Jenny, 25 Graduate

Let's look at how Fin15 helped Jenny gain financial freedom

MEET JENNY

Jenny is 25, she works full time as a barista and also works as an artist for the local Gallery. Jenny has worked since she was 16 years old but has never consolidated her Superannuation and has no idea if she has insurance or not. Her goal is to save about $4,500 as she wants to have her own exhibition in Canberra one day.

THE PLAN

After starting her journey with Fin15, we found out that Jenny had six different lost superannuation accounts, two of these funds had insurance, but they were not suited to Jenny’s needs. Fin15 worked with Jenny to place all her Superannuation into one account. This saved her $430 a year in fees. We locked down good quality insurance focusing mainly on income protection. We implemented a business and savings plan at a minimal out of pocket cost. Now, she can have peace of mind knowing she can pursue her passion without worrying about her finances.  We can’t wait for Jenny’s exhibition in Canberra!

THE RESULTS

$ 0

Total Savings in her first Year

Jenny earned $56,000 per year at her full-time job. We recommended income protection based on her current salary in case she could not work due to illness or injury. The income protection premium amount was $650 per annum, and the majority was charged to her Superannuation. This meant she only pays $70 per annum as an ‘out of pocket cost’. We also cancelled the extra 2 insurances she had as they were not suitable for her. This saved her $1,010 per annum. Finally, we helped her set up a company so she could deduct most of her expenses as an artist and created a savings plan of $40 a week. This helped her set aside $2,080 and also increased her tax return from nil to $2,950. She was able to reach her goal of covering her exhibition costs.