Many of you will be aware that Pat Cronin, the son of Matt and Robyn Cronin, was killed in April 2016 by a coward punch and since then Matt and his family have endured an arduous legal battle through the courts. Thankfully the process has come to a conclusion with the killer being sentenced in November. Here is a note from Matt and Robyn.

After waiting for almost 19 months following the death of Pat, we are thankful that the trial is finally over.

The sentence handed down to Pat’s killer was for 8 years with a minimum of 5 years and although it was in line with what the prosecution expected this hardly seems fair to us. In reality there was never going to be a sentence that was adequate as nothing was going to bring Pat back. Sadly, the laws that were introduced for Coward Punch attacks like Pat’s case let us all down with technicalities of the law proving to be unworkable – we have a personal crusade we wish to take up to ensure these laws are changed to provide greater protection and consequences.

Following the trial there has been wide media coverage of our story and just being able to finally talk publicly has helped us enormously as we set about the work we plan to do with the Pat Cronin Foundation. The foundation has allowed us to focus on making positive changes in an otherwise very negative situation.

The first intention of the Pat Cronin Foundation is to honour Pat and if you have seen the CCTV vision that has been released there is almost nothing that we need to do as Pat’s actions on the 16^th of April 2016 clearly show the good nature and character that he truly was. Pat did nothing more than try to help his mates who were being attacked.

The second intention of the Pat Cronin Foundation is to End the Coward Punch and this will be achieved through our:

• Education programs
• Awareness programs, and
• Research programs

If you would like to find out more about the Pat Cronin Foundation or if you would like to make a tax deductible donation or purchase some of our wonderful merchandise, please visit www.patcroninfoundation.org.au or our Facebook page https://www.facebook.com/patcroninfoundation/ – please like and share our page as this is our main form of communication.

We would like to thank everyone at Tailored Lifetime Solutions who have assisted you over the past 19 months and we would also like to thank everyone of you who has sent us so many kind messages of support and friendship – every message has helped us to get through this horrible ordeal. Finally we thank you all for remembering our beautiful son Pat.

Be Wise

Matt & Robyn

#PC12
#Endthecowardpunch

Eight steps to improve cash flow… and lifestyle

Imagine feeling on top of your finances. Knowing you’re in a position to enjoy your life today, while also saving for tomorrow.
If that sounds good to you, you’re not alone. In a recent survey, 54% Of Australians aged 55-64 strongly agreed they’d like that too¹.

Yet, many of us don’t feel like we’re in that position. Financial stress is actually so common that 24% of Australian employees are affected by it². And it can have an impact on all areas of life – psychological health, morale and the ability to fulfil day-to-day responsibilities.

A better cash flow could help

Your cashflow is the amount of money that’s coming in and going out of your bank account at any point in time. It’s not a measure of overall wealth, but whether there’s enough cash available to meet your expenses, with some left over. If your cashflow isn’t in check, you might find it difficult to pay your bills on time, or end up relying on credit.
Also, cashflow is almost always the starting point for building wealth.

So when it comes to finding ways to enjoy life and still grow your wealth, before you do anything else, it’s worth looking at how you’re spending your everyday money.

Eight steps to improved cashflow

Here’s what you can start doing today to help you feel on top of your finances.

Step one: Set some goals.

Work out what you’d like to achieve in life. It’s a good way to help shape how you spend your money in the long term. Also, research suggests that setting goals can help you become happier and more positive³ as well as eliminate some triggers of financial stress.

 Step two: Get a better understanding of your spending habits.

Take a step back and look at your money coming in and going out. This will help you become clear on where your sticking points are, like the common times you find yourself short.

Step three: Create a workable budget

Build a budget that fits your lifestyle and priorities. There are lots of budgeting tools online, or you could ask your adviser to help. Once you’ve crunched the numbers, you can then look at areas to make some savings.

Step four: Compare your providers

List your current providers for things like your home loan, bank accounts, credit cards, mobile phone, internet and utilities. Understand the costs, then look around for better deals. Comparing providers can often end up saving you money in the long run.

