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How You Can Become financially Flexible in 2019

Julian Parsons - Sydney

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What is financial flexibility?

Matt Balderston from Pure Financial explains that financial flexibility is the ability to become financially secure and the ability to maintain financial security regardless of what happens in the economy.

“Financial flexibility and the level of it will generally indicate how a person or company will fare when circumstances change or a financial crisis hits. In 2018, struggling Australian farmers had exhausted their access to the Farm Household Allowance (FHA) and had little means to cover of running their farms. On the 24th of July, SBS reported that National Australia Bank had introduced farm management deposits, which allow farmers to “remove money from their taxable income during good years to later use during tough times.” The new financial scheme allows farmers to accumulate funding that can be utilised when farming conditions worsen, thus allowing them more flexibility, and, as a result, financial security.”

Having financial flexibility ensures that you remain secure when your circumstances change or even enjoy more abundance when you retire. Moving towards financial flexibility means you will fare better if markets plunge, you’re unable to work for long periods of time due to health issues, or are suddenly made redundant and need to look for a new job.

How Can You Become More Financially Flexible?

Financial flexibility will increase your chances of moving your net worth from a negative value (in the red) to a positive value (in the black). It also maximises your chances of staying in the black.

Here are the steps individuals can take to get financially fit and flexible.

  • Assess your finances: It may seem obvious but before you can really take financial action, you need to know what the state of your finances is.

Start by assessing your net worth: Your net worth =Assets – Liabilities. Your assets are all the objects of value that you own and your liabilities are what you owe. You will also need to subtract how much money you spend from how much money you make. These calculations will highlight if you’re in the red or black.

  • Create a budget: break down your expenses. Monitor your spending behaviour over a few weeks and determine where you are spending. Document your spending and create a budget.
  • Plan ahead: After assessing your finances and gaining clarity on your spending habits, you need to create a plan of action.

Certified financial planner and Forbes contributor, Jeff Rose  illustrates that financial success “doesn’t usually ‘just happen’. It starts with a detailed plan, and a willingness to commit to that plan”.

You’ll need to plan how to get out of debt (if you have any) and if you don’t, you need to set some financial goals and plan out how you will work towards them.

  • Get out of debt: The next step is to get back into the black. Refer to your budget and determine where you can cut down spending and put money aside to repay your debts. At the same time, ensure that you are not accumulating more debts. Once you get back in the black, make sure you remain out of debt.

  • Start saving: Again, look at your budget and determine where you can make cuts to your spending and start stowing away money every time you get paid. It does not have to be a large sum to start off with, especially if you are in debt, but it should be consistent.
  • Consider life insurance: you may be the sole or main breadwinner for your family. Life insurance is important to have if that is the case. It means that if you are unable to work for long periods of time, life insurance will ensure that your family can still have financial security and meet its everyday needs.
  • Be Super involved: Anthony Keane from News  explains: “Do you have four superannuation accounts and have no idea where they are invested? Well – chances are your super is being eaten away by fees. So, take an active interest in your super, and invest it wisely. It’s your money.”

To learn more about how Super works, visit the Australian Taxation Office website. It is also important to note that the coming federal elections will influence Super, with both coalition and opposition set to make changes in Super – with Labor promising that

it will increase the Superannuation Guarantee from 9.5 to 12 percent” as reported by Nassem Khadim.

Invest: The management deposits scheme introduced to farmers by National Australia Bank enables farmers to stow away cash when they’re in the black. Similarly, you should be making investments when you’re in the black.

Max Funding’s startup business loan experts recommend “To start fresh. It’s the best decision you can make.”

There are many avenues for investment, such as the stock market, physical commodities and savings accounts. Anthony Keane recommends investing is avenues that have longevity rather than what is trending at the moment.

Jeff Rose advises clients to invest “no matter what the market is doing” and recommends that if “it's a bad time to invest, then simply cut back on how much you are investing in equities. But at the same time, continue accumulating cash and fixed income investments in your portfolio, that way it'll be there to buy when the timing looks a little bit more favourable.”

This advice may be important to remember, as David Chau of ABC reports that the Australian share market will be volatile in the first half of 2019, with Brexit, US-China trade relations and the Australian federal elections being major influencers. The share market is, however, “expected to rise more stable in the second half”.

Implementing the aforementioned steps will send you on your way towards financial flexibility.

