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2 Simple Finance Hacks For Medical Professionals

Do you want to save time and money? Sounds too good to be true?

What if I told you there are 2 simple finance hacks you can use to simplify your affairs and thus save time, whilst also saving money?

Finance Hack #1 for medical professionals – Superannuation consolidation

You might remember the case study about one of our clients where we saved them over $8,500 p.a. in superannuation fees. Husband and wife had 5 funds between them. Those compound savings over 10 years at 6% p.a. would equate to close to $130,000 in extra super savings!

It is not uncommon for us to see clients with even more super funds. How many do you have? Lost count?

Multiple fees and insurance premiums are eating away at your retirement every single day. It’s a bit like throwing money out of the window. Year after year…

So get out your super statements and seek advice. But never, ever cancel a super fund with insurance attached to it, until you are sure you have sufficient cover elsewhere.

Finance Hack #2 for medical professionals – Debt management

Before you came together as a couple you each had your own bank account, savings account and credit card. Once you got married and got a mortgage, you opened new bank accounts and credit cards, but never closed the old ones. You then wanted to make your savings work harder for you and opened some online savings accounts.

You sell your house, buy a new house and take out a mortgage with yet another bank. Yet again you open new bank accounts, including an offset account, as well as credit cards.

You then start your private practice and open another….well, you get the picture.

You end up with 6-7 bank accounts, 4-5 credit cards…but in the process you scatter your savings and fail to make them work for you.

Wouldn’t it make more sense to make the most of your offset account, by directing all your income and savings there? All these little scattered amounts add up, and should be reducing your loan interest and repayment period.

Let’s say you had an average $10,000 extra in your offset account, at 4% p.a. over 25 years on a $500,000 mortgage, you would save over $16,000 in interest and shave 6 months off your repayment term.

This may not seem like a lot, but you may also have money in practice and business accounts, in anticipation of tax bills being due…

If you like the idea of having multiple ‘savings’ accounts, then there are several banks that now offer multiple offset accounts.

These are just 2 of many ways we help our clients save time and money. Why not make a start yourself today? If you need help, please feel free to reach out via Yves@affluenceprivate.com.au or 08 9381 2704.


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