The Reserve Bank of Australia (RBA) has again this week cut interest rates to a record low of 1%. The basis for the interest rate cut is to spur on consumer spending, bank lending and employment growth. The RBA is hoping that everyday Australians will do their share of the heavy lifting by spending to re-ignite the fledging economy. However, this may not be the best decision financially for a lot of people. Here are five ways you can make good use of the interest rate cuts instead of simply spending it.
There is no doubt that the RBA wants you out in the market place, spending your interest savings and driving inflation and employment. You also have a responsibility to yourself to use these additional funds in ways which add value to your personal wealth.
To discuss how you can make the most of the interest rate cuts, give the team a call and start a conversation today.
You need to consider with your financial planner (or adviser), your objectives, financial situation and your particular needs prior to making an investment decision. Sensibly Pty Ltd and its authorised representatives (or credit representatives) do not accept liability for any errors or omissions of information supplied on this website
Nick Shanley, Steve May, Luke Styles and Shanley Financial Planning T/A Steve May Financial Services are Authorised Representatives / Corporate Authorised Representative of Sensibly Pty Ltd, AFSL 533923. Please refer to our website at www.stevemayfs.com.au to reference our Financial Services Guides.
Shanley Financial Planning Pty Ltd trading as Steve May Financial Services (ABN 19 612 825 180) is a Corporate Authorised Representative of (1265706) of Sensibly Pty Ltd (AFSL 533923)
Nick Shanley, Steve May and Luke Styles are Authorised Representatives of Sensibly Pty Ltd (AFSL 533923)