GAP Australasian-Dentist Issue 80 Jul-Aug 19

Category 118 AustrÀlÀsiÀn Dentist Work hard, play hard Planning for financial projects outside of dentistry nanÀe H ow many people do you know have chosen a job that is fulfilling over a ‘meh’ job that pays well. As a dentist, you’ve chosen a particular career path and going to work each day means you get to use that profession to help someone in need. Hopefully you’re ticking that fulfilment box every day! Whatever your level of job satisfaction, it would be unrealistic to assume that we go to work without financial goals in mind. Many of us may dream of being in “that bigger house”, others just wish they had money in their account for a rainy day, some have big travel or philanthropic dreams and most are planning for retirement eventually. Àveryone’s end goal is different and you may find your goals are going to vary at different stages of your life and career. Earn more, spend less Knowing what your current goal is and what your future goals may be, will make your financial management journey easier to establish and maintain. For some, managing your finances may require you to earn more, for others it’s about spending less, or perhaps it’s a combination. Once you set that goal however, you have a purpose and a sense of achievement when you start to see that dream come to life. Review your expenses Àf you haven’t already mapped out your goals, the first place to start is in reviewing your expenses. Do you need that extra latte? Àeviewing day-to-day expenses is a good place to start! Other small changes can have a big impact. For instance: u Home, pet, health and car insurance – when did you last review your policies and are you paying too much? u Home loan – are you a victim of the set and forget mentality? Àf it’s been more than 12 months since you reviewed your current loan, it’s likely you’re due for a review. u Mobile/ Ànternet plan – when was the last time you looked for a more competitive offer? u Àubscription services – do you really need all those ÀV channels? u Gym memberships – do you even use it? u Gas & Àlectricity – providers offer incentives and discounts to move (or stay!) u Credit Cards – are you paying interest? Can you pay off your credit card bill in full instead, or switch to an interest free card and make it a priority in your new plan to pay off and close as soon as possible! A good tip is to start to record what you spend. Àhis may highlight areas where savings can be made. Implement your plan Managing your finances doesn’t need to be stressful. Àmplementing a few small changes can go a long way to helping you achieve your financial goals. u Meet with your financier to see how they can assist with reviewing your current loans u Àalk to a financial planner to review your investment goals as well as your life & income insurance u Àet up separate bank accounts to help manage your money (bills, savings, spending money) u Make sure your spouse/partner is on the same page and you both understand and agree to the new plan u Put a savings goal in place, and work your budget backwards from there. Àhere are lots of tools now available to help you, such as A CÀ’s budget planner https://www.moneysmart.gov. au/tools-and-resources/calculators-and-apps/budget-planner u Àhere are alsomobile apps available to help track your spending https://www.moneysmart.gov.au/tools-and-resources/ calculators-and-apps/mobile-apps/trackmyspend Àhe team at Credabl is also here to help! As we specialise in looking after dentists, we understand your time is limited and have a quick grasp of your requirements. We might not be accountants, but crunching numbers, is certainly our thing! We will sit down with you to run the numbers on your borrowing capacity, how much you need to save for your first home purchase, or take the time to review your current personal and professional loans. We have access to a broad range of lenders so can source and negotiate the right loan for you. u Contact us today on 1300 27 33 22 or live chat at www.credabl.com.au for an obligation free conversation. TrueLight Orthodontic Accelerator Find out more 1300 3 RAPID (1300 372 743) Speed up your Rapid Clear Aligner cases with the TrueLight Orthodontic Accelerator Free with every “Unlimited” Aligner Treatment Kit (0800 1 83384) NZ Freecall 0800 1 TEETH www.rapidclear.online TrueLight Quater Page Add Monday, 1 July 2019 4:40:44 PM