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56. Cash Flow and Budgeting Plan

360 Money Matters

Release Date: 09/20/2022

161. Purchasing a Property Using Super show art 161. Purchasing a Property Using Super

360 Money Matters

Welcome back to another episode of the 360 Money Matters Podcast!  In this episode, we discuss the intricacies of purchasing property using superannuation, particularly through a Self-Managed Super Fund (SMSF). We outline the fundamentals of SMSFs, including the flexibility they offer within the confines of superannuation legislation, as well as the responsibilities involved, such as managing contributions and undergoing annual audits. Also, we cover the costs associated with establishing an SMSF and the potential for property investment, emphasizing the strict regulations that prohibit...

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160. Refinancing Considerations show art 160. Refinancing Considerations

360 Money Matters

Welcome back to another episode of the 360 Money Matters Podcast!  In this episode we discuss the key considerations around refinancing a mortgage, especially in light of potential interest rate reductions. We cover various factors, including negotiating with your existing lender, the "loyalty tax," and the pros and cons of fixed versus variable rates. Also, we dig deeper into using offset accounts, interest-only loans, and the importance of having a strategy for debt repayment. Finally, we emphasize being mindful of loan terms when refinancing, as extending the loan period can result in...

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159. Choosing The Right Superfund show art 159. Choosing The Right Superfund

360 Money Matters

Welcome back to another episode of the 360 Money Matters Podcast!  In this episode, we discuss the importance of paying attention to superannuation, as 12% of an employee's income is allocated to it. We explain that superannuation is a tax-effective trust structure designed to help grow wealth for retirement. Also, we explore various types of superannuation funds—industry, retail, wrap platforms, and self-managed super funds (SMSFs)—highlighting their differences in investment options, insurance, and complexity. Furthermore we emphasize the need to review your super fund as life...

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158. Market Wrap show art 158. Market Wrap

360 Money Matters

Welcome back to another episode of the 360 Money Matters Podcast! We are back again with our monthly ‘Market Wrap’ segment. In this episode, we discussed the significant movements in the investment markets, highlighting the 5.18% rise in the S&P 500 over the last month, driven by factors such as East Coast dockworkers' strike resolutions and U.S. interest rate cuts. Additionally, we touch on China’s economic stimulus efforts, its potential global impacts, and the Australian market's growth. Furthermore, we tackled into the potential effects of the upcoming U.S. election on the...

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157. Downsizing as a Retirement Strategy show art 157. Downsizing as a Retirement Strategy

360 Money Matters

Welcome back to another episode of the 360 Money Matters Podcast!  In this episode, we explore downsizing as part of a retirement strategy. We discuss why retirees often choose to downsize, such as reducing space and maintenance needs, and the financial benefits like unlocking equity from the family home to boost retirement income. The downsizer contribution allows those over 55 to contribute up to $300,000 (or $600,000 for couples) to their superannuation, providing tax-free retirement income opportunities. Lastly, we touch on strategies like purchasing a downsized property early to...

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156. Growing Your Superannuation show art 156. Growing Your Superannuation

360 Money Matters

Welcome back to another episode of the 360 Money Matters Podcast!  In this episode, we discuss superannuation and the strategies for growing it effectively. We address the importance of starting early, making consistent contributions, and understanding the tax advantages associated with superannuation. We answer common questions, such as why superannuation is a powerful investment tool and the benefits of tax-free income during retirement. Additionally, we highlight the importance of balancing super contributions with other financial priorities, like debt repayment or personal...

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155.  Investment Mistakes to Avoid show art 155. Investment Mistakes to Avoid

360 Money Matters

Welcome back to another episode of the 360 Money Matters Podcast!  In this episode, we discuss common investment mistakes that many investors make and how to avoid them. We highlight the importance of having a long-term investment timeframe, setting realistic expectations, and not getting caught up in market noise. We also emphasize the value of diversification to manage risk and the significance of time in the market over trying to time the market. Additionally, we explore the risks of not investing, the importance of controlling emotions, and the need for a clear investment...

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154. Market Wrap show art 154. Market Wrap

360 Money Matters

Welcome back to another episode of the 360 Money Matters Podcast! We are back again with our monthly ‘Market Wrap’ segment. In this episode, we discuss the latest market trends, focusing on various global and domestic economic factors impacting investment decisions. We begin with a wrap-up of the U.S. market, highlighting a 4.36% increase in the S&P 500 driven by optimism around potential interest rate cuts by the Federal Reserve. We then touch on the Australian market, noting a 2.05% rise in the ASX 200, despite fluctuating commodity prices and uncertainties surrounding the RBA's...

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153. Do I Sell Property in VIC show art 153. Do I Sell Property in VIC

360 Money Matters

Welcome back to another episode of the 360 Money Matters Podcast!  In this episode, we discuss the current state of the Victorian property market. We explore the growing concerns among property owners about whether to sell or hold onto their properties in Victoria, driven by a recent dip in the market and policy changes, particularly regarding land tax and rental standards. We also analyze historical growth rates, compare Victoria’s market performance to other Australian states, and discuss the long-term prospects for property investment in the...

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152. Debt Recycling show art 152. Debt Recycling

360 Money Matters

Welcome back to another episode of the 360 Money Matters Podcast!  In this episode, we discussed the concept of debt recycling, a financial strategy that allows individuals to pay down their non-deductible debt, such as a home mortgage, while simultaneously investing to build deductible debt, which can provide tax benefits. The strategy involves using equity from one's home to invest in income-producing assets like shares. Over time, the income generated from these investments is used to pay down the non-deductible debt, while the investment debt increases, effectively converting...

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More Episodes

Welcome back to another episode of the 360 Money Matter Podcast! In the previous episode, we gave you updates on the investment market and the factors affecting it. 

In this episode, we’ll be sharing proven strategies to help you develop your cash flow management and budget strategy skills. It all begins with being realistic about your financial situation and expectations. From there, you’ll be able to clearly see your income and expenses and reflect on how you can improve the way you handle your finances. We will talk about strategies such as setting a realistic budget, the bucketing strategy, reviewing and improving your structures and many more. These are all to help you become more confident with your money management. 

This podcast contains information that is general in nature. It does not take into account the objectives, financial situation, or needs of any particular person. You need to consider your financial situation and needs before making any decisions based on this information. This information is provided by Billy Amiridis &  Andrew Nicolaou of 360 Financial Strategists Pty Ltd, authorized representatives and credit representatives of AMP Financial Planning – AFSL 232706

 

Episode Highlights:

  • The factors affecting the increase in cost of living
  • The gateway to wealth creation
  • Setting a realistic budget
  • The bucketing strategy 
  • 2 Key buckets that you should have in your cash flow strategy 
  • Keeping your expenditure in line with your income increase
  • How often you should review your structure
  • Becoming more confident with your money management 
  • Things to do to help maximize your budget and cash flow
  • Budget Fatigue
  • Separate Savings account
  • Finding the balance between budgeting and living

 

Connect with Billy and Andrew!

360 Financial Strategists

 

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