In a debate about priorities it’s natural that more urgent tasks seem to take over the spotlight. . . ….enter the morning conversation of ‘where is my. . . . . ?(or more interesting subjects like where shall we holiday next?)
- Get a baseline for your budget
Know what’s coming in and going out in your family budget. At least this way you can make deliberate plans to manage your spend and savings habits.
You can download a free budget planner to capture your expenses here – jot the amounts down over a glass of wine so it feels less intense.
- Kill bill shock!
The simplest strategy of all is to divide your normal quarterly bills into the number of pays that you will expect. In three months, you would be paid 12 weekly pays, or 6 fortnights. Then arrange to BPay these bills on a weekly or fortnightly basis.
Apply the same principal to monthly bills like phone and internet but break up the payments into weekly or fortnightly. You may just find that your next bill arrives and is already paid for.
- Think about a better future
It’s great to imagine your life in a better place, a bigger home, on a holiday or somewhere better than where you are right now.
What do you need to plan for step 1, step 2 and step 3 to get you there?
We plan retirement for clients in their 30’s so that they are making small progressive enhancements to their strategy so that there is no surprise when that retirement arrives.
There are four questions to set a retirement goal.
- If you have no mortgage in retirement, how much would you like to live on each week for every day costs?
- How much should we plan for each year for nice things? (holidays?)
- Do you have plans for any trips, toys, boats, cars or caravans and how much?
- Do you plan to give any money away? Charities, family, kids.
With this in mind, we can help you find out how much money will enable you to stop working and at what age you might achieve it.
- Get motivated
Do something about your plan, make it a plan of action, not just a great ideas list.
We help families lay out their goal and then build a strategy to step it out and make it achievable.
- Create assets that pay you an income.
If you ever want to work less, you will need to have assets that can earn you more passively, (without having to get dressed for work to go and earn it).
We build plans for families so that they can acquire assets like shares and property over a period of time to build their passive income so they can plan to finish work, hopefully early.
Create an outstanding 2016 and grow your future from there.
Tabitha Tworek of Insight Wealth Planning is a financial planner that specialises in financial advice for families and women. She loves helping people to work out what is next and how to get it done. Call now on (02) 4941 1888.