Balancing LIfe, work and money

So the other day, I met a past colleague after quite a long time. We were chatting about work and the topic shifted towards how we all are seeking to achieve the optimum work life balance. 

Now, the ideal balance may differ from person to person. Like for me, I really don’t mind working into the evening, and reading industry news during the weekend. My work is my passion, so it doesn't feel like work. 

But every industry is different, and for many people, overworking can lead to health issues and burn out.

So that brings me to a topic that comes up alot with my clients...When clients tell me they want to cut back on their working hours, for example, going full time down to part time.

The reduction in income raises several questions...

? Can you afford it and for how long? 

? Does cutting back your hours allow you to save money in other areas? (such as less take away)

? What are the implications for tax and childcare benefits? 

? How will it affect the growth of your superannuation?

? If you are over 58, can you use a transition-to-retirement pension to offset a drop in employment income? 

So, if you are contemplating reducing your hours and improving your work/life balance, and have the above questions in your mind, then you’ll greatly benefit from getting personalised financial advice. Then you’ll truly be able to enjoy your free time with peace of mind that it’s not impacting your financial security. 

What is your best tip to maintain work life balance?

**General Advice Warning**

Any advice or information in this publication is of a general nature only and has not taken into account your personal objectives, financial situation and needs.. Because of that, before acting on the advice, you should consider its appropriateness to you, having regard to your personal objectives, financial situation and needs.