ARE YOU CIRCUMSTANCES CHANGING ?

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The weekly roundup from FinanceCorp Hi there, I am Tracey and I am the owner of FinanceCorp. We are your local team of friendly mortgage brokers. I started out as a broker 10 years ago. My goal was to create a successful business built on the belief that we will do everything we can to exceed all of our client’s expectations. I have built my business into a dedicated team, all of whom know the values of trust, honesty and integrity come first at FinanceCorp. Remember, if you would like to know how our services can benefit you or your client, click here to watch our video.   Are you prepared if your circumstances change? In the past few weeks the papers have been filled with doom and gloom. The mining boom is over and thousands of people are facing redundancies not only in the mining sector but in sectors that flow in to this industry. If you own your own home, you are probably feeling a little anxious as the economic climate looks less rosy but there are steps you can take to safe guard your home and your future. Firstly, if you are facing a redundancy, it is a good idea to talk to your lender sooner rather than later. They are often happy to chat with you and there are options other than simply getting behind on your mortgage. Some lenders offer a “repayment holiday” product that can be useful when you have no income coming in. It is also worth looking in to any insurance that you may have taken out with your mortgage. This is often referred to as Loan Insurance and can be used by the bank if you lose your job. Your lender will be able to assist you with all of your enquiries so talk to them now. If you are concerned or worried about the stability of job, now is a good time to start cutting back. This should mean undergoing a review of all of your outgoings and seeing where any savings can be made. These savings should be set aside in case they are needed down the track. As your mortgage broker we are able to assist you with a number of options. We can look at consolidating your home loan with any other debt, thereby reducing the amount you need to repay each month. We can also run a home loan health check to ensure you have the best rate. Consider talking to us before you find out that you are made redundant as you will have more options than when you are unemployed. The most important thing to remember is that you are not alone. You might think your lender does not care about your circumstances but we find they are often willing to work with you to help you keep your home. Remember, the earlier you take action, the higher the likelihood of a positive outcome. At FinanceCorp, we are here to help. If you have concerns about your job or home, talk to us and let us explore your options now rather than down the track.   Be prepared! This motto is on that has been used by the Scouts and Guides organization for years and there is a reason they have stuck with it – because it is really great advice! I meet so many people in my work that have found themselves in trouble for one reason or another. It is really hard to plan for the curve balls that life can throw at us but we can be a little prepared. A rainy day I know there are many of you out there that might be simply struggling to make ends meet or are simply living week to week and using all of your income as you go. Even if you are just getting by, you need to have some plans in place should you be faced with a bump in the road. There are many things that can happen in everyday life that can really derail our financial strategy. If you are working hard on paying off debt or just working hard to manage your day to day expenses, an unexpected bill can really hurt. It is often these little bills that can send us off on the wrong path. We might be exercising caution and living within our means when suddenly something happens. It might be that the car needs a big service or something breaks down around the home or we have a bad run with sickness and suddenly have lots of small bills to pay. Using our credit card or some other form of short term debt can seem like an easy answer. However, if we work on a plan in advance, we can have some money set aside to cope with these types of situations. If you approach your bank you may be able to open an account with little or no charges if you already do business with them. Then set up a direct debit to come out every week. A good starting amount is $20 per week. This is easily achieved as it is small enough not to be missed from most budgets. The weekly payments will soon build up and before you know it, you will have accrued a nice little sum in your emergency fund. Now it is tempting to touch this nest egg as you see it building but be strong. This money is here for you to help you out. You are taking care of yourself and your family by creating this. It is not for me to say when and how you should use this money but you need to be certain that what you use it for is a necessity and not a want. You should also keep it for unexpected expenses and not use it to pay a bill simply because you have not set aside money for this. It will not create good financial habits if you do this.   Tips on saving money We here so often from people “I am so broke” or “I never seem to have any money”. The reality of it is that they are commonly overspending or simply spending money unnecessarily. Here are some great tips to save a few dollars: 1. Hit the library and really investigate what it has to offer – this can include free internet, access to the daily newspaper, hire of not only books but magazines, CDs and DVDs. 2. Review your bills and check for errors and possible savings – this can be especially useful for both your mobile and internet usage. 3. Ensure your car is running well – this will save on maintenance. Also check the air pressure for optimum fuel efficiency. 4. Consolidate your loans and credit cards – one easy repayment can be easier to manage. 5. Reduce your spending on expensive habits such as alcohol and fast food. Remember to give yourself good reasons to cut back on your spending – do you have a goal – it might be to save for a holiday or pay off some debt. Keep this top of mind so you stay on track.   Quote of the week   Want FinanceCorp right at your fingertips? To make life easier, we have a FinanceCorp app that you can put on to your smart phone. CLICK HERE to get the app from Google Play. CLICK HERE to get the app from the Apple store. PS. Be sure to LIKE us on Facebook to keep up to date with all the latest news from the FinanceCorp team.   Thanks Tracey for a very interesting article.  Although the mining companies are shedding up until the end of march WA has filled over 40,000 jobs - so not all doom and gloom   MAKE YOUR OWN DECISIONS AND GIVE IT A REAL GO !!