The Pillars of Retirement Income
While older Australians are reportedly among the wealthiest retirees in the world, much of their wealth is tied up in their family home, leaving many to worry about how they will find the money to pay for their day-to-day expenses when they stop work.
This is where it is crucial to start planning early.
Building a Strong Foundation: Avoiding Mortgage Default
When purchasing a home and financing it with a mortgage, your financial foundation is crucial. A solid financial foundation can help you avoid mortgage stress, loan default, or even eviction.
Unfortunately, economic factors such as higher living expenses, interest rate hikes, or job loss can jeopardise your financial foundation.
Let’s take a closer look at mortgage stress and how to avoid it.
50/30/20 Budgeting Strategy
Having a budget can help you stay on top of bills, pay off debt and save for long or short-term goals. There are many ways to go about it. One budgeting strategy is the 50/30/20
approach, which requires you to designate a portion of your earnings to three categories.
Here are the benefits of using this strategy, along with a closer look at how it works.