Namoi News

Featured Article

How You Can Become financially Flexible in 2019

How You Can Become financially Flexible in 2019

Julian Parsons - Sydney

Author: Kate Schwager/Monday, May 13, 2019/Categories: Narrabri, Wee Waa, Walgett, Other News, Rural News, Business

Rate this article:
No rating

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.

Print

Number of views (553)/Comments (0)

Local News

RECORD SPEND, RECORD DROUGHT, RECORD NEGLECT Tuesday, June 18, 20190

RECORD SPEND, RECORD DROUGHT, RECORD NEGLECT

Shooters Fishers and Farmers Party MP Roy Butler has expressed his disappointment in the NSW Government’s budget announcement’s...
Environment Minister floats 'lending' Murray Darling environmental water to farmers Saturday, June 15, 20190

Environment Minister floats 'lending' Murray Darling environmental water to farmers

Australia's key piece of environment legislation, the Environment Protection and Biodiversity Conservation Act, is due to be reviewed this...
North West Local Land Sevices - Newsletter and Workshops coming up Friday, June 14, 20190

North West Local Land Sevices - Newsletter and Workshops coming up

Local Land Services Newsletter is packed with information and Services available across the region. Workshops and help is available for those...
NSW Farmers welcome state government drought funding boost Friday, June 14, 20190

NSW Farmers welcome state government drought funding boost

NSW Farmers has welcomed the state government's commitment to boost its drought assistance, as farmers and communities continue to battle this...
Better water on the Way Thursday, June 13, 20190

Better water on the Way

A better water supply for Narrabri is in the pipeline as council staff and contractors move towards completion of the major $10.4 million Narrabri...
What You Need to Know if you Plan to Buy a Car Before The End of Financial Year Wednesday, June 12, 20190

What You Need to Know if you Plan to Buy a Car Before The End of Financial Year

Did you know that now is the perfect time to buy a car? The end of the financial year is right around the corner and it couldn’t be a...
Drought assistance package announced Tuesday, June 11, 20190

Drought assistance package announced

The state’s record-breaking drought continues to bite with farmers and rural communities bearing the brunt of the crisis.   While...
'You’ll send yourself broke feeding cows': drought ravaged communities get budget boost Tuesday, June 11, 20190

'You’ll send yourself broke feeding cows': drought ravaged communities get budget boost

More than $350 million in emergency assistance will be set aside for NSW’s drought ravaged regions in next week’s state budget, with...
Boggabri streetscape project supported by Narrabri Shire Council Saturday, June 08, 20190

Boggabri streetscape project supported by Narrabri Shire Council

Narrabri Shire Council is backing Boggabri in its bid to draw more tourists to the small town. The council will act a sponsor for the Boggabri...
RSS
1234

Rural News

RECORD SPEND, RECORD DROUGHT, RECORD NEGLECT Tuesday, June 18, 20190

RECORD SPEND, RECORD DROUGHT, RECORD NEGLECT

Shooters Fishers and Farmers Party MP Roy Butler has expressed his disappointment in the NSW Government’s budget announcement’s...

Tuesday, June 18, 2019

Farmland investing defies drought - values jump 10.7pc

Despite drought last year's national per hectare rural property price increased for fifth consecutive year

Tuesday, June 18, 2019

Malcom Harris buys Ucharonidge

Malcom Harris's Cleveland Agriculture has bought Consolidated Pastoral Company's Ucharonidge Station.

Tuesday, June 18, 2019

Record Hass avocado season on track

Australian Hass avocado growers will harvest 9% more this season.

Tuesday, June 18, 2019

India implements further lentil tariffs

The Indian government has upped the ante in terms of lentil import duties.

Tuesday, June 18, 2019

Paddock planner extension queried by growers

CBH has extended its Paddock Planner crop planning system but not all growers are happy about the move.

Monday, June 17, 2019

Cattle and sheep prices to lift as producers rebuild livestock numbers

The national commodity forecaster, ABARES, is tipping lamb and beef cattle prices will soar higher in the new financial year.

Monday, June 17, 2019

Addressing the 'wicked problem' of climate change

AFI's mid-year conference in Brisbane next week.

Monday, June 17, 2019

Government delivers the bacon despite cuts to bottom line

Drought pledge, mental health boost, new police stations
RSS
12345678910Last

Political News

RECORD SPEND, RECORD DROUGHT, RECORD NEGLECT Tuesday, June 18, 20190

RECORD SPEND, RECORD DROUGHT, RECORD NEGLECT

Shooters Fishers and Farmers Party MP Roy Butler has expressed his disappointment in the NSW Government’s budget announcement’s...
Environment Minister floats 'lending' Murray Darling environmental water to farmers Saturday, June 15, 20190

Environment Minister floats 'lending' Murray Darling environmental water to farmers

Australia's key piece of environment legislation, the Environment Protection and Biodiversity Conservation Act, is due to be reviewed this...
NSW Farmers welcome state government drought funding boost Friday, June 14, 20190

NSW Farmers welcome state government drought funding boost

NSW Farmers has welcomed the state government's commitment to boost its drought assistance, as farmers and communities continue to battle this...
RSS
12345678910Last

 

 

Local Events

17

May

2019

Maritime Museum Outdoor Shipping Container Exhibition

Comments (0)
Number of views (733)
Article rating: No rating

24

May

2019

Mardi Raymond Photography Exhibition

Walgett Library is hosting Mardi Remond Photography's Exhibition "Being" from the 24th May - 21st June 2019. 

