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Do you ask yourself ‘where does all my money go’?  If yes, then it could be worthwhile considering making a budget.  Making a budget doesn’t have to be scary task, it is merely a method of giving you financial clarity.  Knowing where you sit financially is half the battle.  It enables you to make better financial decisions, both in terms of investments and spending behaviour. Is it time to know where you stand?

 How much should I be saving?

The answer to this questions is different depending on your financial situation.  At its most simplistic you should always spend less than you earn, however a great target is to save 10% of your wage or salary.

Are you in a committed relationship? Are you and your partner working together to achieve your financial goals?  If the answer is no, then you should consider new bank account structures.  Synergies are achieved when you work together instead of operating as individuals, for the simple reason that one plus one is greater than two.

Where do I get started?

Step one is think about your income differently.  Most people spend first then think about their savings.  Instead we advise firstly saving a percentage or fixed amount and then spend the rest accounting for your basic needs (housing, food, medical) and then amusement (eating out, entertainment etc).  To make this as easy as possible it is advisable to set up a direct debit timed with pay cycles.

When you start to see your savings accumulate you can speak with us to review other alternatives that have a greater return than a bank account (to learn more see Wealth Creation).

Key Take-outs

  • Budget – know where your money is going
  • Start now – don’t delay
  • Review your choices – take responsibility
  • Be disciplined and have patience – it won’t happen overnight
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