Life insurance is often forgotten or neglected when planning your finances.  However,  it is definitely worth consideration by every household.

Below I have prepared tips to consider and steps you can take to be more informed about life insurance. This may help simplify the decision-making process so you can make the right choice for you and your family.


Generally, your employer superannuation should include a life insurance component, as long as you haven’t chosen to ‘opt out’ of it when commencing with your particular superannuation fund.  Your first step is to check your annual superannuation statement and if you do have life insurance included, consider whether it is adequate for your needs.


if anyone relies on you financially, you need life insurance i.e. a spouse or the parent of dependent children. You may also require life insurance if you are someone’s ex-spouse, life partner, a child of dependent parents, the sibling of a dependent adult, an employee, an employer or a business partner. If you are stably retired or financially independent, and no one would suffer financially if you were pass away, then you don’t need life insurance.

Life insurance does not simply apply a monetary value to someone’s life. Instead, it helps compensate for the inevitable financial consequences that accompany the loss of life. It helps those left behind cover the costs of final expenses, outstanding debts and mortgages, planned educational expenses and lost income. But most importantly, in the aftermath of an unexpected death, life insurance can lessen financial burdens at a time when surviving family members are dealing with the loss of a loved one.


Life insurance doesn’t need to be expensive.   Of course, there are expensive options that offer more.   


Deciding on a policy doesn’t need to be complicated. In the vast majority of situations, a household would be well cared for simply by buying enough life insurance to replicate all or most of the insured’s income for a term as long as the household expects to need that income.


It is a discussion we don’t want to have. We don’t like to talk about life insurance and death. However, open and honest discussions about planning for an unexpected death can be surprisingly life-giving. Purchsing life insurance is an important part of your long-term and comprehensive financial plan.

This is general information.  For more information or to schedule a 30 minute FREE consultation with Amanda, please do not hesitate to contact her via this link. https://www.amandamccall.com.au/financial-services-blog

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We are still a long way off equal pay for men and women unfortunately.  On top of that it is usually women who take time off full time employment for motherhood, sacrificing superannuation and wages along with it.  Awareness is improving, however as a woman, investing in a financial plan is an excellent way to help you bridge the salary and super gap and build your wealth. 

There are a number of ways women can move towards wealth creation, including:


A financial planner can, of course, advise you on a number of non-gender-specific financial issues, such as setting a budget, paying down debt, saving, investing, superannuation, planning for retirement and more.

But there are specific money matters, applicable to women only that a good planner can also address.  These include lower salaries resulting from gender pay gap and less superannuation due to time off work.

Financial planners will use their knowledge and expertise to help you develop a clear strategy for managing your finances and achieving your personal financial goals. They’ll work closely with your particular circumstances to help you create a financial plan.


Investing can be scary when you don’t know much about it.  Once again a financial planner can help in creating an investment plan.  They will make clear recommendations concerning investments; to outline both the potential risks and rewards of investing; and to communicate any changes that could impact your investments, such as spikes or slumps in the market. (Keep in mind, however, that financial planners – however good they are – cannot predict market behaviour or ensure a positive outcome.)

A financial planner can also help you figure out the level of risk you’re comfortable with when it comes to investing. It’s important to find a financial planner you have a good rapport with and who works to your comfort level.

You don’t have to have a lot of money to start investing. You can start with a small reserve of savings.


The big obstacle here is the gender pay gap, as your super is determined on your salary.  However there are some things you can do to boost your super. 

  • Salary sacrificing - This involves deducting an amount directly from your salary; consequently, you’ll pay less income tax, too.
  • Super splitting - This enables husbands to divide their superannuation contribution between their own funds and those of their wives’.
  • Out-of-pocket contributions - Keeping in mind that you can’t access your super before you retire, you might want to contribute regular – affordable – amounts to your fund.


Many professions have an independent guide to salary expectations based on factors like your qualifications and years of experience. If you don’t know whether you are being paid appropriately, check a salary guide site such as Hays or Live Salary.

Amanda McCall finance offers a FREE 30 minute consultation.  Please visit the contact us page via this link to arrange your consultation.  https://amandamccall.com.au/contact-financial-services-brisbane

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Do you often ask yourself, “where does all my money go?” If you’re on a good salary, you could still find that you go through your money. You could be spending too much on goods and services you don’t need. Here is a guide to show you how to do an audit of your finances.

Get your credit report

To know where you stand with banks and lenders, you should get a copy of your credit report. This will be needed, if you ever decide to consolidate debts or take out a new credit card. Your credit report lists your last seven years of credit applications and defaults.

Defaults are failures to pay a bill or loan repayment after 60 days. This will also show you your habits when it comes to paying back debts in full or on time.  It is important to aim towards having a good, clean credit report.

Review current income and expenditure

Your bank statement is a good place to start, to look at and review your everyday spending habits. 

