It’s no secret that the economy is in a bit of a rut. Inflation is high, and it seems like everyone is tightening their belts. The reserve bank has just increased interest rates, again!
If you’re finding it tough to make ends meet, don’t worry – you’re not alone. But that doesn’t mean you have to give up and let yourself go bankrupt. There are things you can do to get your finances back on track.
One core resource that you can use, is our Budget Planner worksheet – available on our website here. This can be really useful when preparing a household budget.
Further to the worksheet, here are seven tips for personal budgeting, saving, and investment that can help you get started.
1. Make a budget and stick to it
One of the most important things you can do when it comes to personal finance is to create a budget and make sure you stick to it. This will help ensure that you are spending within your means and not overspending on unnecessary items.
2. Save money where you can
Make sure to put away some money each month into savings. This will help you have a cushion to fall back on in case of an emergency, and it can also be used for larger purchases down the road. We recommend 20% of your income is a nice safety net to keep.
3. Invest in yourself
Investing in yourself is one of the best things you can do for your financial future. Educate yourself on personal finance and investing, and make sure to keep up with current affairs so you know what’s going on in the world. This will help you make better decisions with your money.
4. Make a plan
It’s important to have a plan when it comes to your finances. Know what your goals are and work towards them. This could be things like saving for a house deposit, investing for retirement, or simply paying off debt. Having a plan will help you stay on track and make better financial decisions.
5. Stay disciplined (this is key)
It can be easy to fall into bad habits when it comes to spending and saving. Make sure you stay disciplined with your finances and don’t let yourself get too far off track. This will help you stay on top of your finances and keep your goals in sight.
6. Review your progress regularly
Make sure to review your progress regularly, and adjust your budget and goals accordingly. This will ensure that you are on track and making the most of your money. It will also mean you can celebrate your successes along the way!
7. Seek professional help if you need it
If you’re finding it tough to manage your finances, or you’re not sure where to start, seek professional help. A financial advisor can help you create a budget, invest money wisely, and make the most of your money. They can also provide guidance if you’re facing financial difficulties. Chat to MSI Taylor Brisbane Accountants if you need some help setting a budget, and we also have MSI Wealth Management we can connect you with for financial planning assistance.
Personal finance is a complex and often daunting topic, but it doesn’t have to be. By following these seven tips, you can take control of your finances and get on the path to financial success. And if you need help, don’t hesitate to seek out MSI Taylor’s experts. They can make all the difference.