Personal Financial Strategy

Whether you’re 13 or 113, you need to have a personal financial strategy.

Everyone needs one, and it’s never too late to start.

It’s even better to start NOW, if you haven’t already.

We all live in a world of income and expenses – most of us want to eventually have a nice house, a car, a job or a business, and time to go on holidays with family & friends. We want all our clients to live their best life.

Your personal finance covers managing your money as well as saving and investing. It encompasses budgeting, banking, insurance, mortgages, investments, retirement planning, and tax and estate planning. XETA is connected to trusted referral partners for each and every one of these important milestones in your life.

Personal finance is about meeting personal financial goals, whether it’s having enough for short-term financial needs, planning for retirement, or saving for your child’s university fund. It all depends on your income, expenses, living requirements, and individual goals and desires—and coming up with a plan to fulfil those needs within your financial limits. To make the most of your income and savings, it’s important to become financially literate and partner with the right team to ensure you maximise all your opportunities and minimise your risks.

XETA provides you with all the accounting & tax advice you could possibly need, and we have trusted & accredited partner Australian Financial Services Licensees in every state in Australia. We work with you and our financial planning partners to create a complete and accurate tax & financial plan for you and your family, for every phase of your life. 

Set up a budget with your XETA account manager

A budget is essential to living within your means and saving enough to meet your long-term goals. Let’s set up your goals, and work backwards from there using your income, expenditure and savings/investments.

It’s never been easier to manage money, thanks to a growing number of personal budgeting apps for smartphones that put day-to-day finances in the palm of your hand. XETA can help you set up everything!

Create an emergency fund

It’s important to ‘pay yourself first’ to ensure money is set aside for unexpected expenses, such as medical bills, a big car repair, day-to-day expenses if you get laid off, and more. Three to six months’ worth of living expenses is the ideal safety net. We generally recommend putting away 20% of your earnings every month. Once you’ve filled up your emergency fund, don’t stop. Continue funnelling the monthly 20% toward other financial goals, such as a retirement fund or a deposit on a house.

Manage and limit your debt

It sounds simple enough: to keep debt from getting out of hand, don’t spend more than you earn. Of course, most people do have to borrow from time to time, and sometimes going into debt can be advantageous—for example, if it leads to acquiring an asset. Taking out a mortgage to buy a house might be one such case. Be smart!

Use credit cards wisely

Credit cards can be major debt traps, but they are useful to have. Furthermore, they have applications beyond buying things. They are not only crucial to establishing your credit rating but also a great way to track spending, which can be a big budgeting aid. And you can earn travel points!

Credit just needs to be managed correctly, which means that you should pay off your full balance every month, or at least keep your credit utilisation ratio at a minimum (that is, keep your account balances below 30% of your total available credit). Given the extraordinary rewards incentives offered these days (such as cash back), it makes sense to charge as many purchases as possible if you can pay your bills in full. Most important: avoid maxing out credit cards at all costs, and always pay bills on time. One of the fastest ways to ruin your credit score is to constantly pay bills late—or even worse, miss payments.

Consider your family

To protect the assets in your estate and ensure that your wishes are followed when you die, be sure you make a will and—depending on your needs—possibly set up one or more trusts. You also need to investigate insurance: vehicle, home, life, disability, and long-term care. And periodically review your policy to make sure it meets your family’s needs through life’s major milestones. 

Other critical documents include a will and healthcare power of attorney. While not all of these documents directly affect you, all of them can save your family considerable time and expense if you fall ill or become otherwise incapacitated.

And while your children are young, take the time to teach them about the value of money and how to save, invest, and spend wisely!

Plan (and save) for retirement

Retirement may seem like a lifetime away, but it arrives much sooner than you’d expect. Experts suggest that most people will need about 80% of their current salary in retirement. The younger you start, the more you benefit from what advisors like to call the magic of compounding interest—how small amounts grow over time. 

Setting aside money now for your retirement not only allows it to grow over the long term; it can also reduce your current income taxes if you manage your superannuation concessions appropriately or use a Self-Managed Superannuation Fund.

Investing is only one part of planning for retirement. Talk to your XETA team experts for more information!

Maximise tax breaks

Due to complicated tax laws, many people leave hundreds or even thousands of dollars sitting on the table every year. By maximising your tax savings, you’ll free up money that can be invested in your reduction of past debts, your enjoyment of the present, and your plans for the future.

We’ll help you. 

Use our selected tools to keep records of your receipts and track your expenditures for all possible tax deductions and tax credits available to you. Our team will look after your annual tax returns and provide you with all the tax advice you need to get it right.

Give yourself a break

Budgeting and planning can be boring and soulless. Make sure you reward yourself now and in the future! Holidays, toys, a big night out – you need to enjoy life. Doing so gives you a taste of the financial independence that you’re working so hard for. That’s what you were planning for!

XETA’s team can assist you with all accounting, tax and financial planning advice regarding:


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