Australians urged to be scam smart

Written by Tahlia Johnson

Loan Rate Reduction

Written by Brady Kenny

Great news for members with loans!!!

SWSCU will be decreasing interest rates on a range of our member’s loans from 15 to 70 basis points. Members with Owner Occupied Variable Rate Home Loans or Investment Discounted Standard Variable Rate Home Loans will see a reduction of 15 basis points, while our Investment Home Loan Interest Only rate is dropping by 70 basis points. For full details on all our rate changes please see our interest rate chart on our website - swscu.com.au/Products/RatesFees/InterestRatesLoans. All interest rate changes will be effective from Tuesday 22 October.

Should you have any questions in regards to this rate reduction, please contact our Loans Staff on 02 6384 1111.

Notice of Rate Change

Written by Tahlia Johnson

Please be advised we have updated the interest rates on some of our savings and transaction accounts. These changes will be effective from 1 November 2019.

The new rates are listed below:

All other terms and conditions remain the same. For full details please refer to our Conditions of Use available online at swscu.com.au or at any of our branches.

How to set realistic financial goals

Written by Tahlia Johnson

For some of us, setting financial goals may seem like an overwhelming chore that quickly ends up in the “too hard” basket.

The key to overcoming this problem is to break things into a few simple steps that will get you off the ground and set you on a steady path toward financial freedom.

Create a vision
The best way to start setting realistic financial goals is to determine what will motivate you. What are your dreams for your ideal lifestyle? What will you own? Where do you want to live? What car will you drive? What will you enjoy doing?

Whether your answers to these questions are humble or huge, the important thing is to make them as specific as possible so you can visualise yourself enjoying them.

Build positivity with quick wins
While the first step is to think long-term about your big dreams, it is important to get some smaller goals under your belt. This might be aiming to go hard on paying off your credit card balances, or to start regularly depositing a modest amount in a savings account that is earmarked purely for future investment purposes.

Reality check your spending
Many people fail to get their financial goals off the ground because they think they can rely on willpower alone to change spending habits, rather than using hard evidence about what they spend on and where changes can be made. Just one hour with your bank statements for the last 12 months will allow you to get a handle on exactly where your money is going.

You may be surprised to find a much higher proportion of your income going toward discretionary spending than you first thought, such as eating out or impulsive purchases. This exercise allows you to quickly determine which areas can be cut back on, so that you can identify funds that can be redirected toward financial growth objectives.

Save before you spend
Another quick and effective budgeting technique that can generate momentum is to follow the rule of “paying yourself first”. This simply means that the first thing you take out of your regular pay cheque is a set amount to put toward saving and investment plans before you start spending on anything else. By prioritising this one simple action, you are taking a significant step and forming an invaluable habit that will start growing your wealth, without any tedious record keeping.

Of course, more detailed budgeting should be the ideal you are aiming for, but if you wince at the thought of crunching numbers, this step will at least get you started, and deliver a sense of progress and control.

Set staged and realistic goals
Once you have taken the above small steps, you can start to make more adventurous plans for the medium to long-term. This can involve bigger-ticket financial objectives that will make a real difference to your wealth creation, such as paying down your mortgage faster, setting targets on your superannuation nest egg, or building a diverse investment portfolio.

Ask the experts
One phone call could be the start of some profound and exciting changes in your goal-setting journey. Engaging the help of a financial planner can open up a whole range of opportunities and resources that can benefit your financial growth. This includes a structured approach to examining your lifestyle priorities and investment preferences, so you can map out a more comprehensive plan targeting a variety of goals and take the worry out of making investment decisions. You can lean on their research capabilities to create a durable ongoing plan that will help you reach your goals more effectively.

Take the next step to discuss your financial situation, make an appointment with a Bridges financial planner. We have an established alliance with Bridges, to provide our customers with financial advice. Bridges has been helping Australians with financial advice for 30 years. A Bridges financial planner will develop a plan specifically for you; one that’s tailored to your needs and circumstances to help you achieve your goals. To make an appointment with a Bridges financial planner, call 02 6384 1111. The initial consultation is complimentary and obligation free.

Bridges Financial Services Pty Ltd (Bridges). ABN 60 003 474 977. ASX Participant. AFSL 240837.

This is general advice only and has been prepared without taking into account your particular objectives, financial situation and needs. Before making an investment decision based on this information, you should assess your own circumstances or consult a financial planner or a registered tax agent.

Examples are illustrative only and are subject to the assumptions and qualifications disclosed.

Part of the IOOF group

In referring customers to Bridges, South West Slopes Credit Union Ltd does not accept responsibility for any acts, omissions or advice of Bridges and its authorised representatives.