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Budgeting Tips

Tip 1 – Undertake a Quarterly review of your financial position

At the end of every quarter review your mortgage rates, your current saving plan, how much super you currently have, how much you spend daily, ensure your will is up to date, is there funds to give to your local charity, and understand if you have adequate insurance cover.


Tip 2 – Do you know how much you really are spending

Buy a little black book or if you are computer literate record how much you spend on a daily basis using excel. All you need to do is ask for a receipt on every purchase and at the end of the day write it down. Do this for 90 days and then you may find out where you can save and your actual cost of living.


Tip 3 – Make some calls to ensure your getting the best deal

In many of your spending area’s you can get some great deals by just spending a few dollars and some time. Try us for an insurance quote to compare with your current provider, electricity company’s now offer some great discounts, and telephone operators have different packages to provide you with what suits your communication and entertainment needs. The list is endless and if you can save $50 – $100 per month, you can put that towards your savings plan.


Tip 4 – Review your mortgage regularly

By using us you don’t pay to get the best mortgage deal on the market plus we review your mortgage every 6-12 months to keep pace with current rate movements. A saving of approximately $1500 can be achieved if you can get 0.50% off an an average mortgage of $300,000. We will even tell you if you have the best deal giving you peace of mind.


Tip 5 – Peace of Mind Insurance

You never know when you get sick or something else unforeseen happens. Do you have a Plan “B” in the event you can’t work as the bills will never stop? Taking out adequate insurance is essential, but also did you know that they are also tax deductions. Talk to your accountant and financial planner to get both good cover and tax advice.


Tip 6 – Get up to date with your current superannuation balance

The years fly and before you know it you start thinking about retirement. You also need to continue to live the lifestyle you are accustomed to. Review your superannuation balance each quarter and give your financial planner or accountant a call to discuss how best you can maximise your return. Additional superannuation contributions will help you reduce tax, thereby giving you a nice refund cheque at the end of each financial year.


Tip 7 – As a business owner – forecast out for a minimum 6 months

If your a business owner budgeting is vital in ensuring you maximise your business’s profitability. Many business’s are seasonal, so you need to maximise income during the good months and focus on cost management during the low times. You won’t know what to spend and the business income you need unless you have a budget. Ensure there is also a Plan A and Plan B budget, try to be realistic not optimistic or overly pessimistic. Our Business Advisory arm can help you with this.