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Personal Finance Management: Keeping the Wolf from the Door

Cash flow management is critically essential in today’s turbulent financial environment.

Yet more and more families are losing the battle to stay financially strong with huge stresses on relationships and peace of mind.

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In fact nearly one in two Australian families when presented with a financial crisis would not have sufficient funds to last 30 days!


If too much money is spent, the shortfall gets added to the existing debt - either on a credit card or line of credit. As the debt amount increases, more of the money coming in goes to paying the debt. This, in turn, leaves less money for spending, which further increases the debt.

This is a vicious cycle.

When it comes to budgeting for your entire household and all members of your family, it is even more important to plan a budget so you can avoid this scenario from occurring. This is because the larger the family the more important it is to have a pool of funds on which you can draw for emergencies and luxuries. Not to mention the risks of the main bread winner losing employment and the entire family having to rely on social security.

This kind of scenario puts your mortgage at risk, the family car at risk and even the children's school fees at risk. Before you know it, you are living from hand to mouth and struggling just to put food on the table.

Money management is a lot more than just making sound spending decisions. It is about checking and re-checking everything that you do money wise.

Planning a budget, restricting and even cutting expenses, putting a specific amount away each month for a dedicated and untouchable savings plan and checking your expenditure are all important.

Simple errors on the part of your financial institution or the retail stores that you shop at can cost you money that you simply have not spent. So one of your most important home budgeting strategies, then, should involve checking and rechecking all of your expenses. This can be time consuming so we encourage you to ensure that you have access to your banks PC banking system so that you can do this from the comfort of your home.


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“Your physical health – there is a direct link between your physical well being and your financial well being. Health is clearly an important matter for people of all ages and undeniably there is a strong correlation between health and wealth." Craig Meller, AMP Financial Services.



On one hand, there is good debt where you borrow to invest and your investment grows in value or earns money. Good debt actually works for you. On the other hand there is bad debt where you borrow for a car, boat or use a credit card to buy items that depreciate in value and don't earn you any money. You lose twice here - the capital value and the interest you've paid.

That's why before you start accumulating assets, it's important to check what you owe - how much, in what form and at what interest rate. Then you can see whether you can arrange your debt more efficiently.

Debt Relief



Start today, by completing our lifestyle finance assessment form and send it to us or just call us to help you review your financial situation.

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