Free yourself from crippling debt
If you feel that your debts are starting to get out of control, then the team at Elliot Watson Financial Planning can work with you to identify opportunities to replace several debts (loans) into one loan that is simpler and easier to manage.
Our advisers can work on a debt reduction plan that looks at all your expenses. By understanding what assets and income you currently have and how you are spending your money or allocating your resources we can identify opportunities to assist you with meeting your debt commitments.
The team at Elliot Watson Financial Planning works closely with an accredited mortgage consultant to help make the debt reduction process as easy and seamless as possible, whether it is for debt consolidation or buying your first home. The benefit of your financial adviser and mortgage broker working together is they can ensure your financial strategy and mortgage product align.
Achieve more freedom by bringing your debt under control
Advice from the specialists at Elliot Watson Financial Planning can free you from the stress of debt. They can help stop you living week to week and get you on top of your finances.
Debt consolidation and reduction advice can assist you to:
Our clients were in their early 30’s, married and recently started a family. When the baby arrived, mum took time off to look after the new baby and this is when things started to change. The household went from two people both producing good incomes with no kids to one income, one stay at home parent and one dependent.
The client’s goals didn’t change but their ability to fund them did. As a result, the clients had to occasionally rely on credit cards to meet household expenses and over time credit card debt became too big. After meeting with our adviser the following goals of the client where identified:
How Did We Help?
Our adviser worked with the clients to establish their priorities and a plan of attack. They first focused on the household budget confirming where all the money was going after it came in. When that was clear attention was directed to the credit cards so the clients could get on top of the situation and stop the downward spiral of growing debt and interest.
As the clients owned a property with a mortgage this provided them with strategy options to get on top of the short-term debt. Some changes were made which freed up cashflow and that gave them the breathing room they required.
Once the debt was under control and the credit cards finalised, we directed our attention to the family’s other goals which included regular holidays. We also allocated money to a future fund for their child so that when they turn 18 and finish high school there is money available to support with higher education.
A personal insurance plan was established (life, total and permanent disability, income protection and trauma) to protect the family and we utilised superannuation where we could to pay the premiums to avoid impacting the household budget.
Value of Advice
By doing a household budget we were able to identify savings and make wiser decisions about where their money was spent.
By prioritising short term debt, we were able to minimise interest expenses and pay more money off the principle.
Once on top of the debt the clients were able to allocate funding for annual family holidays and spend quality time together without having to stress about money.
We were also able to put aside funds for the future so that money will be available to support University, Tafe, a first car, an overseas holiday or a house deposit for the child.
By implementing a wealth protection plan this has provided a sense of security knowing that if either of them ever suffer a major sickness or accident there will be funding available to meet medical costs, replace lost income and payout the mortgage and most importantly look after their family. We also funded the cover through superannuation which provided tax benefits and didn’t impact on the family’s household budget.
We now have a plan to take control of our future, get out of the debt which was controlling our lives. We didn’t think things would improve so quickly, we thought it would take us years. Elliot Watson Financial Planning was fantastic and our family’s future is looking great.