Financial advisors, money experts and other similar specialists all offer the same types of services and although they may cost a little each month to hire – the sheer potential for them to save their client money is often well-worth the initial investment. But could they really help everyone to save their hard earned cash?
With expenses on the rise and the cost of living now higher than ever before, it’s never been quite as important to save money wherever possible – and this is something that a financial advisor could really help with, but how?
Honing in on any cash wastage
Most advisors will be well-versed at evaluating spending habits and seeing where money could be getting wasted. In an effort to avoid this type of event, an advisor will typically review where money is being spent and if there are alternative options that could save more each month. It makes a lot of sense to reduce a variety of bills and expenses by $10 and save over a hundred a month, than it would be to continue paying high costs when lower options are available.
Introducing methods to save more money each month
If you have a range of subscriptions, if you spend a lot of cash on gym memberships, or if you are in the habit of buying soft drinks, snacks and other items whilst out and about (at work in particular), then you could be one of the many that find themselves spending hundreds of dollars a month on unnecessary expenses. A good advisor should be able to help you to get on top of this habitual spending and once you start to see the difference made to your income, you could find yourself saving a small fortune.
Minimising costs by reducing a tax bill when possible
Plenty of people are self-employed in Australia and even those that aren’t will typically pay tax through their employer. There are many things that can be reclaimed in the form of expenses and so many overlook this potential to save. Some don’t realise that they can claim certain expenses (such as for aspects of working from home, or for particular types of uniform). With expert guidance from a career professional, you might even find yourself in a position to reduce your tax bill by hundreds of dollars – or even thousands, if you meet certain criteria.
An advisor certainly isn’t an obligation, but considering the benefits that they can bring to the table is it any wonder why so many people are opting to hire them?