Why FIFO Workers Should See a Financial Planner

FIFO work offers great reward, however, it comes at significant personal sacrifice and poses unique challenges to those who undertake it. If you’re a FIFO worker, it’s unlikely that you’ll be able to handle your monthly budget in a similar way to those who work regular hours. And, based on how unpredictable your contracts can be, it’s vital to make smart financial decisions to secure your future.

Fortunately, a financial planner can step in to lead you in the right direction. Here are a few benefits you can expect from your consultation with one of our advisors.


Unlike those who have a set weekly routine, the long periods you spend off work as a FIFO worker make it easy to overspend. A financial planner will help you optimise your budget so that your funds are well allocated for both intervals. This ultimately helps you track your spending to ensure that you aren’t being unnecessarily frivolous with your cash.


FIFO work can often make it challenging to prepare for the future, which means that it’s vitally important to save as much as you can, while you can. Financial planners offer practical tips on how to make the most of your income by incorporating your savings goals into your budget. This will help you put funds away for a rainy day or for big-ticket items you’ve been wanting to purchase.

Investments and Retirement Planning

Investing is an essential part of planning for your financial future, especially since FIFO workers tend to retire earlier than those employed in other sectors. Because of this, you’ll need to expand your portfolio outside of your superannuation. Knowing where and how aggressively to invest takes expertise, which is why it would be wise to speak to a financial planner about your personal needs and hopes for the years to come.

Debt Management

While certain debts are inevitable, there are some with crippling interest rates that will have you throwing away money that could be better utilised elsewhere. A financial planner can offer a plan of action on how to effectively pay off your debt by introducing you to the strategies that best suit your particular circumstances.


Although it may not be pleasant to think about, working in a high-risk job means that you’re more likely to face an untimely death or disability, which is why it’s crucial to have the right insurance in place. A financial planner will assess the amount of cover you need and which products are best suited to give you and your loved ones peace of mind.

Although financial planning is an added expense, the reasonable fees are worth having the guidance of professionals, like Perth Tax People, as you navigate your finances. Take hold of your financial future and contact us for expert advice.

Nilesh Vasoya

Nilesh Vasoya

Nilesh Vasoya is a CPA and experienced business advisor with 15+ years’ experience in accounting and tax, and certifications from NTAA, ICAI (India). He is also a Registered Tax and ASIC Agent. Nilesh specialises in financial reports, cash flow, taxation advice, internal audit, account reconciliation, and advice for small businesses on maximising XERO, MYOB, and QUICKBOOKS. He is experienced in developing strategies for growth within small-medium scale companies.

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