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Eastwoods named the Licensee Select SA Practice of the Year!

Congratulations to the Eastwoods Group a subsidiary of Community CPS Australia Ltd who recently won the Licensee Select SA Practice of the Year 2012.

Licensee Select is a division of Westpac and provides various financial planning support services to independent financial planning firms across Australia.

Eastwoods Wealth Management has previously won five SA/NT state based awards and has won the “Licensee Select National Practice of the Year” award 2012.

By winning the State award Eastwoods is now eligible for the national title which is announced in April.

The award represents an outstanding team effort dedicated to the provision of quality financial planning advice across Australia. I’m very proud of my team and the service we provide our clients.

John – General Manager Professional Services

Posted on March 21, 2012 Financial News & Updates Investing Money Expert Saving Tax Advice Leave a Comment

Getting started the key to minimising debt

Reducing interest charges and repaying or consolidating debts is a focus for many people who are keen to better manage their finances.

The key is getting started. The first step should be creating a budget so you know exactly where your money goes. Read more…

Posted on March 1, 2012 Financial News & Updates Money Expert Saving Leave a Comment

Credit card myths – and how to spot them

There are a lot of credit card offers out there, from banks, credit unions, building societies, airlines and department stores, to name a few, but how do you identify the really good offers from the rest?

Here are a few tips to help you spot some of the credit card myths: Read more…

Posted on February 20, 2012 Financial News & Updates Money Expert Saving Leave a Comment

Teaching children the value of a dollar

Credit cards, ATMs and EFTPOS have made our lives easier in one respect, but spare a thought for the challenge our cashless culture poses to parents. Teaching children the value of money today requires care, persistence and setting a good example. Read more…

Posted on February 8, 2012 Financial News & Updates Money Expert Saving Leave a Comment

#1 Clubs, Groups & Charities Fundraiser Tool for 2012

We know you have spent many Saturdays turning sausages for your local footy team or filling your freezer with pies or lamingtons after the inaugural bake sale.

Now there is an easier way to fundraise for your local not-for-profit club, group or charity- the Community Reward Account. Read more…

Posted on February 2, 2012 Community Financial News & Updates Money Expert Saving Leave a Comment

Managing the Christmas credit card hangover

It’s that moment in the New Year that so many Australians dread – the credit card statement that clearly spells out how much you’ve spent at Christmas.

Many consumers get caught up in the Christmas spirit and arrive in the New Year with credit card balances they simply can’t pay off. Read more…

Posted on January 20, 2012 Financial News & Updates Money Expert Saving Leave a Comment

Give your accounts a health check!

The start of the year is an ideal time to give your bank accounts a quick health check.

You may have made a certain New Year resolution such as getting out of debt or buying a house, or you simply may want to ensure you are receiving the maximum benefits out of your current situation. Either way, regular reviews of your bank accounts can provide you with valuable extra savings. Read more…

Posted on January 10, 2012 Financial News & Updates Money Expert Saving Leave a Comment

New Year’s investment resolutions

Over the holiday season many of our members will be thinking about their finances and making New Year’s resolutions to improve them.

We have highlighted the top 10 investment tips to help meet your longer term goals. Read more…

Posted on January 6, 2012 Financial News & Updates Investing Money Expert Saving Leave a Comment

Keeping a lid on Credit over Christmas

The festive season is synonymous with overindulgence. But along with some unwanted kilos, Christmas can also leave us lumbered with a bloated credit card debt.

The pre-Christmas spending season traditionally sees Australians give their credit cards a solid workout. Last year we collectively spent $3 trillion more on our cards in November and December than in any of the previous ten months.*

Rather than undo all the healthy budgeting efforts made during the year, some simple strategies can help you keep credit under control over the festive season. Read more…

Posted on December 19, 2011 Financial News & Updates Money Expert Saving Leave a Comment

99 days ‘til Christmas – are you ready?

With only 99 days left until Christmas Day, it is time to kick start your savings plans to avoid falling into the festive season debt trap.

With the direction of future interest rates uncertain and the continually soaring energy and grocery prices, the Christmas period is the time when families are most likely to under estimate the financial burden.

Often people forget about the myriad of other expenses beyond presents, such as food and drinks and of course any travel expenses such as petrol and accommodation.