Previously exhibited at the Cambelltown Arts Centre in March/April 2019. It is a series of photographs documenting men and women who live and work in north-west NSW. 

Come check out the familiar faces! Walgett Library is open Monday to Friday 9am-5pm.

Comments (0)
Number of views (127)
Article rating: 5.0
Read more

Categories: Events, Walgett

Tags:

17

Jun

2019

Creative Women’s Week

Walgett

Comments (0)
Number of views (163)
Article rating: No rating
Read more

Categories: Events, Walgett

Tags:

17

Jun

2019

DISABILITY ADVOCACY TO VISIT WALGETT

DISABILITY ADVOCACY TO VISIT WALGETT

Disability Advocacy NSW Planned visit to Walgett and Lightning Ridge 17th and 18th June, 2019 Disability Advocacy NSW Disability Advocacy (DA) provides free and confidential advocacy and support to people with disability, their families and carers. Advocates, NDIS Appeal Officers can help you with the following: Information You may require information about your rights and your responsibilities. This might be about school, NDIS, your home or work, Centre link payments, your social life or your future. Provide Independent Advocacy support to help you get a fair go • with government departments, services and businesses; • at work, school, TAFE and university; • with accommodation, transport and access; • with legal, health care or money issues. Note: We do not lend money; • assist with the NDIS; complaints, reviews and appeals. This might involve providing you with information or by assisting you to communicate what you want to say. We can speak on your behalf to professionals, teachers, services or relatives if you are unable to do this by yourself. In doing this, your advocate will always express your point of view and not their own. This means that it will be your decision that counts. We are here to help you with any problem so please contact us and we will listen carefully and help you decide what to do. Phone 0417993261 to make an appointment or email: centralwest@da.org.auwebsite: www.da.org.au . Lea Callan, Disability Advocate will be in Walgett on Monday 17th June and Lightning Ridge on Tuesday 18th June if anyone would like to catch up for a chat. Lea can be contacted on her mobile 0417993261 or by emailing leanne.callan@da.org.au Advocates travel to Walgett, Lightning Ridge, Bourke, Brewarrina, Cobar, Nyngan, Coonamble and places in between if required.

Comments (0)
Number of views (50)
Article rating: No rating
Read more

Categories: Events, Walgett

Tags:

18

Jun

2019

Community Wellbeing Event

Walgett

Comments (0)
Number of views (132)
Article rating: No rating
Read more

Categories: Events, Walgett

Tags:

18

Jun

2019

Return and Earn WALGETT now open

Comments (0)
Number of views (807)
Article rating: No rating
Read more

Categories: Events, Walgett

Tags:

18

Jun

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

Comments (0)
Number of views (1056)
Article rating: No rating
Read more

Categories: Events, Narrabri

Tags:

19

Jun

2019

Mediation and Wellness

Burren Junction

Comments (0)
Number of views (1083)
Article rating: No rating
Read more

Categories: Events, Walgett, Wee Waa

Tags:

19

Jun

2019

Little Athletics

Narrabri

Comments (0)
Number of views (1571)
Article rating: No rating
Read more

Categories: Events, Narrabri

Tags:

19

Jun

2019

Birdies at the Golf Club

Narrabri

Best Deal in Town!! 
$10 Snitty w/ chips, salad or vegetables 
See you there this Wednesday 🙂
For reservations @ Birdies Bistro ring 67922344

Comments (0)
Number of views (1313)
Article rating: No rating
Read more

Categories: Events, Narrabri

Tags:

19

Jun

2019

North West Community Legal Services @ 6.00pm Narrabri Library

Narrabri

Comments (0)
Number of views (1063)
Article rating: No rating
Read more

Categories: Events, Wee Waa, Narrabri

Tags:

19

Jun

2019

Return and Earn WALGETT now open

Comments (0)
Number of views (807)
Article rating: No rating
Read more

Categories: Events, Walgett

Tags:

19

Jun

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

Comments (0)
Number of views (1056)
Article rating: No rating
Read more

Categories: Events, Narrabri

Tags:

19

Jun

2019

Wee Waa Chamber of Commerce Monthly Meeting

Wee Waa

Our next Chamber of Commerce meeting will be held Wednesday June 19th, 6 pm at the Imperial Hotel. 

New members are welcome to come a long and join, either as a business or individual member. We need new members to work toward ideas that will benefit our town & community. 

A reminder membership fees are now due please.

Comments (0)
Number of views (80)
Article rating: No rating
Read more

Categories: Events, Wee Waa

Tags:

19

Jun

2019

St Peters Things that Matter Snips and Chatter Walgett

Comments (0)
Number of views (10)
Article rating: No rating
Read more

Categories: Events, Walgett

Tags:

RSS
12345678910Last