When you’re juggling a busy, demanding career, managing your finances doesn’t always get the attention it deserves. But your money should work as hard as you do. Here are some tips to help you stay on top of your finances and get the most from your money.
Set some goals and make a plan. Many people simply manage their finances on a day-to-day basis without a longer-term vision. Money is a means to an end, so your financial plan should focus on ensuring you have the means to achieve your short, medium and long-term goals.
Create a budget. Even for those with a large disposable income, budgeting is important. Knowing exactly where your money is going gives you control and helps ensure your finances are being focused on the things that are really important. Use ANZ’s budget planner for help.
Make saving and investing a priority. It’s easy to forget these things, particularly if you’re earning a significant income. But just as looking after your health and wellbeing is key to a balanced lifestyle, so is looking after your finances.
Get professional advice. The best advice is personalised to your specific situation and goals. For example, at ANZ Private each client has their own Private Banker who will tailor their approach to each client’s unique ambition.
Learn about investing and investment markets. When it comes to investing, knowledge is power. It will also help avoid costly investment mistakes or opportunities that are ‘too good to be true’.
Understand your risk profile. Before making any investment decisions, you should work out your tolerance for risk. Financial markets can be volatile – so it’s important to choose the right fund for your goals and risk appetite. As a starting point, you can use ANZ’s Risk Profile Questionnaire, which provides class advice of a general nature.
Don’t put all your eggs in one basket. Consider diversifying your investments across different markets and asset classes. It may help protect against fluctuations in some investments while taking advantage of growth in others. ANZ has funds which are what is known as ‘multi-asset’, so when you invest, you’re exposed to a diverse mix of asset classes. This improves the potential for investing in the best-performing asset class and reduces the impact of the worst-performing asset class.
Protect your financial wellbeing. You can’t predict what will happen, but you can manage the impact of unexpected events. Appropriate insurance protection should be a part of any financial plan. This should include your most important assets – your family, your income and your property.
Take advantage of technology. You can do most day-to-day banking tasks via Internet Banking or banking apps like ANZ goMoney, giving you flexibility and saving you precious time.
Review your finances regularly. Things change, so sit down at least annually to review your progress towards your financial goals and make adjustments if you need to. It can also be valuable to get an independent perspective, like that of your accountant or Private Banker.
Registration is required for ANZ goMoney, ANZ Internet Banking and ANZ Phone Banking. Telephone, mobile operator and internet service provider charges may apply to these services. Eligibility criteria and terms and conditions apply.
If you’d like to get in touch with an ANZ Private Banker to discuss your financial goals, contact Private Banker Lindsley Toh at Lindsley.Toh@anz.com or on 09 252 2785 and she will put you in touch with a Private Banker in your region.