NAME: William York (pictured right)
STATUS: Father of Martha, 18 months.
QUESTIONS: What is the best way to set up a budget, increase my mortgage payments, establish financial goals and save? What are the savings options to fund my daughter’s future education? Am I on track for retirement? Is income protection insurance the most appropriate?
ANSWERS: Pay off your mortgage as fast as you can. Rather than setting up a plan to pay for Martha’s education, draw down on your mortgage. Budget by using different bank accounts for your goals. You need to increase your income protection cover either with AustralianSuper or a retail product that provides cover until you are 70 if you want to work that long.
Reviewing your financial products and services is a smart plan at any age. Are they still a good deal or have they been superseded by ones that have better features such as lower interest rates? Often they have. William York recently saved some serious money by shaking up his finances.
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