Step five: Review your insurances.

Now is the time to work out whether you have the right type and level of insurances, and how you can make savings. AMP’s insurance calculator can help you figure out how much cover you might need.

Step six: Get on top of your super

It’s important to think about super as soon as possible. Many Australians will be looking at a retirement of 30 years or more, and the Age Pension alone is unlikely to be enough⁴.

 Step seven. Embrace online services

This is where you can simplify the time it takes to look after your finances so you can get on with the rest of your life. There are a range things you can do:

• Set up direct debits so your bills are paid on time
• Switch to electronic communications (some providers actually charge for paper-based communications)
• Download apps that can help you access your finances on the move
• Check and update your details, so your providers don’t lose track of you
• Set up a good online filing system, and make sure you back it up!

 Step eight. Talk to an expert

Asking friends and relatives for advice is great, but what works for one person may not work for someone else. Financial advisers are there to help you set up your money for growth in the long term, while also helping you meet the needs of today

Better cashflow, better lifestyle

By taking a fresh look at your cashflow, you’re likely to find new approaches to saving money and time.
With a clear picture of what’s happening with your money at any point in time, you’ll feel more confident about your finances overall. Able to enjoy life today, while still saving for tomorrow.

We’re here to help

Just give us a call today, and ask us how we can help you improve your cashflow, and build a plan to meet your financial goals.
If you like, we can also set up regular check-ins, to make sure you continue to head in the right direction.

Sources

1. The Interpreters. AMP Segmentation and Goals research 2017. 1955 respondents.
2. Financial wellness report. 2016. prepared by TNS for AMP Life Limited
3. Positive psychology program, Goal setting can make you a happier person article, Oct 2015
4. http://www.superannuation.asn.au/resources/retirement-standard

The disconnect between cards and cash

With the festive season upon us, Australians are gearing up for the annual peak spending period, and the growth of digital payment options could be widening the gap between what we regard as our spending limit and the balance of our bank account.

Credit cards make spending (and overspending) very easy, and a new breed of “digital wallets” like Afterpay, zipPay and PayItLater are replacing traditional lay-by. The convenience of credit cards and digital wallets comes with a downside. Research shows a clear link between the way we pay for purchases and how much we spend.

An experiment by the Massachusetts Institute of Technology for instance, involved students bidding on tickets to a basketball game. Some were told they could only pay with cash, while other students were advised they would use a credit card to pay. Among the students using a card the average bid was $60 – more than double the $28 average among students paying with cash.

 

The pain of payment

There is a reason for this difference. It’s what psychologists call the “the pain of payment”. When we take a note out of our wallet, we feel a sense of loss. By contrast, when we use digital forms of payment we have no real sense of parting with hard currency. And that makes it easier to overspend.
On one hand, digital wallets don’t charge interest in the way credit cards do. But they do charge late payment fees. Afterpay for instance charges a $10 late payment fee with a further $7 fee if you still haven’t paid up within seven days.
On the face of it, these fees are low but they act in much the same way as card interest – being a charge on an outstanding balance. If you only owe a small sum, the fees can be the equivalent of a very high interest rate.

Keep it real – keep an eye on spending

With Australians expected to spend billions of dollars at the check-out this holiday season (last year we collectively parted with around $48 billion), it pays to be mindful that no matter how you pay for purchases, at some point the money comes out of your hip pocket.
That makes it critical to keep track of how much you’re spending, and ensure you have enough to meet regular bills – both now and in the New Year, when statements for Christmas purchases start to arrive.

The plus of putting off festive shopping

By the way, if you haven’t yet given a thought to festive shopping, don’t feel too guilty. A study by comparison site Finder found those who start buying gifts in October spend an average of $716 on presents compared to $343 among the chain draggers who leave gift buying until closer to Christmas Day.

Maybe allowing too much time to buy can encourage us to spend more, not less. For expert advice, managing your cash flow over the holiday season, or at any time of year, please contact us.

