Major floods across Australia in the past couple of years have raised strong community concerns about the extent and availability of cover for flood damage in house and contents insurance policies. The effects of flood can be devastating and may result in the loss of homes or in extensive water damage to buildings and contents. It is therefore vital that consumers understand exactly what their insurance policies do and do not cover.
Most home and contents insurance policies exclude cover for flood damage - this exclusion must be made clear in the policy documents. However, your home insurance policy will probably cover you for stormwater and possibly rainwater damage. Insurance companies generally define these events differently. It is imperative that you check with your insurance company if you are unsure whether your existing policy covers damage caused by storm and/or flood. Ask them to clearly explain that part of your insurance policy where flood cover, or flood exclusion, is contained. This will allow you to work out whether to change your insurance policy if you need insurance for flood damage.
It has become common for some insurers to provide cover against ' flash flooding', that is, when the damage to your property occurs within 24 hours of the rain that caused the flood. This cover may be optional (you have to pay more, and it may only cover you for a smaller amount eg 20% of the sum insured).
If you would like to find out more about home and contents insurance that includes flood, speak to one of our financial advisors on 1300 55 10 45 for more details.
Tuesday, March 9, 2010
Monday, March 8, 2010
Aussies in debt again
Australian households are returning to their debt fueled lifestyles after a year of austerity and paying down their debts. According to the Reserve Bank of Australia, personal loans and card debts have been rising for the last four months.
Approximately 25% of Australians expect to increase their debt within the next three months according to a survey by Dun & Bradstreet. Economist Shane Oliver from AMP Capital says people are less worried about their jobs and therefore more prepared to take on debt.
Approximately 25% of Australians expect to increase their debt within the next three months according to a survey by Dun & Bradstreet. Economist Shane Oliver from AMP Capital says people are less worried about their jobs and therefore more prepared to take on debt.
Aussies value their weekends more than being rich
More than half of Australians value their weekends more than being a millionaire.
According to an online poll published in News Ltd newspapers, 55% of Australians would not give up their weekends and work 7 days a week, even if it meant they would be millionaires within ten years. Approximately 44% of respondents said they would give up their weekends for financial gain.
According to an online poll published in News Ltd newspapers, 55% of Australians would not give up their weekends and work 7 days a week, even if it meant they would be millionaires within ten years. Approximately 44% of respondents said they would give up their weekends for financial gain.
Thursday, March 4, 2010
Save money while you travel
While you are travelling overseas, it is even more important to make your money go as far as possible. You do not want to face a huge credit card bill when you return from your overseas adventure, but you also do not want to miss out on once-in-a-lifetime opportunities while you are away. We have provided some tips on how to make your dollar go further while abroad.
Staying in touch
Use email to keep in contact with family and friends. Internet cafés (including laundries and libraries) can be found everywhere. Using "global roaming" on your mobile phone can be expensive. Alternatively use International Calling cards so you can control how much you spend
Get plugged in
If you are taking your mobile phone, laptop, razor or hairdryer, you will need an adaptor – buy one before you leave home as they will be cheaper here and will save you the time of finding a shop that supplies one when you reach your destination.
Banking from far away
ATMs are plentiful overseas but be wary of the transaction costs the overseas banks will charge. Use Internet banking if you need to check your account and move money about.
Online bookings
Finding well-priced accommodation is also quite easy in many major foreign cities using discounted travel websites.
Check local bargains
Often there are significant price differences between home and overseas. For instance, a camera may be cheaper in Italy but a haircut is a lot more expensive.
Take the bus/tram/train/subway
Do not try to drive and park in major cities. If you think driving into Australian cities is difficult and expensive, you should try Europe. The best plan is to drive to the outskirts of the city, park and catch public transport. It will also be an experience for you to try public transport when overseas and you will be able to take in the sights without the stress of having to navigate around a strange city.
Eat where the locals do
Many prominent eateries are tourist traps. Take a stroll up the back streets and you can often find excellent food at a fraction of the price.
You never know - if you save money as you go, you could afford to extend your holiday for another few days, or even weeks!
Staying in touch
Use email to keep in contact with family and friends. Internet cafés (including laundries and libraries) can be found everywhere. Using "global roaming" on your mobile phone can be expensive. Alternatively use International Calling cards so you can control how much you spend
Get plugged in
If you are taking your mobile phone, laptop, razor or hairdryer, you will need an adaptor – buy one before you leave home as they will be cheaper here and will save you the time of finding a shop that supplies one when you reach your destination.
