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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: 6065

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Local Events

1

Nov

2019

Shop in Walgett Shire 1st November to 28th November to Win $3,000

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9

Nov

2019

Learn to Swim Wee Waa

WEE WAA LEARN TO SWIM

The next Learn to Swim block is set to commence at the Wee Waa Memorial Swimming Pool on the following dates:

Saturday 9th November- Saturday 14th December

A copy of the Learn to Swim Booking Form can be found on Council’s website below or by calling the Wee Waa Pool on 6795 4384 or Narrabri Aquatic Centre on 6799 6782.
http://www.narrabri.nsw.gov.au/index.cfm?page_id=1014

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9

Nov

2019

BOGGABRI Learn to swim

BOGGABRI LEARN TO SWIM 

The next Learn to Swim block is set to commence at the Boggabri Memorial Swimming Pool on the following dates:

Saturday 9th November- Saturday 14th December

A copy of the Learn to Swim Booking Form can be found on Council’s website below or by calling the Boggabri Pool on 6743 4379 or Narrabri Aquatic Centre on 6799 6782.
http://www.narrabri.nsw.gov.au/index.cfm?page_id=1014

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15

Nov

2019

Narrabri Art & Craft Society invites you to a Bountiful Life opening in the Gallery

This is the 5th biennial Exhibition presented by the Life Without Barriers artists. All art will be for sale. 
Join us for an uplifting night.
All welcome.

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19

Nov

2019

Walgett Little Athletics Tuesday Nights starts 20 August

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19

Nov

2019

Annual General Meeting for

Help set the course for 2019-2020. Come along to our AGM on November 19th. 

For 2018-29 the NWPSG tackled: Landcare, Regenerative Grazing and Farming, the Walgett and District Garden Club, Grant Writing and Compliance for Community Groups, Drought Recovery, Succession Planning, Wild Dogs, Hudson Pear, breeding more lambs and leadership.

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20

Nov

2019

North West Community Legal Services @ 6.00pm Narrabri Library

Narrabri

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20

Nov

2019

Northwest Vertebrate Pest Control Training - WALGETT and Narrabri

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20

Nov

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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20

Nov

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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20

Nov

2019

Walgett Twilight Mixed Netball Competition begins

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20

Nov

2019

Narrabri Golf Club 5 Person Ambrose

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20

Nov

2019

Wednesday Schnitzel Nights at Outback Shack Narrabri

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20

Nov

2019

Narrabri Sporties Sunday Social Bowls

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20

Nov

2019

Wing it Wednesday’s Narrabri Golfie

"WING IT WEDNESDAYS"  
Every Wednesday Night with New Chef Jenny Fowler 
Birdies Bistro @ the Golfie in Gibbons Street
Bookings text or ring ~ 0409 771 900
Courtesy Bus available ~ 0417 253 264

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20

Nov

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Drought Communities One Stop Shop

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20

Nov

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Chase The Joker Every Wednesday and Friday starts tonight

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21

Nov

2019

Friends Flick 2019 - Death of Stalin

Narrabri

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21

Nov

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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21

Nov

2019

Narrabri Bowling Club Pool Comp

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21

Nov

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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21

Nov

2019

Twinkle Toes Dance Group - Narrabri Bowling Club Every Thursday

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21

Nov

2019

Narrabri Sporties every Thursday night raffles

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21

Nov

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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21

Nov

2019

Walgett Fresh Fruit and Vegetables from Gundy Quality Fruit and Vege

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21

Nov

2019

Social Tennis and Bowls Thursday nights Walgett

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21

Nov

2019

f you crochet, knit or an embroider join a like minded group of ladies for a cuppa

If you crochet, knit or an embroider join a like minded group of ladies for a cuppa and a chat every Thursday. Bring your own handiwork, no cost involved.

For details contact Sue Toop.

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21

Nov

2019

Gwabegar to Narrabri Bus timetable going fortnightly

#ridealongwithus

The Gwabegar to Narrabri Bus Service runs once a fortnight, on a Thursday.  Here are the dates up to June 2020 and the timetable.  Let us know if you'd like to book a seat or if we can assist with other transport.

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21

Nov

2019

Narrabri Sporties Barefoot Bowls.

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21

Nov

2019

Drought Communities One Stop Shop

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21

Nov

2019

Drought Communities One Stop Shop

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21

Nov

2019

Open Narrabri Rotary Book Sale Thursday Friday and Saturday

We have so many great books just waiting for you to come and take them home. 

Here are some great Biggles titles as well as books by authors Paul Jennings and John Marsden. 

We are open Thursday Friday and Saturday between 10am and 2pm.

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21

Nov

2019

Narrabri Public Forum Inquiry into water markets in the Murray Darling Basin

We’re holding public forums as part of an inquiry into water markets in the Murray-Darling Basin. Come along to share your views on the operations, transparency, regulation, competitiveness and efficiency of water markets in the Murray-Darling Basin and how these can be improved. Register now: https://www.accc.gov.au/focus-areas/inquiries-ongoing/murray-darling-basin-water-markets-inquiry/public-forums-announcement

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22

Nov

2019

The Crossing Theatre Narrabri presents ANH DO The Happiest Refugee

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22

Nov

2019

Dancin on the Deck with Brent Larkham at the Narrabri Golfie 7.30pm

22nd November 2019

Brent Larkham ~ Dancin on the Deck

Book your table in the deck area for an early Christmas celebration dinner & a night of music 

Table bookings essential for dinner reservations ~ 67 921 844.

Book early so you don’t miss out!

 

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