New Year, New Budget

Holidays give people time to kick back relax and reflect. Freshwater Financial Services hopes they will also take the opportunity to consider their cash flow.

COVERED. spoke to one of the company’s owner Sean Richardson about how best to get your books in order.

Holidays given people the extra time to look at their situation. This is coming after the end of the year when they have spent money in a concentrated rush before Christmas.

Sean says that he and the team are back at work from January 9 and happy to see clients wanting to plan a new direction for their finances.

“People need to understand the economics of their decisions and not the emotions,” he explains.

Sean says that low interest rates has led some to mistakenly believing it is the right time borrow. “The only way you can borrow more money is if you earn more money. Just because the rates are coming down it doesn’t mean you can borrow more. It is actually harder to borrow today than it has been previously. There is no such thing as easy money.”

He says credit card debt can really restrict a person’s ability to borrow. Before attempting to borrow more they have to consider their:
-    Existing personal loans
-    Credit card debts
-    Store card balances
-    Existing car loans

“People have to be realistic about their living costs. We have to counsel people about their day-to-day living costs. It’s about educating people about what their real finances are,” explains Sean.

He urges people to contact their lenders regularly to ensure they are getting the best possible rate and deal available. “If you have no success then we can come in and help. You have to take care that you are not falling between the cracks. We have a real emphasis on looking after existing customers,” he adds.

“You have to understand your cashflow and your budget. I think the more people that understand that the more empowered people are to make a change.”

Budget templates are available on the website and the team at Freshwater Financial is available to assist with budget planning, recycling and consolidating debt. Visit their SERVICES page for detail regarding their suite of solutions

Freshwater Financial Services
Unit 4, 6-8 Lawrence St Freshwater 2096
02 9907 4624 //