Banking from far away
ATMs are plentiful overseas but be wary of the transaction costs the overseas banks will charge. Use Internet banking if you need to check your account and move money about.
Online bookings
Finding well-priced accommodation is also quite easy in many major foreign cities using discounted travel websites.
Check local bargains
Often there are significant price differences between home and overseas. For instance, a camera may be cheaper in Italy but a haircut is a lot more expensive.
Take the bus/tram/train/subway
Do not try to drive and park in major cities. If you think driving into Australian cities is difficult and expensive, you should try Europe. The best plan is to drive to the outskirts of the city, park and catch public transport. It will also be an experience for you to try public transport when overseas and you will be able to take in the sights without the stress of having to navigate around a strange city.
Eat where the locals do
Many prominent eateries are tourist traps. Take a stroll up the back streets and you can often find excellent food at a fraction of the price.
You never know - if you save money as you go, you could afford to extend your holiday for another few days, or even weeks!
Monday, March 1, 2010
Money saving tips for the kitchen
1. When in doubt, make soup. Make a big batch of your favourite veggie soup, then do something different to it each time you serve it - blend some curry spices, add tomatoes, throw in some lentils, add bacon bits, serve with grilled garlic bread. (They were all different options, but you could do them all at once if you were really hungry).
2. Self-preservation - There is growing interest in home preserving, baking, curing, brewing, sausage making etc.
3. Listen to your grandmother - Turn off taps when you're done, save string, re-use bags and bottles, put lids on your saucepans (saves 20% energy and speeds everything up), and cut out waste. Think twice before you toss anything out. Greeks cook beetroot greens and toss in olive oil, Turks stew broad beans pods and serve with yogurt and dill, Chinese dry mandarin peel and add to stews for fragrance and flavour.
4. Grow Your Own - Funny how we're turning back to growing our own fruit and veg. Even if it's just a pot or two of herbs you can keep on the windowsill of a flat, you will suddenly feel completely self-sufficient.
5. Eat with the seasons - Because it's in season, it's more abundant, because it's more abundant it should be cheaper. Even if it isn't, it's better value because it's fresher and tastier. It also means the producers haven't had to find new ways of preserving shelf life and storage.
6. Send the food processors broke - Not the ones you plug in and whiz, but the middleman who buy fresh unprocessed foods and do things to them, offering them to you with extra flavours you don't want or need. Instead, buy the fresh, unprocessed food yourself and keep your own 'processing' to a minimum, e.g. buy whole fish and whole chicken rather than fillets and pieces - you'll get better quality, and learn how to fillet and joint like a chef. Whole lettuces last longer than bags of mixed leaves, and unwashed is cheaper than washed. Don't buy ready-made vinaigrette, breadcrumbs, pre-chopped vegetables and pre-grated cheese. It's money down the drain, when you can do it yourself and save.
7. Love your leftovers - Throwing food out is throwing money out. If you do have leftovers, take it for lunch the next day.
8. Steak. Get over it - A plateful of vegies and pulses with a little bit of red meat is a lot cheaper than a plate of meat with a little veg and a lentil. Striking a better balance is better for your pocket and for your overall health. Make fish, chicken and meat go further by adding beans, lentils, chickpeas and rice. Turn your meal - planning around so that the most expensive ingredient is the 'flavouring' rather than the main event.
9. Use eggs and cheese for protein, nuts and seeds for fibre and crunch, and yogurt and avocado for richness. And return to something as beautiful as a great steak-and-red-wine dinner to the special status it deserves... crave it, look forward to it, and enjoy the hell out of it. Just not every second day.
10. Cook your own 'take-away' - Love pizzas? Learn to make your own, or use pita breads as the bases, and get some help from the kids with doing the toppings so everyone has their own. Are you a burger person? Try cooking salmon burgers, chicken burgers, or normal burgers with a bit less meat and more of your other fillings, such as beetroot, avocado, tomato, cheese and lettuce. Craving Greek/Lebanese? Cover the table with little dishes of dips, breads, raw vegetables, herbed rice, and skewers of home-made lamb or tuna souvlaki.