Author Bio:

A Sydney-based university student, Julian Parsons is also a freelance writer. Julian is a business student and passionate about learning new things. You will see Julian in a coffee shop enjoying his time alone when he is not on his desk. You can get in touch with Julian through his email.

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Categories: Feature Writer Julian Parsons, Narrabri, Wee Waa, Walgett, Other News, Rural News, BusinessNumber of views: 3000

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Local Events

16

Sep

2019

ADFAS Narrabri - Zaha Hadid Architectural Superstar

Narrabri

There is something compelling about the story of a woman’s career battle in a man’s world.  This is the story of an architect who endured years of frustration when her ideas were considered radical and unbuildable.  A woman who, only in the last decade of her life, finally achieved recognition and acceptance with her state of the art and groundbreaking designs, which have now been built all over the world.  Architectural historians of the future will surely recognise Zaha Hadid as one of the most important architects of the early 21st century. 
Photos: Hadid and examples of her stunning architecture.
Next Monday 16 September 2019 – 7pm
Cinema 1, The Crossing Theatre
Zaha Hadid – Architectural Superstar
Presented by Colin Davies
See full event details on our page!

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16

Sep

2019

Narrabri Pilates 3 times a week. Come join in for some exercise

PILATES:

Monday 2:15-3pm
Tuesday 12:15-1pm
Wednesday 5:30-6:15pm

Come join, includes whole body exercises & stretching🙏

$20 per session -  claimable through Physio extras

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16

Sep

2019

Australian Regional Development Conference - Sunshine Coast September

KateS On Web - Namoi Regional Group of Websites, Abstract has been accepted and will be heard at this conference under the Theme:  Local Leadership; influence and information transfer

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16

Sep

2019

Narrabri Rotary Annual Book Sale starts

Get ready book lovers. Our annual book sale is about to begin. 

Opening on Monday 16th September, we will be located in the old Autopro shop on the corner of Maitland and Dewhurst Streets. 

We’ll happily take your book donations. These can be dropped off at the shop as of next Monday 16th.
Julie Herbert

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17

Sep

2019

Narrabri Pilates 3 times a week. Come join in for some exercise

PILATES:

Monday 2:15-3pm
Tuesday 12:15-1pm
Wednesday 5:30-6:15pm

Come join, includes whole body exercises & stretching🙏

$20 per session -  claimable through Physio extras

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17

Sep

2019

Walgett Little Athletics Tuesday Nights starts 20 August

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17

Sep

2019

Extra Special Clinic Day to change the statistics WALGETT MPS

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17

Sep

2019

Mara Boots Off at the Marra Hall Free Community Event.

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18

Sep

2019

Little Athletics

Narrabri

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18

Sep

2019

North West Community Legal Services @ 6.00pm Narrabri Library

Narrabri

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18

Sep

2019

Narrabri Pilates 3 times a week. Come join in for some exercise

PILATES:

Monday 2:15-3pm
Tuesday 12:15-1pm
Wednesday 5:30-6:15pm

Come join, includes whole body exercises & stretching🙏

$20 per session -  claimable through Physio extras

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18

Sep

2019

Plant Breeding Institute - Field Day 2019 Foods for Thought

Narrabri

When
Wednesday 18 September 2019
12:00pm – 5:00pm
Where  I.A Watson Grains Research Centre 12656 Newell Highway, Narrabri
• Entry via Killarney Gap Road gateway (parking outside the boundary fence)
Register Registration via Eventbrite

https://www.eventbrite.com.au/e/plant-breeding-institute-field-day-2019-tickets-62241102814

Or call reception on 02 6799 2200
Please include special dietary requirements when registering

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18

Sep

2019

Narrabri Stock Sale Day

NARRABRI STOCK SALE DAY

For further information, please visit Councils website
www.narrabri.nsw.gov.au/index.cfm?page_id=1125

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18

Sep

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Puppy Playgroup with Sue Duncan

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18

Sep

2019

Narrabri West Public School Ready Set Kinder

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18

Sep

2019

Let’s Glow Crazy - Narrabri High School SRC Disco at the Betty Beriman Hall

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18

Sep

2019

Wee Waa Community Care Games and Midweek Merriment

Midweek Merriment
Come and join us for an entertaining morning of games, cards and board games.   
Every Wednesday
From 10am to 12 Midday 
Cost $2 including morning tea 

The cost of social activities is subsidised for clients who have been referred to us through My Aged Care for Group Social Support.  Other clients are welcome to attend, at full cost.  Staff are happy to assist with referrals to My Aged Care, to enable clients to participate in social outings and activities, at a subsidised  rate.

