Getting back in the green: how to hit your savings goals
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You’ve probably heard that person who says they can’t do yoga because they’re ‘not flexible enough’, even though a yoga class could be one of the best ways for said person to limber up.
A similar attitude is also often applied to financial planning.
“I think there’s a misconception that you need to have a lot of money to justify going to a financial planner,” says financial advisor Taylor Ward from financial planning firm Green Associates in Deakin.
“But we can help you build something from nothing. It’s about building good habits and getting to the point where you do have something substantial.”
As two of the younger financial advisors at Green Associates, Taylor and her colleague Katherine Spitzkowsky often work closely with the firm’s younger clients.
While many leave a visit to a financial planner until later in their careers when they’re thinking about how to best set themselves up for retirement or manage their savings, Taylor and Katherine work with many clients who are either just starting out in their careers, or are reaching milestones like saving for their first house, getting married or having kids.
“I like working with clients who are starting from zero,” says Katherine.
“So when they come in, they might have no savings, no assets. But what we can do is set clear goals and help make the most of their money now.
“And we can also help with developing good habits early on. While retirement might seem like a long way away, if you start building wealth now, you don’t have to worry about it as much later.”
Taylor says one of the biggest hurdles for many young people can be not being aware of what they’re spending.
“It’s so easy to lose track. These days everything is bought on a card, and you just tap and go with no real thought to what you’re spending,” she says.
“And I think that can be quite shocking to people when they actually start to dig in and have a look at where it’s all going.”
But no—getting your finances in order doesn’t mean you have to give up doing everything you actually like doing. In fact, it can mean you can do even more of it.
“Our job is to help people meet their money goals. Sometimes that will include prioritising those two goals,” says Katherine.
“For one person, they may want to purchase a home in two years, for others that might be an overseas holiday worth $10,000 every year. And that’s great—we won’t push you to put your money towards something else, but we will push you to make sure you save that $10,000 and that your trip isn’t going on your credit card.”
the essentials
What: Green Associates
Where: 3/10 Geils Circuit, Deakin
Web: greenassociates.com.au
This editorial was created in partnership with Green Associates. For more information on sponsored partnerships, click here.
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