Case studies

John and Rachel are scratching their heads trying to understand why they aren’t better off. They are in their late thirties and have a reasonable income and a moderate lifestyle but they don’t have anything to show for it….  they’re really wondering where their money is going and how they’re going to get ahead without making major sacrifices.

John has a full time management job and Rachel balances the needs of looking after their two young children with her part time office job at a local school. The mortgage is reducing way too slowly and they have a couple of credit cards which they maintain each month. They’d love to make sure their kids can go to private schools but at this stage they don’t seem to be able to start saving let alone think about retirement.

John’s passion is restoring his beloved Holden and Rachel loves shopping with friends. Mostly life is good but John and Rachel have recently started to bicker about how much each other spends. They decide to nip the arguments in the bud and call Cash Control.

Cash Control visit John and Rachel at their home and start to show them where their money is actually going. John and Rachel are surprised at how much money they are wasting in some areas and are shocked when they see how much interest they are paying on their debts. They put a cashflow and debt management plan in place which focusses on retaining the things they enjoy while getting rid of the waste. With some smart debt and banking strategies and ongoing help from Cash Control they pay the credit cards off pretty quickly and save plenty of interest along the way. With the credit cards out of the way, John and Rachel can now afford to starting saving for the children’s education, reduce the mortgage and put a bit extra away for retirement. End of argument…

Matthew is a real go-getter but money slips through his fingers as quickly as he gets it. He’s the top salesperson in his office and both his company and clients love him. He works really hard and plays just as hard. Each quarter, he normally gets a sizeable sales bonus but it’s often gone in two weeks and he’s back to living off his more modest salary. Because Matthew can’t seem to save money or build any emergency funds, it’s a real problem when he has unexpected expenses and big bills to pay and he keeps getting stung with bank fees and late payment fees.

Matthew loves boy’s toys and all the latest gadgets. He’d love to buy an inner city apartment and get on the property ladder but each time he starts to save, something bright and shiny catches his eye and he can’t help himself… he spends the money and has to start again. He’s thinking it’s time to get a better grip on his finances and get ahead.

He calls Cash Control who visit him at his office. Cash Control set up a cashflow plan to start saving for that property and build an emergency fund. Because they know Matthew will spend money if he can access it, they rejig his bank accounts so that he can only easily access a spending allowance with the rest going to a high interest account. As Matthew’s greatest asset is his ability to earn income, Cash Control refers Matthew to a local insurance specialist who puts an Income Protection policy in place for him.

Each month, Cash Control work with Matthew and monitor his income and spending to keep him on track. Matthew still enjoys his life but without the rollercoaster finances that he once had and in the meantime his savings are growing. He’s well on his way to that property and now has a cash stash and protection for when things go wrong…for the first time he’s got a firm handle on his finances.

Tim and Sarah are over the moon because they’ve just found out that they’re expecting their first child but the news has also created some financial worry for them. Firstly, they’re still repaying the personal loan for the wedding but now they’re going to be down an income as well and, let’s face it, kids aren’t cheap.

Tim and Sarah have never really had to think about money before – they’ve been pretty happy go lucky about their finances but all of a sudden they’ve got a lot on their mind.

They call in Cash Control to help them set a plan. The plan gives Tim and Sarah a clear picture of what their future financial situation will look like including parenting payments. Cash Control give them some smart strategies to help them deal with the personal loan,save a bucket of interest and set a savings plan to prepare for the future reduced income and increased expenses.

Cash Control finds Tim has a number of lost super funds so they connect Tim and Sarah to a local financial planner who tidies up both their superannuation funds and helps them use the super to fund some personal life insurance and protection. Tim and Sarah are pretty happy – they wouldn’t have been able to afford it otherwise and they have a lot more to protect now.

Cash Control also connects them to a local lawyer who helps them draft wills, powers of attorney and nominate a guardian for their unborn child in the unlikely but worst case scenario that they both die.

Nine months later the happy day arrives….and its twins! ….Tim and Sarah call Cash Control again.