Your Financial Picture & Budgeting | Invest Blue
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Your Financial Picture & Budgeting

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:


Understanding Life’s Journey

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.

Our life cycle has evolved

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.

life cycle graph

Source: United Nations Statistics Division, KPMG desire.

Life changes quickly

In our 20s we’re just starting out

  • Identify your goals
  • Single professionals
  • Manage your cashflow
  • Protect your income
  • Overseas travel
  • Save a deposit for a house
  • Higher education
  • Start a regular investment
  • Kick-start your super
  • Make good choices for super

In our 30s & 40s, we’re working hard

  • Identify your goals
  • Single professionals
  • Manage your cashflow
  • Provide for your children’s education
  • Pay off your home loan sooner
  • Focus on business growth
  • Structure your income to minimise tax
  • Protect yourself/family if the unforeseen occurs
  • Rebuild wealth/start again
  • Review your will
  • Maintain your lifestyle now and in the future
  • Build wealth for the future
  • Invest regularly and re-invest your earnings
  • Receive financial advice on leveraging equity and cashflow
  • Be smart with super

In our 50s we’re still working hard

  • Identify your goals
  • Structure your income to minimise tax
  • Focus on business growth/succession of business interest
  • Consider transitioning to retirement
  • Protect your family/wealth/assets if the unforeseen occurs
  • Review your risk profile
  • Asset protection
  • Rebuild wealth/start again
  • Review your will/estate planning
  • Maintain your lifestyle now and in the future
  • Build wealth for retirement
  • Invest regularly and re-invest your earnings
  • Receive financial advice on leveraging equity and cashflow
  • Be smart with super (take control)

In our 60s we’re planning to retire

  • Identify your goals – what are we going to do for the next 30 years?
  • Prepare for a lifestyle change
  • Access your superannuation tax-free
  • Maximise government benefits
  • Accelerate your super savings
  • Put plans in place to make your money last in retirement
  • The succession of business interest
  • Transition of income
  • Release wealth
  • Review your will/estate planning

In our 70s we’re enjoying retirement

  • Review goals
  • Review cash flow/income requirements
  • Review health/house/care requirements
  • Review asset allocation
  • Review/maintain a lifestyle
  • Maximise government benefits
  • Review will/estate planning


Making a budget & Budgeting Tools

The key elements of every budget are listed below.

budget elements graphic


Use our templated living expenses calculator. 

Download our 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.

Download the app for Apple or Android


Budgeting tips

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.

Stay focused

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.

Pay less 

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.

10 ways to save on your mortgage debt

How can your family save money at the dinner table?

Why a Money Buddy could help you achieve your 2020 savings goals.


Wanting to speak with a financial planner about budgeting? Get in touch.


What you need to know

This information is provided by Invest Blue Pty Ltd (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.