It sounds obvious, but spending less can be hard and changing habits you’ve had for years can take some time. If you hit a mental road roadblock when you hear the word “budget” you are not alone. Many people associate a budget as a form of deprivation. But it is really form of empowerment.
Irrespective of the size of your income and expenses, budgeting makes it easier for you to make conscious decisions about how you would like to allocate your money. It’s all about giving you the confidence to make those decisions.
Our support can help identify possible areas of savings and we will work with you to keep you on track.
To get you thinking, ASIC’s MoneySmart website has a good Budget Planner, which will give you an idea of where your money is going and also provide valuable input into any future budgeting discussion you may wish to have.
Another key element of your advice is to help you appreciate the value of debt.
Using debt, you could buy a home you would not be able to afford outright. You could also use debt to buy an investment with the potential to grow in value, like an investment property or shares. In doing so, you are effectively leveraging debt to help you build an investment portfolio faster than you otherwise would have.
We take the time to explain the difference between good and bad debt. We show you how to prioritise debt and leverage it to your advantage.