Spring clean your finances

Anthony Bell

Finance Expert

By Anthony Bell, Finance Expert


RESCU’s expert Financial Genius, Anthony Bell, dishes up the essential advice he gives all his female clients under 40. Best news, these financial gems are free…

Being that it is the beginning of Spring, what better time than now to do a spring-clean of your finances. For many the concept of financial planning and managing your finances can be a daunting one.

When speaking to your financial advisor and accountant, there are some important steps to consider in order for you to get the most out of the process:

Your current position:

You need to assess your current financial situation. This includes your current annual salary along with other income sources and expenses. A clear understanding of the value of your total assets, such as house, cash and shares, is a good place to start. You should also work out what liabilities you have. This could include mortgages, credit card debt or personal loans. You also need to have an idea of your current superannuation and who holds this money on your behalf, as well as what insurances you currently have in place.

Establishing your goals:

When considering the end game, take some time before you meet to work out what is most important to you. Is it to have a home free of debt and/or to have a share and property portfolio? You need to work out what you want rather than what everyone else wants for you. Consider what the most important goals are to you in the immediate and long term. Also think about risk. Are you the type of person who is risk adverse? There is no point is getting into an investment strategy that keeps you lying awake at night worrying about your money.

Statement of advice:

Your financial advisor and accountant can now assist you to bridge the gap between your current situation and your financial goals. They will prepare a statement of advice that explains the strategies to achieve these goals and the action items that will need to be put in place. A statement of advice is a complex and lengthy document, take the time to read the paper and don’t hesitate to ask as many questions as you like. Remember they do this everyday so for them it is a familiar process, for you it may not seem this way. Just remember it is your financial freedom that will benefit!


Things change including your goals so it is important to review your strategy with your advisor and make any modifications necessary.

The sooner you do this the better. The more time you have up your sleeve to create additional wealth, the more financially independent and secure you will be in the long run.

For more information about your finances or to make an appointment with a specialist from Bell Partners, go to www.bellpartners.com

Congratulations to Bell Partners for winning the Business Weekly Review (BRW) Top 100 Accounting Firm for 2009, making that the seventh consecutive year running.

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