When it comes to managing your finances the first thing you need to do is work out a budget. You can’t work out your long-term future if you’ve not established your starting point. A budget is a great way to understand your incoming and outgoing finances.
Doing a budget enables you to find the right balance between what you earn, what you spend and what you can save.
Once you are in control of your finances you can start to look at long-term plans.
The best way to start with your budget is to work out what money you have coming in; this includes your wages, benefits, bonuses etc…
Then look at your outgoings. When you look at your outgoings remember to include all bills, including long-term and short-term bills such as rent or mortgage, rates, water bills, food shopping, car registration, petrol etc….
The issue with looking at your outgoings is that a lot of people are unaware of exactly how much they are spending, they forget about that coffee on the way to work, or the odd lunch they have out, and before you know it, they’ve blown their budget and they’re back to square one. A piece of advice is to check your bank statements, take a look at the transactions and it will give a real indication of how much you are spending. Bank statements don’t lie.
Once you’ve established your incomings and outgoings you need to categorise things into basic and luxury expenses. Look at what you can sacrifice; do you really need that morning coffee for $5 a day because that’s $1,825 over the course of a year? Work out where you can cut costs, you might find this easier than you think, organising a food budget and making lunches can make a big difference to your budget.
Look at some short-term goals that you want to reach, whether you want to save $200 a month, or you want to save for a deposit for a home in two years, it pays to make plans, no matter how big or small and work out how to achieve them.
You can also work smarter not harder, always research your insurance providers before renewing with them, look at high interest savings accounts, change your mortgage provider if there are others that are cheaper and consider investing, make your money work for you.
No matter what your financial position, why not talk to your trusted financial advisors at Gold Seal Finance in Brisbane and Logan, we can advise you on the best way to plan for your future. Start building your wealth today and enjoy a more prosperous tomorrow.
If you are in and around the Brisbane or Logan area why not pop in and see us, or alternatively we can come to you. Gold Seal Finance understand you’re busy and that’s why we also offer out of hours appointments.
Call 07 3423 3877 and start financially planning for your future.
This information and the links provided are for general information only and should not be taken as constituting legal, financial or professional advice. You should consider seeking legal, financial, or other advice to check how this information relates to your unique circumstances.
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