If you haven’t already, go back a step to Understanding & Setting Goals and complete the worksheet at the bottom.
Now that you are clear on where you want to go, it’s time to become clear on where you are today.
On this page:
Change is a fact of life and it often happens in the blink of an eye. Sometimes change is planned, sometimes it’s unexpected.
Understanding and planning throughout life can help you achieve what is important to you; take control of planned change, and be prepared for the unexpected.
Over time our life cycle has changed with significant impacts on our financial resourcing requirements. Where we used to work for 40 years to service 10 years of retirement, we now work for 25 years to service 30 years of lifestyle and retirement.
In our 20s we’re just starting out
In our 30s & 40s, we’re working hard
In our 50s we’re still working hard
In our 60s we’re planning to retire
In our 70s we’re enjoying retirement
The key elements of every budget are listed below.
Use our templated living expenses calculator.
Let an app do it for you, use MoneyBrilliant.
If you’d prefer someone else to do the work for you, but have the ability to access your budget easily 24/7, use an app like MoneyBrilliant. With many other great benefits like helping to find expense reductions and optimising your banking, MoneyBrilliant is great for your day to day budget.
Clients of Invest Blue are provided with the premium version of MoneyBrilliant – speak with your adviser if you’d like to get on board.
Otherwise, the free version is just as great to get started with.
Know where your money goes
If you are really unsure of where your money is going, try a tool to help you track your spend such as MoneyBrilliant.
Pay yourself first
Don’t forget to save. Words of wisdom are to pay yourself first. If you are clear about your goals and know what you are saving for, it is easier to stay focused on where your money is going.
Recognise that habits can be hard to break—it can take time to implement money-saving tips, but if you fall off the wagon, just get back on it again.
Don’t be afraid to negotiate, barter, try unconventional sources (like buy/swap/sell) or hop around for the items or services you need.
Stick to it
Your budget will need updating from time to time. Set time aside each month to review your budget, checking in to see if you’re on track and make any necessary changes. This will also give you the opportunity to review any downfalls or factor in any new expenses you’d like to make.
Give yourself the best chance
If you are having a hard time keeping savings on track, here are some money-saving tips.
Wanting to speak with a financial planner about budgeting? Get in touch.
What you need to know
This information is provided by Invest Blue Limited (ABN 91 100 874 744). The information contained in this article is of general nature only and does not take into account the objectives, financial situation or needs of any particular person. Therefore, before making any decision, you should consider the appropriateness of the advice with regards to those matters and seek personal financial, tax and/or legal advice prior to acting on this information. Read our Financial Services Guide for information about our services, including the fees and other benefits that AMP companies and their representatives may receive in relations to products and services provided to you.