© AMP Life Limited. This provides general information and hasn’t taken your circumstances into account. It’s important to consider your particular circumstances before deciding what’s right for you. Although the information is from sources considered reliable, AMP does not guarantee that it is accurate or complete. You should not rely upon it and should seek qualified advice before making any investment decision. Except where liability under any statute cannot be excluded, AMP does not accept any liability (whether under contract, tort or otherwise) for any resulting loss or damage of the reader or any other person.

Online source: Produced by AMP Life Limited and published 23 October 2017

Print source: By AMP Life Limited, originally published on 23 October 2017

Reduce your bills with these household items

See what things you might have at home that could deliver you cost savings later on.

We all enjoy the odd bargain and inexpensive label that delivers quality at a fraction of the price; however, sometimes shelling out a bit more up front can mean greater cost savings down the track.

Check out these six things that could provide you with financial benefits over the long term.

1. Energy efficient products

Energy efficient appliances—fridges, washing machines, microwaves and air conditioners, can literally save you hundreds of dollars each year in running costs, with such appliances accounting for up to 33% of people’s home energy use, Australian Government figures show¹.

The energy rating label is mandatory for a range of equipment so you can easily assess the energy consumption on the appliances you’re looking at.

Likewise, energy-efficient light bulbs often use about 25% to 80% less energy than traditional incandescent light bulbs and generally last three to 25 times longer².

2. Water-efficient appliances

The Australian Government estimates by 2021 Australians could save more than $1 billion on their water and energy bills³ by using more water-efficient appliances and fixtures, specifically water-efficient showerheads, washing machines and toilets.

In addition, rain water tanks, which can be just as useful in urban areas as they are in rural zones, can generate cost savings. Tanks range from around $700 to $2000⁴ and rebates may apply.

3. Solar power systems

Solar power systems, which generate free electricity, are becoming increasingly popular, with about 1.63 million roof top systems installed across the country as at 1 January 2017⁵.

While there are upfront costs involved, solar power systems are becoming more affordable. Plus, they require little maintenance and generally last 20 years or more. Rebates here may also apply.

Marcus Dorreen, Director of Retail at energy services company Evergen (co-owned by CSIRO), says pre and post-retirees are showing increasing interest in solar batteries, with 50% of inquiries coming from people over age 55, with owners of solar battery systems reporting electricity-cost savings of up to 80%.

4. Programmable thermostats

On average, 40% of energy used in homes across Australia is for heating and cooling⁶.

By using thermostats and timers to make sure you’re only heating a room as much as you need (and as required) can save you considerable money, depending on your usage.

5. Vegetable and herb gardens

Data from The Australia Institute shows 52% of all Australian households are growing some of their own food, with a further 13% intending to do so⁷.

Of the top five reasons to grow food at home, saving money was the second most popular response at 62%. Statistics indicate however that it’s not until people are saving more than $250 a year (which only 16% of people are), that real cost savings are achieved.

6. Beverage supplies

If you’re in the habit of buying a $4 bottle of water, coffee or smoothie every day, then your take-away drink of choice is costing you over $1,400 over a 12-month period.

Investing in a reusable drinking bottle, blender or espresso machine could save you hundreds of dollars per year.

More information

There are big and small investments you can make around the home today that will pay for themselves and help save hundreds, or even thousands of dollars, over the months and years ahead.

An added benefit is that many of these investments can lessen our impact on the environment at the same time!

1 http://www.yourhome.gov.au/energy/appliances
2 http://energy.gov/energysaver/how-energy-efficient-light-bulbs-compare-traditional-incandescents
3 http://yourenergysavings.gov.au/water/water-home-garden/water-efficient-appliances-fixtures
4 https://www.choice.com.au/home-improvement/water/saving-water/buying-guides/rainwater-tanks
5 http://yourenergysavings.gov.au/energy/solar-wind-hydro-power/solar-power
6 http://yourenergysavings.gov.au/energy/heating-cooling/understand-heating-cooling
7 http://www.tai.org.au/content/grow-your-own

Your options in aged care explained

With multiple avenues to explore, thinking about aged care earlier rather than later could provide you or your loved one with greater flexibility.

