Essense Wealth Solutions

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Essense Wealth Solutions

We strongly believe that your life and finances are inseparable, but money is the vehicle, not the destination.

By giving you control over this valuable resource, we can provide you with lifestyle choices and pathways towards your goals.

23/07/2024

Step-by-Step Guidance to Take Control of Your Cashflow and Debt Management

1. Assess Your Financial Situation
🧾Review all sources of income and list all your expenses.
Categorise expenses into fixed (rent, utilities) and variable (entertainment, dining out).
Free Budget Tool: https://loom.ly/TUvP2cY

2. Create a Budget
🧩Allocate funds to each category, ensuring essentials are covered first.
Set limits for discretionary spending to avoid overspending.

3. Track Your Spending
📝Use apps or a spreadsheet to monitor daily expenses.
Compare actual spending against your budget regularly.

4. Identify Savings Opportunities
💰Cut unnecessary expenses and find cost-effective alternatives for essentials.
Consider refinancing options for loans to lower interest rates.

5. Consolidate Your Debt
💳Combine high-interest debts into a single, lower-interest payment.
Work with a mortgage broker to include debts in your mortgage if possible.

6. Develop a Repayment Plan
🔣Prioritise paying off high-interest debts first.
Make consistent payments to reduce principal and interest over time.

7. Seek Professional Advice
👨‍💼👩‍💼Consult with financial advisors for personalised strategies.
Utilise services like Essense Wealth for tailored cashflow and debt management plans.

8. Review and Adjust Regularly
📖Revisit your budget and financial plan periodically.
Adjust your strategies to accommodate life changes and economic conditions.

Take control of your finances with step-by-step guidance and professional support from Essense Wealth. Contact us today for an obligation-free review and start securing your financial future.
📆 https://loom.ly/jY9xZa4

18/07/2024

Did you know Essense Wealth offers obligation-free reviews to help you manage rising costs and financial stress? Our expert team, in partnership with preferred mortgage brokers, will review your cashflow and debt position, providing personalised advice to optimise your finances. With our guidance, you can manage expenses, control debt, and secure your financial future.

📆 https://loom.ly/wTPMz-M

16/07/2024

Time to Take Control: Maximise Your Cashflow and Manage Your Debt

Facing rising costs and increasing mortgage rates can be overwhelming. Essense Wealth, in partnership with our preferred mortgage brokers, offers tailored strategies to help you take control of your financial future. By reviewing your financial plan, you can navigate these challenges effectively. Your plan should include reviewing your budget, freeing up cashflow for ongoing expenses, and managing long-term debt, such as your mortgage.

Benefits of Reviewing Your Mortgage:
➕Lower Interest Rates: Refinancing can reduce your monthly repayments and total interest.
➕Flexible Repayment Terms: Adjust loan terms to lower monthly payments and better manage your budget.
➕Debt Consolidation: Combine multiple debts into your mortgage for a lower interest rate and simplified repayments.
➕Optimised Loan Structure: Reviewing and restructuring your loan can provide more favourable terms and repayment options to suit your financial needs.

Working with Essense Wealth and Our Preferred Mortgage Brokers:
➕Assessment: Evaluating your financial situation, including debts and income.
➕Strategy Development: Creating a customised debt consolidation plan.
➕Implementation: Refinancing your mortgage to include consolidated debts.
➕Ongoing Support: Providing continuous advice to keep you on track with your financial goals.

📆Contact Essense Wealth for an obligation-free financial and mortgage review.

https://loom.ly/jY9xZa4

11/07/2024

At Essense Wealth, we empower your financial success with personalized strategies and expert advice. Our client-centric approach ensures tailored solutions for your unique needs. Trust us to guide your financial journey with confidence and clarity. Contact us today to secure your prosperous future!

08/07/2024

From 1 July 2024, Centrelink will implement significant changes to the Age Pension 👨‍🦳🧑‍🦳.

➕Increased Income and Asset Thresholds
👉 Single pensioners can earn up to $212 per fortnight, while couples can earn up to $372 without affecting their full pension.
👉 Asset limits for single homeowners will be $314,000, and $566,000 for non-homeowners.

💸Bonus for Additional Working Hours
👉 Pensioners can earn more from part-time work without impacting their pension entitlements, encouraging workforce participation.

📈Indexing of Deeming Thresholds
👉 Deeming thresholds will be indexed to reflect current economic conditions, ensuring fair financial assessments.
Singles: First $62,600 of assets deemed at 0.25%, up from $60,400. Couples: First $103,800 of assets deemed at 0.25%, up from $100,200.
Above these thresholds, assets are deemed at 2.25%.

These updates aim to provide better financial support for retirees, addressing the rising cost of living and enhancing their financial stability. For more information contact us at Essense Wealth.

04/07/2024

Key Changes for the 2024-25 Financial Year

Tax Cuts 💲
>New tax brackets:
- Up to $18,200: No tax
- $18,201–$45,000: 16% tax
- $45,001–$135,000: 30% tax
- $135,001–$190,000: 37% tax
- Above $190,000: 45% tax

Affecting 13.6 million Australians starting July 1.

