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Financial Planning

Planting the seeds of wealth in Spring

05 October 2021

Shayne Sommer CFP®

A background of communications and psychology allows Shayne to communicate effectively with clients across both basic and technical niches within personal finance.

As we emerge from the cold of Winter, Springtime often inspires us to relish in the sunshine and enjoy a spot of gardening to reap the rewards of the season. Our finances can also benefit from the same kind of attention.

When getting our garden ready for growth, seedlings will need a well-prepared plot to flourish. We pull out the weeds and turn up the soil in preparation for planting.

We can do the same thing with our finances – take stock of where our money is invested and determine if it’s appropriately placed to grow. Tidy up any miscellaneous spend that may have crept in like a weed in the garden. Check for any regular payments heading out of accounts that could strangle our savings efforts like lantana could stifle seedlings.

Do an audit of your finances

One way to do this is to download a couple of month’s transactions from either your regular cash savings account or credit card and become aware of where the money is going regularly. Read through the transactions and tally them up – if any of those transactions irk you like bindies underfoot, (I spent how much on take away last month? Did I really do that much online shopping?) review them and decide if you’re happy for them to continue, or if some of that spend could be allocated to a savings strategy instead.

Maintain good financial habits

Seedlings will need ongoing maintenance and commitment to help them grow, whether it’s daily watering, fertiliser and ensuring they get enough sun. Your finances will benefit from the same due diligence. Start off with some good habits like a regular savings plan into a separate account, securing the best interest rate available via a comparison site like, and avoid dipping into savings for spending unless it’s absolutely necessary.

Be mindful of any conditions a savings account or investment plan entails – some savings accounts require ongoing deposits to maintain a higher interest rate, and some investment plans include an account fee for providing the platform you’re investing through.

Missing out on bonus interest or seeing some income return eroded in fees could be as disheartening as experiencing crops being destroyed by local wildlife or impacted by disease.

Transfer savings to your super

Directing some savings to super will also provide benefits in the longer term. We may not be able to enjoy the benefits of super growth until retirement but crops like super are planted for a longer duration harvest, and they can benefit from the power of compounding returns.

Seedlings will grow with enough care and attention, just like savings. Be mindful though it’s going to take time to enjoy the fruits of labour. While seedlings may need daily attention, looking at a savings account every day may bring disappointment. You can’t rush seedlings or savings.

Here’s to planting seeds to grow our garden and our finances and enjoying the fruits and flowers throughout all the seasons of our lives.

Shayne Sommer is an authorised representative of Shadforth Financial Group, AFSL 318613

General advice disclaimer: The opinions and recommendations provided are not intended to be relied upon as personal advice as they do not take into account your personal circumstances. You need to assess your own position or call us for professional advice.