It’s possible that in the future you, or someone close to you, may need some form of care or daily living assistance.

With lots of information to sift through and the conversation sometimes a tricky one to approach, we’ve pulled together some information to make navigating aged care an easier process.

The current state of affairs

The Australian government has projected that in 40 years the number of people aged over 100 will be 300 times what it was in the mid-1970’s¹, with an ageing population shining a light on aged care services.

Meanwhile, industry figures show²:

• More than 50% of people over age 45 have previously, or are currently, dealing with aged care services for themselves, or on someone else’s behalf
• The likelihood a woman over age 65 will require residential care in her lifetime is 54%. For men, that figure is slightly lower at 37%
• The total cost of aged care in Australia is projected to reach around $290 billion by 2055.

Aged care services available

There are several types of aged care services available. Each has an eligibility criteria and an assessment process which can be organised through the government’s My Aged Care initiative.

Options include:

• Help in your own home – if you are generally able to manage, but require assistance with daily tasks, there are various home-care packages available. You can search for providers online or phone My Aged Care on 1800 200 422 to discuss options.
• After-hospital (transition) care – if you’ve been in hospital, but need assistance while you recover and additional time to think about the best place to live long-term, this type of service can be provided in your own home or ‘live-in’ setting for 12 to 18 weeks.
• Respite care – this service provides support for you and your primary carer when your carer has other duties to attend to, or when they’re on holiday.
• Residential aged care – this is where you live in full service residences and receive ongoing care and support. If it’s the best option for you, it’s a good idea to research and visit several residences to find the right place in terms of location, services and activities. The Aged Care Home Finder can help with this process.
• Short-term restorative care – this provides a range of services over eight weeks to help prevent or slow down difficulties with completing everyday tasks. It aims to improve wellbeing and independence, and delay or reverse the need to enter long-term care.

The costs

The costs for after-hospital, respite and short-term restorative care depend on the level of care and how long it’s required.

The fees for an at-home-care package or residential aged care can also vary and will depend on income and assets, as assessed by the Department of Human Services or the Department of Veterans’ Affairs.

With a residential aged care facility there may be one-off payments (or deposits), as well as ongoing fees for care, accommodation and daily living expenses.

If you’re a self-funded retiree, it’s a good idea to seek an income assessment before commencing an at-home-care package or entering residential aged care to avoid paying maximum fees and charges.

The government’s Home Care fee estimator and Residential Care fee estimator can help.

Having the discussion

Deciding to have a discussion is the first step. So, if you’re in a situation where you need to approach the topic of aged care, whether it’s for yourself or a loved one, it’s better to do it sooner rather than later.

Remember, it may not be easy and it’s fairly normal for people to resist this type of conversation. For this reason, it’s a good idea to approach the topic as a series of conversations so that you (or your loved one) are in a better position to articulate what you want to happen.

Things worth considering when approaching the topic include:

• Being deliberate about the time and place for these conversations
• Thinking about whether other family members should be included
• Whether relevant paperwork is accessible and in order
• Whether third parties, like the family doctor, could help by offering their perspective.

More information

As there are complexities and tax implications to work through when it comes to aged care, including for example whether to sell the family home, it’s a good idea to get financial advice.

Other useful resources include:

• The My Aged Care website, which is a useful first point of call
• ASIC’s MoneySmart website, which has further information on aged care.

1 http://www.treasury.gov.au/PublicationsAndMedia/Publications/2015/2015-Intergenerational-Report 2 https://www.superannuation.asn.au/media/media-releases/2015/media-release-26-november-2015

Important information

© AMP Life Limited. This provides general information and hasn’t taken your circumstances into account. It’s important to consider your particular circumstances before deciding what’s right for you. Although the information is from sources considered reliable, AMP does not guarantee that it is accurate or complete. You should not rely upon it and should seek qualified advice before making any investment decision. Except where liability under any statute cannot be excluded, AMP does not accept any liability (whether under contract, tort or otherwise) for any resulting loss or damage of the reader or any other person.