People often ask me if they need a financial planner and how they work and my answer is YES -the sooner, the better.

Financial planners can be as simple or as complicated as required, by you, and they don't have to be intimidating or boring!

Do you know where and how your super is invested?

Do you have personal insurance?? (this can often be a default within your super fund)

These are products that most of us have yet so many people don't know enough about them.

At Edge FP, we often start with a few quick wins on your finances and work towards your longer term goals.

We can then build and look at longer term goals of saving for a house, putting some investments together, ensuring your debt structure is appropriate, saving to have a baby, looking at retirement needs - whatever it is that you want to achieve.

Our aim is to make it as simple a process as possible, take the stress out of the basics and look to build on these.

We do all the hard work for you but we can't do it, unless we hear from you.

So what are you waiting for?

Breaking up with someone is difficult and never very pleasant. It's the same with credit card debt. You see, it starts off so shiny and rosy. You have all the best intentions in the world, like when you first get together with a new partner. But some things just don't last, and when credit cards become uncontrollable debt, its time to say goodbye!

I'm sure you still remember the first day you got your card in the mail and felt like a grown up. The first time you used it and the thrill it gave you...purchasing something here and there while your bank balance remained the same. So exciting!

You start by saying you will pay them off each month. Using it to boost your savings strategy is also part of the plan. So, you begin using your card more and more, soon to realise it's pay day, your credit card is maxed and your bank balance nil. Your interest rate on your credit card can be extremely high and suddenly the relationship has soured.

The issue then arises. How to break the cycle? Like any respectful break up, a great amount of thought and planning is required. Do you rip the bandaid off quickly, or take a more measured approach?

Think about what you want to achieve and the best way for it to happen. Whatever way you decide, to pay it off simply means less spending, but you can be smarter about it.

Three tips to turn the debt cycle around-

1. Leave your credit card at home- it's that simple. Make payments on it and don't spend on it.

2. Look at putting a budget in place, work out how much you can save each pay cheque and put it on the credit card, then reduce the balance as you make chunky payments

3. Transfer the balance to a $0 interest rate card (deals are often advsertised online with the banks) and pay it off as quickly as possible. DO NOT keep the old card, cancel it!

The hardest decision is to actually do something about it, which means you want to change your spending habits and forgoing on some things. Believe it or not, it will pay off.

For more information about how we can help you, contact Penny Collicoat today!

WOMEN with EDGE

Wealth. Surety. Lifestyle.

contact Penny here