The good news is that it’s never too late for those who haven’t yet considered budgeting for the Christmas period and offers the following tips:

Reflect on last year … consider how much you spent last year and what you could have done without. How much difference will it really make?
Make a list … make a list of all the expenses you can foresee during that period, including presents, food, alcohol, flights, accommodation and decorations.
Draw a line … buying Christmas presents can be the most costly of all, so allocate an overall budget for presents and divide it among your list of friends and family and stick to it.
Do it differently … as families grow so does the financial outlay for presents. Consider doing a draw whereby you only buy for one immediate family member.
Plan ahead and do your research … write down who you’re buying presents for and what you’re wanting to buy before you step foot in a shop to avoid buying on impulse.
Avoid getting swept up … it’s easy to get swept up in the moment and buy things that were not originally budgeted for or spend a little over the budgeted amount – it all adds up.
Think outside the square … why not take the opportunity to show your creative side. Often things you make yourself are more personal than something you’ve bought in a store.
Keep track … hold on to receipts so you know exactly how much you are spending which could assist with budgeting in the future.
Be a bargain hunter … don’t be afraid to take advantage of the pre Christmas sales, no matter how far out from Christmas they are.
Avoid credit … avoid using high interest credit cards or store cards unless you know that you will be in a position to pay it off. If in fact you must use credit, choose a personal loan so the amount is fixed and will not blow out as it can with a credit card. It also gives the advantage of shopping with cash and achieving a better discount on a chosen item.
Start now … start your savings today. Check to see if your credit union or bank offers a high interest Christmas savings account that automatically deducts money from your pay to give you a lump sum in time for Christmas.

To make saving for Christmas a little easier, we have developed an easy-to-use online budgeting calculator, together with a Christmas Club Account designed to help members save for their Christmas related expenses.

The Christmas Club Account features a limited access option, a higher rate of interest, no monthly account keeping fees and the option of having part of your wage deposited directly into your account.

“No one really notices a small amount deducted from their wage each week, and it’s comforting to know that when December comes around you have a lump sum ready to spend without having to rely heavily on credit cards,” Mr Matters said.

“The last thing we want people to do is start 2012 with financial difficulties so we’re advising people to start their planning now.”

Posted on October 2, 2011 Money Expert Saving Leave a Comment

Don’t put all your eggs in one basket

Understanding investment risk is vital for the development of a successful investment plan. While every investment has potential risks, they can be managed and minimised.

One way of minimising risk is to diversify your investments. Put simply, to diversify means not putting all your eggs in one basket! By spreading your investments across a diverse range of assets, your overall risk may be less compared to investing in a single and possibly volatile investment. Diversified investments can help you to manage risk without forgoing returns.

There are various ways in which this can be achieved.

One way of diversifying could be to spread your investments amongst various asset classes such as shares, property, fixed interest and cash. The low correlation to each other – meaning the performance of one class is not affected by the performance of the other – helps reduce volatility in your portfolio because these different assets respond to different market trends at different rates. Therefore, having a portfolio diversified among different assets creates more consistency and can improve overall portfolio performance.

Another way to diversify is within the asset class, for example, if you are looking to buy some shares you could consider buying them in different companies. To eliminate even more risk, it is also important to consider the industries these companies operate in to determine if they are too closely correlated with each other. In other words if you buy shares in three different oil companies, the risk is almost the same as investing in just one of those companies, as the industry factors that affect one oil company are most likely to equally impact all companies within the oil industry. For example, if the price of oil drops, it is probable this will have a negative impact for most oil companies.

It is not advisable to put all your eggs in one basket when it comes to your investments and the financial markets. Diversifying your investments helps you spread your risk, so that a loss on one investment may be balanced out by a gain in another.

Understanding your tolerance to investment risk is a good first step in taking action to diversify your investments. It is recommended before making any investment decisions that you speak with a financial planner who can help determine your risk profile and see what’s right for you.

Posted on July 23, 2011 Financial News & Updates Investing Money Expert Saving Leave a Comment

10 ways to cut your budget

While mortgages, loan repayments and bills are a fact of life there are many ways to cut your budget. This includes the more obvious ones such as spending less on clothes and entertaining, but there are also other small changes you can make to your daily spending that will result in savings for you. The best way to start this process is to revisit your budget and determine where your money is going – this will then allow you to make little changes, saving you money without affecting your lifestyle.