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18

Sep

2019

Gut Health and Gut Solutions Workshop at Narrabri RSL

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19

Sep

2019

Friends Flicks 2019 - The Great Beauty

Narrabri

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19

Sep

2019

Fish Mongrels in town every week Thursday

FRESH SEAFOOD DIRECT FROM SYDNEY FISH MARKETS

 If you have any enquiries or wish to place an order please TEXT OR PHONE CHRIS ON 0419803196. Unfortunately NO ORDERS THROUGH FACEBOOK OR MESSENGER will be accepted.


Narrabri (Cameron Park) – Thurs 9.30am-1pm (now located on other side under the bridge)
Wee Waa (Post Office) – Thurs 2pm-5.30pm
 

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19

Sep

2019

Narrabri Bowling Club Pool Comp

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19

Sep

2019

Drum Muster - Wee Waa Transfer Station

BOOKINGS ESSENTIAL!!

drumMUSTER to be held at the Wee Waa Transfer Station, Thursday 18 July, 1.30pm to 5.00pm.

Please call Council on (02) 6799 6866 to make a booking.

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19

Sep

2019

Twinkle Toes Dance Group - Narrabri Bowling Club Every Thursday

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19

Sep

2019

Narrabri Sporties every Thursday night raffles

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19

Sep

2019

WAMS Walking 🚶‍♀️ Group Starts THURSDAYS Walgett

WAMS Walking 🚶‍♀️ Group 
Starts THURSDAYS
Offers the chance to meet new people in our local community 
With Robert Martinez (Physiotherapist) and Annie Dean (Lifestyle Modification)
When - Every Thursday @ 2pm 
Where - Start from Apex Sport (Next to the pool) 
Phone WAMS Chronic Disease Building on 68 203 705 for more information

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19

Sep

2019

Narrabri Library Pirate Reading Hour - Narrabri Library

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19

Sep

2019

Walgett Fresh Fruit and Vegetables from Gundy Quality Fruit and Vege

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19

Sep

2019

Gwabegar Public School Footy Colours Day

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19

Sep

2019

Interprofessional Seminar designed to increase the competence and confidence of rural health care providers studying or working in Mental Health services.

Rural clinicians and students are invited to this Interprofessional Seminar designed to increase the competence and confidence of rural health care providers studying or working in Mental Health services.

Join Marie Kelly and Corina Kemp in exploring the impact of Adolescent Mental Health in rural areas and some of the co-occurring issues faced by rural people and communities, including accessing those who are reluctant to reach out for assistance. 

The seminar will explore practical strategies and evidence-based approaches to care, and is relevant to a wide range of health professionals with a focus on Adolescent Mental Health First Aid or Mental Health Drug and Alcohol (MHDA).

CUC North West will be offering this seminar via videoconference at both our Narrabri and Moree locations. Please register using the link below. 

https://www.eventbrite.com.au/e/through-the-eyes-of-our-people-tickets-70453838327

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19

Sep

2019

Narrabri Rotary Presents An Evening With Cameleer - John Elliott

An Evening With Cameleer - John Elliott 

We know this handsome young cameleer has had the community intrigued the past few days since he, his trusty dog and caravan of camels arrived in town. Where did her come from? Where is he going? And the camels? These are just some of the questions people have been wondering.

Join us for dinner this Thursday night and hear why this young man gave up success in the corporate world and opted to walk his way around Australia with his trusty dog and caravan of camels. The search to redefine happiness.

Tickets are $30.00 plus processing fee. To book, go to https://narrabrirotary.iwannaticket.com.au/event/a-man-and-his-camels-MTk0MTU

Photo courtesy of Rabbit Hop Films who are making a documentary of John’s journey.

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20

Sep

2019

Narrabri West Public School - Fete

Narrrabri

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20

Sep

2019

Women’s Health Night - Wee Waa Bowling Club. Free Event

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20

Sep

2019

Medicine Crow - Lightening Ridge

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20

Sep

2019

Experience Airbonne Night at Narrabri RSL

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21

Sep

2019

Narrabri Park Run - Every Saturday

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