What will a budget do?
A budget helps you understand your spending patterns and can reveal additional funds that can be utilised to make your goals a reality.
In addition, a budget also outlines areas where you over-spend and therefore slow down the accomplishment of your goals. As you near the end of your working years and prepare for retirement, the way you spend your money is important.
Creating a budget can help you prioritise your spending and saving so that you have enough money to live your ideal lifestyle once you stop working. Talk to the team today by booking a complimentary initial consultation (value $440). Give us a call on (07) 5433 5577 or complete the form below.
How do I create a budget?
- List all your fixed costs – the regular things that you must pay for like your mortgage, phone, insurance, groceries, school fees, car rego, petrol etc.
- List all your non-fixed costs – may include meals at restaurants, new clothes etc.
- List those out-of-the-blue costs that happen every now and again like holidays, car repairs, medical expenses etc.
- 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.
- Identify areas of spending where you can cut back in order to save more.
- Work on sticking to your new budget.
How Ethica Can Help YouBetter Financial Planning is in Our DNA
This is particularly important for those who haven’t yet paid off their mortgage, have other forms of debt and/or dependent family members. Being over 55, insurance can help you protect your last ‘earning years’ to see out your savings and investment plans.
Although you may be nearing the end of your working years, it’s not too late to look at your wealth building options to fund your aspirations. However, without the luxury of years of compounding, your investment decisions are very important.
The Federal Government has made some changes to the aged pension in recent years, with further changes currently on the drawing board. The team at Ethica keeps up to date with the latest requirements for receiving a part or full aged pension, so we can answer your questions.