Review your mortgage – check the interest rate and regular fees on your mortgage and compare it with other providers to determine if now is a good time to refinance to save costs. Keep in mind that refinancing and switching financial institutions can incur fees, so make sure you include this in your calculations.
Check your credit card’s interest rate and interest-free period. If you only get 30 days interest-free, look at changing to a card with 55 or 60 days. And if you can’t pay it all off, take advantage of a balance transfer to a lower interest rate credit card.
Pay off your debt – know what interest rates you are paying on your loans and work to reduce the balances of those charging the highest rate of interest first.
Get insurance quotes from various insurers to see how much you can save on your home and car insurance. Many providers will offer a discount if you take more than one policy with them.
Investigate whether bundled services for your home phone, mobile phone and internet might save you money.
Switch to compact-fluorescent bulbs, and turn them off when not needed. Turn off TVs, computers and other electrical appliances when not in use.
Use shades, blinds and drapes to regulate your home temperature: Keep them open in the winter to let in light and drawn in the summer to block the sun’s rays. Also, turn up your cooling, or your heating down, a degree or two.
Wash only full loads of dishes or clothes.
Bring lunches and snacks to work.
Organise a car pool to travel to and from work, and try to avoid expensive car parking.

Posted on April 21, 2011 Financial News & Updates Home Loans Money Expert Saving Leave a Comment

Are your retirement plans safe?

If you are approaching retirement you should consider protecting your retirement plans and finances by ensuring your children have sufficient cover for their own families.

In the event something was to happen to your son or daughter which left their family without any means of support, it would most likely be you who the family turns to for support.

Circumstances such as this could place serious financial pressure on your retirement funds and in turn your overall retirement plans, as it did for David and Susan.

David was 15 when he started an apprenticeship at his local steel works. Forty years later, he was still working at the same factory.

His wife Susan had kept the family ticking along, having raised four children to become independent adults with their own families.

After a company restructure was announced, David took the opportunity to ask for a redundancy and succeeded in getting a healthy redundancy package. This, together with his superannuation and accumulated benefits, meant David and Susan were sitting pretty for an early retirement.

Both David and Susan viewed this as a great opportunity to enjoy time with their grandchildren and to travel around Australia.

On Boxing Day of that year, David’s eldest son Rodney had a massive brain haemorrhage and passed away.

And because he was young and didn’t see the need for any life insurance, Rodney left his wife Erin and their three children without any means of support.

As any parent or grandparent would, David and Susan took in Erin and the kids into the family home.

The unplanned financial impact on David, Susan and their retirement plans was devastating and they were unable to do most of the things that they had hoped 40 years of work would allow them to do.

Whether you are already retired or about to retire, talk to your son or daughter about their financial obligations, and make sure they have a plan in place to protect their family’s financial future.

Posted on April 14, 2011 Financial News & Updates Investing Money Expert Saving Tax Advice Leave a Comment

Tips for saving for your first home

Establish a plan – how much will you need?

Do some calculations and figure out how long it will take to save your ideal amount.

Break down your goal into monthly or weekly amounts, so you can track your progress. To ensure saving doesn’t seem like a never-ending ordeal, set yourself a time limit to save for a deposit.

Seek as much advice as possible from experts such as financial planners, accountants and your financial institution. Rather than simply saving, you may be able to negatively gear into investments such as managed funds, thereby using the tax advantages to help your savings grow.

First things first – clear those credit cards!

Credit cards can be an expensive means of borrowing, and you should eliminate credit card debt if you are serious about your savings plan.

Cut down those expenses

Set yourself a budget and keep records so you can track exactly where your money is going.

Small sacrifices along the way certainly help. For instance, using public transport, taking your lunch into work and controlling the use of your mobile phone.

Establish a good savings history

Start a separate savings account to the one you use on a daily basis, so you are not tempted to use it for everyday living and transactions. Think of it as a deposit account and choose one that rewards your savings with a high interest rate return, such as a term deposit. Make sure there are no account keeping fees that will eat into your savings.

Getting to know your financial institution

Establish a relationship with your financial institution so that they are aware of your disciplines, repayment capability and employment history.

Borrow within your means

Make sure you borrow within your means. Speak to your financial institution and work out what you can really afford to pay as a monthly repayment. You need to be able to still enjoy your life – purchasing a property is a great achievement, but it is not worth sacrificing your happiness.

Understand the financial matters within home ownership

The first home owners grant of $7,000 provides a great start for first time borrowers. However, you also need to allow for associated costs such as borrowing fees, conveyancer costs and other adjustments. A good financier should willingly provide you with guidance and advice in planning for these and other ongoing costs of first home ownership.

Posted on March 15, 2011 Financial News & Updates Home Loans Money Expert Saving Leave a Comment

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