Financial Planning Process

Priority 1 – Darren wants the family to have sufficient funds should he get cancer:
(1) funding 2 years’ worth of living expenses in the event he is diagnosed with an illness
(2) Ensuring there are sufficient funds available should he need/require specialist treatment (his father required this and it cost the family quite a bit of money)
Priority 2 – Sort out Darren’s superannuation and start recontributing to Danielle’s superannuation.
(1) Consolidate Darren’s 3 funds into one of his existing funds and invest according to his growth profile
(2) Maintain the levels of insurance Darren currently has in his superannuation
(3) Danielle to start contributing 9.5% to her superannuation fund as this hasn’t received contributions for over 3 years
Priority 3 – Sort out their finances and accumulate funds in their offset account
(1) Establish a budget
(2) Look for efficiencies in their spending
(1) Build up their offset or savings account with $10K in this by the end of the year
Priority 4 – Save for higher education expenses
(1) Establish a savings plan for Adrian and Lilly to give them a head start for higher education
(2) Look for efficiencies in their spending
(3) Save regularly to achieve this for them both


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