11. Freeze - It's a fabulous feeling knowing you have tubs of chicken stock, pumpkin soup, chicken curry, Bolognese sauce, good bread, etc in the freezer. Frozen bananas make a great instant ice-cream - just soften and whiz.
12. Buy ten get one free - Beware of the supermarket bonus offers, which often tempt you into buying two for one of something you didn't really want in the first place.
For more savings tips, speak to one of our financial advisors at 1300 55 10 45 or visit www.intellichoice.com.au for more details.
2. Self-preservation - There is growing interest in home preserving, baking, curing, brewing, sausage making etc.
3. Listen to your grandmother - Turn off taps when you're done, save string, re-use bags and bottles, put lids on your saucepans (saves 20% energy and speeds everything up), and cut out waste. Think twice before you toss anything out. Greeks cook beetroot greens and toss in olive oil, Turks stew broad beans pods and serve with yogurt and dill, Chinese dry mandarin peel and add to stews for fragrance and flavour.
4. Grow Your Own - Funny how we're turning back to growing our own fruit and veg. Even if it's just a pot or two of herbs you can keep on the windowsill of a flat, you will suddenly feel completely self-sufficient.
5. Eat with the seasons - Because it's in season, it's more abundant, because it's more abundant it should be cheaper. Even if it isn't, it's better value because it's fresher and tastier. It also means the producers haven't had to find new ways of preserving shelf life and storage.
6. Send the food processors broke - Not the ones you plug in and whiz, but the middleman who buy fresh unprocessed foods and do things to them, offering them to you with extra flavours you don't want or need. Instead, buy the fresh, unprocessed food yourself and keep your own 'processing' to a minimum, e.g. buy whole fish and whole chicken rather than fillets and pieces - you'll get better quality, and learn how to fillet and joint like a chef. Whole lettuces last longer than bags of mixed leaves, and unwashed is cheaper than washed. Don't buy ready-made vinaigrette, breadcrumbs, pre-chopped vegetables and pre-grated cheese. It's money down the drain, when you can do it yourself and save.
7. Love your leftovers - Throwing food out is throwing money out. If you do have leftovers, take it for lunch the next day.
8. Steak. Get over it - A plateful of vegies and pulses with a little bit of red meat is a lot cheaper than a plate of meat with a little veg and a lentil. Striking a better balance is better for your pocket and for your overall health. Make fish, chicken and meat go further by adding beans, lentils, chickpeas and rice. Turn your meal - planning around so that the most expensive ingredient is the 'flavouring' rather than the main event.
9. Use eggs and cheese for protein, nuts and seeds for fibre and crunch, and yogurt and avocado for richness. And return to something as beautiful as a great steak-and-red-wine dinner to the special status it deserves... crave it, look forward to it, and enjoy the hell out of it. Just not every second day.
10. Cook your own 'take-away' - Love pizzas? Learn to make your own, or use pita breads as the bases, and get some help from the kids with doing the toppings so everyone has their own. Are you a burger person? Try cooking salmon burgers, chicken burgers, or normal burgers with a bit less meat and more of your other fillings, such as beetroot, avocado, tomato, cheese and lettuce. Craving Greek/Lebanese? Cover the table with little dishes of dips, breads, raw vegetables, herbed rice, and skewers of home-made lamb or tuna souvlaki.
11. Freeze - It's a fabulous feeling knowing you have tubs of chicken stock, pumpkin soup, chicken curry, Bolognese sauce, good bread, etc in the freezer. Frozen bananas make a great instant ice-cream - just soften and whiz.
12. Buy ten get one free - Beware of the supermarket bonus offers, which often tempt you into buying two for one of something you didn't really want in the first place.
For more savings tips, speak to one of our financial advisors at 1300 55 10 45 or visit www.intellichoice.com.au for more details.
Thursday, February 25, 2010
Seeking financial advice
When it comes to your financial future and your superannuation, the advice of a good financial planner should not be underestimated.
Financial planners can help you make the most of your current financial situation, provide financial advice on tax issues related to your investments, and help you lay the foundation for your retirement. However, after the failure of Storm Financial and Opes Prime, the spotlight has been placed on the shortcomings of the financial planning industry and you may be wondering how best to evaluate the financial advice you receive.
When you seek financial advice, it is important to know that your financial advisor has the appropriate skills and experience and that the dealer group he or she is associated with has the ability to deliver the ongoing services you require.
