Sign In

* You are about to leave the Modoras website and be directed to SuiteFiles Connect - our cloud accounting software partner.


5 Strategies for Financial Planning Success

Katerina Sousalis
Published by:
Katerina Sousalis
Published on:
August 22, 2019
Modoras Pty Ltd ABN 86 068 034 908
6 Strategies for Financial Planning Success


The right financial planning strategies are key to creating one’s desired lifestyle.  


However, the road to a comfortable lifestyle might be met with unforeseen hurdles. A change in circumstance, like loss of job or being incapacitated, can put a dent on one’s finances. Without any type of financial planning strategy, getting to that goal can become challenging. 


Why it’s important to have the best financial planning strategies


Having a financial strategy makes it, at the very least, less problematic for individuals to handle money and, believe it or not, stay healthy. 


With more than 50% Australians are experiencing financial stress, the importance of having any form of assistance becomes can’t be stressed enough. The same report discloses that almost 85% admits their well-being is already affected.  


The good news is no matter what an individual’s current situation is, there are many opportunities to fix money problems and get back on the road to financial security. Here are some tips:  


1. Catch up with superannuation


Superannuation is among the tax-effective ways to build wealth and prepare for a comfortable retirement. Putting in more money to a super fund can make a lot of difference for the future.  


Naturally, strategies for beefing up one’s super vary depending on age, but here are some general recommendations: 


– Check on employer’s superannuation guarantee contributions 

– Consolidate multiple super accounts 

– Identify ways to more extra contributions 

– For those who fall under a specific income bracket, explore options for government co-contributions 

– Check for insurance coverage for total and permanent disability, death, and income protection 

– Explore available investment options 

– Consider tax-saving strategies, like salary sacrificing 

– For those with spouses, consider making co-contributions 

The good news is no matter what an individual’s current situation is, there are many opportunities to fix money problems and get back on the road to financial security 

2. Start working on a budget


Budgeting can play a vital role in managing finances better. This can be empowering for individuals who wish to be more in control. The problem is, staying within a healthy level of spending is difficult for many because they find it difficult to calculate expenses.  


A study from online bank, Ubank, showed that 86% of Australians are not aware of their monthly expenses because most find it hard to determine how much they should ideally work with. These are the dire consequences of going beyond one’s spending power

  • Missed payments that can incur penalty fees and interest,  
  • Weak emergency fund;  
  • Bad credit report, and  
  • Undue financial stress

3. Emergency fund


Finance professionals recommend having an emergency fund that’s at least good for three to six months. That way, unforeseen events like loss of income or unexpected expenses will have minimal impact on one’s financial ability.  


A recommended place to put one’s emergency savings is a high-interest account that is easily accessible, without fees or restrictions. It can be any of these four types: savings, checking, money-market accounts, and money-market funds. 


4. Deal with debt


There are two ways to effectively avoid the pitfalls of debt: avoid it in the first place or be on time with repayments. Debt can significantly impact credit score, which can affect future capacity to secure funding, like loans for homes, cars, etc., and that is why it’s crucial that debt management is included in the many strategies for financial planning. 


Here are some tips on managing debt: 


  • Track daily spending to monitor cash flow 
  • Identify the essential expenses and set limits as to how much money should go into each one 
  • Utilise the bucketing method so that each debt gets allocated with money during payday 
  • Pay off the expensive debt first 
  • Consolidate debt 
  • Stay away from acquiring more debt 
  • Get professional assistance if needed 


5. Start with estate planning


As with taking the measures to ensure retirement savings are in order, estate planning is included in the strategies for financial planning. This is key to protecting one’s wealth and ensuring that loved ones are financially secure in case something happens, like when a person dies or becomes incapacitated and unable to provide financial support. 


Professional estate planners can provide full assistance and ensure that an individual’s wishes are properly taken care of. 


Want to know more? 

What about you? Are your finances in order? 

Are you ready to unlock your lifestyle potential? 

It has never been more important to remain focused on achieving your financial goals. Whether that be financial security for you and your family, sustainable cash flow to support business growth or to live a lifestyle beyond expectation, the fact is…

You are 42% more likely to achieve your goals if you write them down.**

And even more likely to experience success if you remain focused and on track.

Take action on your financial and personal goals. Have absolute clarity on your top 3 financial and personal goals.

Complete the details below and one of our Modoras Professionals will be touch to help you put a plan in place.

With planning… your lifestyle potential is just the beginning.


Discover what more is possible for your future by getting help from Modoras Planner. Call us today on 1300 888 803 or book an appointment by clicking here.


IMPORTANT INFORMATION: This blog has been prepared by Modoras Pty. Ltd. ABN 86 068 034 908 an Australian Financial Services and Credit Licences (Number 233209). The information and opinions contained in this presentation is general information only and is not intended to represent specific personal advice (Accounting, taxation, financial, insurance or credit). No individuals’ personal circumstances have been taken into consideration for the preparation of this material. Any individual making any investment or borrowing decisions should make their own assessment taking into account their own particular circumstances. The information and opinions herein do not constitute any recommendation to borrow funds or purchase, sell or hold any particular investment. Modoras Pty Ltd recommends that no financial product or financial service be acquired or disposed of, credit contract entered into or financial strategy adopted without you first obtaining professional personal financial advice suitable and appropriate to your own personal needs, objectives, goals and circumstances. Information, forecasts and opinions contained in this blog may change without notice. Modoras Pty. Ltd. does not guarantee the accuracy of the information at any particular time. Although care has been exercised in compiling the information contained within, Modoras Pty. Ltd. does not warrant that the articles within are free from errors, inaccuracies or omissions. To the extent permissible by law, neither Modoras Pty. Ltd. nor its employees, representatives or agents (including associated and affiliated companies) accept liability for loss or damages incurred as a result of a person acting in reliance of this publication.  



* – 4 Tips to Help You Achieve your Goals

**This Is the Way You Need to Write Down Your Goals for Faster Success


Latest Insights