>Minimum Wage Increases 🤑
-Minimum wage rises by 3.75% to $24.10/hour.
-For a 38-hour week, earnings increase to $913.91, up by $33.

>Social Services Payments 💰
- Increases in Family Tax Benefit A and B, Newborn Supplement, Multiple Birth Allowance, Stillborn Baby Payment, and Essential Medical Equipment Payment.
- Rent Assistance payments increase by 10%.

>Superannuation Payments 📊
- Employer contributions rise to 11.5%.
- Concessional contributions cap increases to $30,000.
- Non-concessional contributions cap rises to $120,000.

>Energy Relief Credits 🔋
- A $300 energy rebate applied quarterly ($75 per quarter).

>Parental Leave 🤰
- Extended by 10 days, from 20 to 22 weeks.
- Payments at the national minimum wage also see a small increase.
- These changes aim to provide financial relief and support across various sectors including taxation, wages, social services, superannuation, energy costs, and parental leave.

01/07/2024

Happy New Financial Year!!! 🎉🥂🎈🎊🥳

Time to turn over a fresh financial leaf and review your goals for the coming year. Whatever you're looking to achieve, we're here for you, every step of the way.

Here's to a happy and prosperous 2024-25 financial year. 🌻

26/06/2024

Do you set New Year's resolutions? The approach of the New Financial Year is a great time to review and renew your goals.

Our goal-setting sessions always begin with WHY. By uncovering what’s truly important to you in life, we can ensure the strategies we create for you always align with your core values.

Begin by asking yourself: what is most important to you in life, and what does success look like for you, personally? WHY is this outcome so important, and what will it mean when you achieve it? 🎯

Once you’ve established your values and goals, it’s time to set some SMART parameters:
✅Get SPECIFIC in defining the desired outcome.
✅How will you MEASURE success?
✅Is your goal realistically ACHIEVABLE (and if so - HOW)?
✅How is the goal RELEVANT to your values (what’s truly important to you)?
✅In what TIMEFRAME will this outcome be achieved?

The HOW is where we shine. We can help you with a detailed and personalised financial strategy to help you achieve your goals. 🌈

~Your why, our how~

19/06/2024

Interest rates and living costs have both risen over the past couple of years. If you're feeling the stress, the first and most important step is to get your cash flow under control.

1. List ALL your regular expenses and whether they occur weekly, monthly or yearly. Free budgeting tools are available, or an excel spreadsheet works well.

2. Look for opportunities to cut expenses that aren’t essential right now. (Do you really need 3 different streaming services or magazine subscriptions, for instance? 🧐)

3. Next, work out how much you need each pay cycle to cover the non-negotiable costs. Consider setting this amount aside in a separate account so you won’t accidentally spend it.

4. How much is left over? Allocate yourself a realistic amount for spending, and don't be too stingy. Budgeting is a little like dieting - if things get too restrictive you're less likely to stick with it long-term.

5. Pop the rest in a high-interest savings account or allocate towards paying down debt. 💲💲💲

Don't love budgeting? We are here to help! ☎️💬

14/06/2024

Having the right personal insurance covers in place provides valuable protection for you and your family. We will assess your individual situation and provide recommendations on the optimal amount of cover for you. 🌈

Is it time for a review? ☎️💬

12/06/2024

Insurance is an important part of your personal financial strategy. And no, we don't just mean private health cover. 👨‍👩‍👦

🎯 Income protection insurance is your ‘plan B’ when you face unexpected health challenges that impact your ability to earn your usual income.

🎯 Trauma insurance pays a lump sum to cover medical treatment, lost income and other help you may need to recover from a serious illness.

🎯 Total and permanent disability insurance (also known as TPD) provides a lump sum payment if you should be permanently unable to return to work.

🎯 Life insurance ensures your loved ones will be financially cared for if the unthinkable should happen.

Together, these insurances will help safeguard your family and finances against setbacks, while providing additional options to manage your medical needs. 🌈

Are you covered? ❤️

06/06/2024

Need to get your finances sorted but unsure where to begin? Perhaps you're not even sure what a financial planner can do for you.

To put it simply, financial planning sessions are always focused on YOU and your goals. It's a highly personalised service that can help with ALL aspects of your financial life. And let's face it, money and life are intertwined on many levels.

If you're new to financial planning, we recommend starting with a full financial review, which offers:
☯️ A holistic approach to your life and finances, from basic cash flow management to sophisticated strategies.
📊 A full gaps analysis so you know exactly what you need to maximise your finances and reach your goals faster.
🤝 Your opportunity to get to know us and ask any burning questions before you commit to additional services. It’s all about you!

Get in touch for more details, or to book your initial consultation. ☎️💬

Address

Niddrie, VIC
3042

Website

http://www.essensewealth.com.au/

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