The following questions may be useful in helping you to assess the merits of a financial planner:
1. Do they have a Financial Services Guide?
All financial planners are legally required to produce a Financial Services Guide (FSG), which gives you an easy to understand explanation of their fee structure and the services they offer. The FSG should enable you to make an informed decision about whether you want to use their services.
2. Are they, or their company, licensed by the Australian Securities and Investments Commission (ASIC)?
An authorised financial planner must meet the knowledge, skills and integrity standards required by ASIC.
3. What are their qualifications and experience?
Check that the financial advisor has appropriate qualifications, preferably at least a Diploma of Financial Planning. Ask how long they have been a financial planner and the types of clients they typically work with.
4. Are they a member of a professional association?
We strongly advise that any financial planner you use is a member of the Australian Financial Planning Association (FPA), the Institute of Chartered Accountants in Australia (ICAA) or the Certified Practising Accountant (CPA). The FPA is the professional body for financial advisers in Australia, while ICAA and CPA are the professional bodies for Accountants in Australia. Members are bound to adhere to Codes of Ethics and strict operating guidelines to protect clients’ rights.
5. What services do they offer?
Does the adviser only offer investment advice, or do they offer total financial solutions, including insurance, tax, estate planning and so on. Do they have formal ongoing review services? Do they offer investment administration services?
6. How are they paid for their services?
Find out if they operate on a flat fee, brokerage or commission basis. Ask them to explain all upfront, ongoing and exit fees which might be payable by you (directly or indirectly).
When seeking financial advice, always remember it's your money you are investing. Take the time to evaluate your financial planner's advice and don't be afraid to ask questions. To find out more about the services that a financial planner can offer and how they can help you build wealth, call 1300 55 10 45 or visit www.intellichoicefp.com.au
Financial planners can help you make the most of your current financial situation, provide financial advice on tax issues related to your investments, and help you lay the foundation for your retirement. However, after the failure of Storm Financial and Opes Prime, the spotlight has been placed on the shortcomings of the financial planning industry and you may be wondering how best to evaluate the financial advice you receive.
When you seek financial advice, it is important to know that your financial advisor has the appropriate skills and experience and that the dealer group he or she is associated with has the ability to deliver the ongoing services you require.
The following questions may be useful in helping you to assess the merits of a financial planner:
1. Do they have a Financial Services Guide?
All financial planners are legally required to produce a Financial Services Guide (FSG), which gives you an easy to understand explanation of their fee structure and the services they offer. The FSG should enable you to make an informed decision about whether you want to use their services.
2. Are they, or their company, licensed by the Australian Securities and Investments Commission (ASIC)?
An authorised financial planner must meet the knowledge, skills and integrity standards required by ASIC.
3. What are their qualifications and experience?
Check that the financial advisor has appropriate qualifications, preferably at least a Diploma of Financial Planning. Ask how long they have been a financial planner and the types of clients they typically work with.
4. Are they a member of a professional association?
We strongly advise that any financial planner you use is a member of the Australian Financial Planning Association (FPA), the Institute of Chartered Accountants in Australia (ICAA) or the Certified Practising Accountant (CPA). The FPA is the professional body for financial advisers in Australia, while ICAA and CPA are the professional bodies for Accountants in Australia. Members are bound to adhere to Codes of Ethics and strict operating guidelines to protect clients’ rights.
5. What services do they offer?
Does the adviser only offer investment advice, or do they offer total financial solutions, including insurance, tax, estate planning and so on. Do they have formal ongoing review services? Do they offer investment administration services?
6. How are they paid for their services?
Find out if they operate on a flat fee, brokerage or commission basis. Ask them to explain all upfront, ongoing and exit fees which might be payable by you (directly or indirectly).
When seeking financial advice, always remember it's your money you are investing. Take the time to evaluate your financial planner's advice and don't be afraid to ask questions. To find out more about the services that a financial planner can offer and how they can help you build wealth, call 1300 55 10 45 or visit www.intellichoicefp.com.au
Wednesday, February 24, 2010
Intellichoice financial planning - new design
We have just revamped the Intellichoice financial planning website. Please visit our new website to view our various financial services and products on offer. We aim to provide our users with educational and useful information on financial planning, debt management, superannuation, retirement planning and more.
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