coaching to help you achieve your objectives

How can MoneyTrack help you?

FinChoice MoneyTrack offers real-time information, safely and securely collected from your banking and financial accounts, to provide a true and accurate picture of your financial situation.

All your information in one place

Consolidated view of all your banking balances, investments, superannuation and savings - as well as all of your liabilities, such as bank card balances, leases, home loans and business loans.

A quick snapshot of how you are tracking

Daily calculation of your regular income and expenditure.

Better collaboration with your adviser

FinChoice MoneyTrack facilitates productive collaboration between you and your financial adviser. For example, you can set and track financial goals and then conduct periodic reviews with your adviser to make sure you’re on track.

Access to more detailed reports

A wide variety of reports are included for you and your adviser e.g. benchmarking reports give you and your adviser unique insights plus the ability to review and compare financial behaviour and performance.


Manage your money better

Chances are, at some stage you’ve wondered “Where does all my money go?”

If that sounds like you, you’re not alone. Around one in two Australians don’t know where their money is spent.

Watch this video for more.

Cashflow coaching service

Whether you are looking to grow or maintain your wealth into retirement, cashflow coaching is the foundation of saving and investing, and provides the backbone to any strategic financial plan.


Download now


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