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How often do you get to the end of the month with no cash left and wonder where it all went and how you’ll pay the rent? It can be easy to fall into the trap of spending all you have in your bank account, but by using a budget you can get organised and avoid that sinking feeling of not know how to pay for the next the phone bill or electricity account.

In simplistic terms, a budget is an easy way of keeping track of what you are spending and making sure that you have enough money to meet your commitments.

The more exciting part of setting and using a budget is where you can identify unnecessary spending that you can instead use as ‘extra money‘ to reach your goals sooner. Imagine being able to find an extra $50 a week that you would otherwise waste, that you can put it towards travelling overseas, investing in property or whatever you’ve got your heart set on.

Learn how to set and live by an effective budget to meet your commitments and work towards your goals. Speak with the team at Ethica Private Wealth Specialists to get started with a complementary consultation. Call (07) 5443 5577 or click here

How to Budget - Part One

If you have a limited income and goals that you need money for, a budget is very important. Here is a guide to getting started with budgeting:

  1. List all your fixed costs – the regular things that you must pay for like rent, phone, insurance, groceries, car rego, petrol etc.
  2. List all your non-fixed costs – may include meals at restaurants, new clothes etc.
  3. List those out-of-the-blue costs that happen every now and again like holidays, car repairs and dentist fees etc.

Part Two: Putting it into practice

  1. For one month, list everything you actually spend. This sounds boring and painful, but doing this will give you a clear understanding of what you actually spend your money on.

    Many people are surprised at how much they spend on little things.

  2. Identify areas of spending where you can cut back in order to save more.
  3. Finally, work on sticking to your new budget.

The team at Ethica Private Wealth Specialists would love to help with your budget planning and invite you to a free consultation to discuss your goals further.

Contact us on (07) 5443 5577 or complete the form below.

When to budget

Any time is a great time to start budgeting. The sooner you create a budget and start following a savings plan, the sooner you’ll have control over your money, instead of the reverse.  Creating budgets can be particularly helpful when you reach important milestones in your life, like:

  • Getting your first job
  • Getting a new job
  • Buying a car
  • Undertaking studies
  • Planning a holiday
  • Moving out of home
  • Buying a home
  • Getting married
  • Getting rid of debt
  • Having children
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Start saving

Put money aside for your goals and investments and open up worlds of opportunities. Rather than relying on credit to get you where you want to go (which ends up costing you more… see ‘Credit Cards), if you’ve got savings behind you, you could say ‘yes‘ to more opportunities.

Investing regularly is a fantastic way of achieving your personal goals. One of the big advantages of starting when you are young is using the power of compounding – getting interest on your interest!

The Ethica team can talk to you about the best ways to save and how to invest to build greater wealth.

How should you manage your money?

Our team of financial planners can work with you to find which strategies are the best for your situation and goals.
Simply call us to arrange a complimentary initial consultation worth $440.

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How Ethica Can Help YouBetter Financial Planning is in Our DNA

Credit Card Danger

They open the door to opportunities but, if they aren’t effectively managed, the fees can get out of control and leave you stressed and on the back-foot with your financial plan.

Budget and Saving Plans

Identify where you’re over spending or where you can access extra funds to reach your financial goals like travelling or buying a car.

Insurance: do you need it?

As you accumulate possessions and assets, and your financial obligations and living costs increase, you become very reliant on your ability to work… but what happens if you can’t work?

Lending: What to do when you need to borrow

Between the ages of 18 and 35 is, for many Australians, the time when they need to borrow money for significant projects i.e. building or buying their first home, leasing a vehicle, or financing a start-up business.

Wealth Creation: It starts now

As any person with wealth will tell you, the earlier you start the better. You have the advantage of youth, meaning you can get compound interest working to increase your wealth while you get on with your life.

Superannuation: It’s not just for old people…

Retirement may seem a long way off, but there are few better investments than putting money into your super.

It’s a great way of building your wealth while keeping your tax to a minimum.

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