Part 2: Melissa’s advice to keeping on the right financial track
?It is so important to start putting money aside in a separate account for yourself in case of sudden retrenchment, death or divorce.

?Just a small amount each week in a savings account is all it takes to plan for the unexpected. I had a woman come and see me recently who, after 40 years of marriage, found herself alone and responsible for her partner?s debts. She had not taken an interest in their finances, assuming her husband was taking care of things. She was at retirement age and had to not only get a job, but start again from scratch by renting a unit and paying off debts.

?However unlikely, this kind of thing can and does happen, which is why we all have to be prepared,? she said.

So be sure to know exactly where you joint funds are going every month, where you are up to with the mortgage, and what debts you will be responsible for should something happen to your partner.

?If you are paying for something jointly, make sure your assets are in both your names and don?t assume that a partner will do the right thing by you. It may sound cynical, but it is in yours, and your children?s, best interests.?

Melissa also advocates setting up education funds for children as soon as they are born.

?Current trends indicate we are going to have to pay much more in the future for our children?s education. By setting aside a small amount each week, you will ensure your child?s education is taken care off no matter what your financial situation is at the time,? she said.

?And remember, the most import thing you can do is visit a qualified financial adviser who can help you secure your future and get debt free,? Melissa said.

Melissa Caddick is a Principal of Wise Financial Services.

* Wise Financial Services Pty Limited is a Corporate Authorised Representative and Melissa Caddick is an Authorised Representative of Tandem Financial Advice Limited (ABN 27 006 226 777) AFSL Number 238427.

Page 1: Women’s advice to women for financial freedom