I wouldn’t be scared of the ‘B word’ – budgeting. In fact, I’d make a bit of a game of it, tracking where my money was coming from and cracking the mystery of where it was going.
There might not be much I could do about my income, so I’d focus on the spending side; working out how much I had to spend and what was ‘discretionary. Chances are I’d be shocked by what I discovered – spending on things I really didn’t need or particularly want, and not spending on things that are important to me.
I would also set some short-term goals such as saving for overseas travel, a home deposit or supporting a good cause, while leaving room for fun in the here and now. Without being too rigid my goals would help me to prioritise my discretionary spending, support a considered savings plan, and help me get more, not less, enjoyment out of life.
For more information or to speak to one of our Financial Advisers please contact TNR Wealth Management on 02 6621 8544.
Disclaimer
Past performance is not a reliable indicator of future performance. The information and any advice in this publication does not take into account your personal objectives, financial situation or needs and so you should consider its appropriateness having regard to these factors before acting on it. This article may contain material provided directly by third parties and is given in good faith and has been derived from sources believed to be reliable but has not been independently verified. It is important that your personal circumstances are taken into account before making any financial decision and we recommend you seek detailed and specific advice from a suitably qualified adviser before acting on any information or advice in this publication. Any taxation position described in this publication is general and should only be used as a guide. It does not constitute tax advice and is based on current laws and our interpretation. You should consult a registered tax agent for specific tax advice on your circumstances.