If you have a poor record of paying debts back, focus on shifting more income toward servicing debt. You should create a budget around utilities, transport, food, grooming, luxuries, going out, and so on. If you are spending too much on luxuries, rein it in. See where you can make savings eg.  If you don’t use all your calls or data per month, see if you can get a cheaper phone plan.

Consolidate or reduce debt

Australians have the highest ratio of debt to income in the world, at a whopping 212%! (source: Organisation for Economic Co-operation and Development). If you have high amounts of debt from credit cards, personal loans and other loans, talk to a financial professional about consolidating your debts into one loan. This puts you on top by paying off one loan instead of several at varying interest rates.

Budget and save

Once you’ve made all these changes, create a budget – and stick to it! This is the hardest part of your financial audit. Once you have made the changes, you can break free from debt and start saving your money!

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It all sounds easy enough – put extra into super, put this much into super etc etc.  However, life isn’t always as black and white as that.  We often have obstacles with our plans for the future.  Here are a few of the potential barriers you could face so that you can at least be aware of them.

1. In a habit of living a ‘champagne’ lifestyle

You are young with limited financial responsibilities and quite frankly, cannot see the point of thinking about something that seems so far away into the future.  However, if you are that way inclined to enjoying the finer things, you’ll probably want to carry on doing so after you’ve stopped earning an income. Take time to look at what you’re spending now and then compare it with the income you can expect from your super balance when you retire. If you just rely on your employer contributions will you have enough? A financial planner can help you with a plan to build up your savings gradually and still keep enough day-to-day budget for the things you enjoy. It’s a great way to make sure you can keep living in the style you’re accustomed to in retirement.   The earlier you start the less impact it will have on your weekly income.

2. Tap away at your debt

Reducing the most expensive loans and liabilities first is a good starting point and saving on mortgage interest by getting ahead on payments runs a close second.  It definitely makes sense to pay off debt as soon as you can, particularly when interest rates are higher like credit cards and personal loans.

A house, unlike super, is not an asset you can earn income from, unless you rent it out. If staying in your home after you retire is important to you, selling it to give you an income won’t be an appealing option. Coming up with a plan that allows you to build up your super balance and work towards being mortgage free will give you the best of both worlds. You’ll have a comfortable, familiar home plus enough money to enjoy your time spent living there.

3. Kids

Kids will definitely top the list for expenses however, you wouldn’t have it any other way.  You want the best for them.   But all those golden opportunities for your kids will come at a high price if you can’t provide for your own needs in retirement. So saving for your super helps them as much as it helps you. A decent retirement income means you can remain independent as you grow older and pay for your own care.

4. The long haul

Saving enough to live on for a couple of decades is a big ask. Sometimes, when we’re faced with such an enormous commitment, it can be easier to just shrug it off as something that’s just too hard to be worth making a start on.

If running the numbers for your ideal retirement income and super savings plan is beyond you, consider salary sacrificing as a way to build up your super. Thanks to potential tax concessions on contributions from your gross salary, and the power of compounding returns, even a small monthly contribution can make a significant difference to your super over time, with much less impact on your current take home pay and cash flow. And the sooner you start, the better your chances of accumulating enough super for a secure retirement, with very little effort.

Whatever your priorities are, a CERTIFIED FINANCIAL PLANNER® professional can offer valuable advice on getting the balance right between spending on your immediate needs and saving for the future.



Early planning is definitely the key when considering aged care at home or a residential aged care facility. 

These days there are Home Care Packages available that provide access to services that can help you to stay at your own home for as long as you can.  Support services include cleaning, meal preparation and transport for shopping and appointments.

However, depending on your dependency for assistance you may need to consider an Aged Care Facility. Aged care facilities provide accommodation and care depending on your personal needs.  Care can range from personal care, such as help with showering and occasional nursing care to continuous nursing care for those who are unable to look after themselves.

Many residential care facilities have significant waitlists and this is one reason it is vital to plan early. 

You should visit a few that appeal to you, along with family members.  Becoming familiar with your options can enable you to have meaningful conversations regarding your options and make more informed lifestyle and financial decisions. 

When you move into an Aged Care Facility an accommodation payment will be payable.  This can be paid as a lump sum, in regular instalments, or a combination of a lump sum and regular instalments. 

This amount will vary between facilities and as a general rule will be higher for newer places.  There will also be ongoing aged care fees and your living expenses.

A financial planner can help you minimise the fees you may have to pay and/or maximise governments benefits you may receive.  They can also determine whether care in your preferred facility is affordable, and potentially start restructuring your assets to improve your financial position.   A financial planner can also help address your estate planning needs.

For more information please contact me via this page to arrange a FREE 30 minute consultation.  https://amandamccall.com.au/contact-financial-services-brisbane