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Get your financials back on track

4 ways to get your financials back on track

by Emma Ryan | October 14, 2019
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1 minute read

4 ways to get your financials back on track

October 14, 2019

An Australian mortgage broker has revealed four tips to help rectify financial and other housing issues people tend to face.

Zippy Financial director and principal broker Louisa Sanghera has shed light on four simple strategies she recommends to help people get back on track following a stressful life event such as job loss, divorce, serious illness or a death in the family.

Her advice comes after State Custodians Home Loans found almost half of all single women (46 per cent) and specifically three in five single mums (60 per cent) said that not knowing enough about money or who to turn to for help would be the biggest hindrance to getting their finances or their housing issues back on track.

However, Ms Sanghera said this situation could be remedied for future generations by following four simple strategies.

1. Be prepared

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Ms Sanghera said women need to take responsibility for their own financial education, including creating a budget and keeping to it.

“That way, women will know what is coming in and going out each month whether they are single or in a relationship,” she said.

“They should also create a financial contingency plan and a roadmap to follow in times of financial stress, such as job loss or divorce.”

2. Start saving

Everyone should establish a regular savings pattern from when they start working, but it was particularly vital for women, Ms Sanghera said.

“No matter how small, by saving money incrementally, it creates a vital financial buffer that will help see them through difficult times,” she said.

“By adopting this regular savings regime, women will have access to emergency funds when they are needed the most.”

3. Be realistic

During a relationship breakdown, women also need to be realistic about whether it was affordable for them to remain in the family home, Ms Sanghera said.

“We all have emotional attachments to our homes but sometimes that attachment can cause future financial harm,” she said.

“By moving on into another home, the capital released can create a financial buffer, plus it can prevent unmanageable debt, which can have a damaging impact on your family as well as your emotional state.”

4. Seek advice

As the research also found that nearly 50 per cent of single mums had received poor advice from well-meaning family and friends, Ms Sanghera said women should seek professional advice.

“Finance professionals are objective and can advise women on the best course of action, whereas friends and family are clearly more emotionally involved,” she said.

“Seeking advice early, whether you are single or in a relationship, will be another element of your financial literacy, which can help set you up for a better future.”

About the author

Emma Ryan

Emma Ryan

Emma Ryan is the deputy head of editorial at Momentum Media.

Emma has worked for Momentum Media since 2015, and has since been responsible for breaking some of the biggest stories in corporate Australia, including across the legal, mortgages, real estate and wealth industries. In addition, Emma has launched several additional sub-brands and events, driven by a passion to deliver quality and timely content to audiences through multiple platforms.

Email Emma on: [email protected]com.au

4 ways to get your financials back on track
Get your financials back on track
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