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Starting a New Financial Year Budget
Posted in Front Page Advice
Don’t see a budget as being about what you can’t have, but rather working out how you can afford the things you want!
The first and most important step to a budget is setting yourself a goal - whether it is paying down your mortgage, paying off your credit card, saving for a holiday, or saving for a new car. Once you have your goal, put it into a dollar amount and give yourself a reasonable timeframe to achieve it. A budget is just not going to work unless you have something you are working towards that you can constantly strive for and help you to remain focused.
There is a budget spreadsheet in ‘Save It’ or you can simply make one up yourself by listing all your income and expenses in two columns on a piece of paper. Once you subtract the total of your expenses from your total income, you are left with the amount of money you have left over, or worst case scenario - the amount of money you are spending above what you earn!
Now, this is the Fun Bit! Time to go through all your expenses, and think about how you can reduce every single one of them. And before you say it just can’t be done, just have a think about how a pensioner can live on $13,000 a year, and a high flying executive can still struggle on $200,000 a year - it is quite obvious that it isn’t what you earn but rather what you do with it!
So time to get cracking and reduce all those expenses. If you don’t even know where to start, don’t worry, we have two resources right here that will help you reduce your expenses right now:
- THE BOOK - If you don’t already have a copy, then make sure to get yourself one. Save It - easy ways to save money, is filled with over 1000 tips to save you money right now on everyday things.
- THE DIRECTORY - The directory is filled with heaps of money saving businesses that will help you to save money, or get better value for your money. And it is completely FREE to use.
Once you have reduced all your expenses, it is time for the best bit - re-do your budget with the new figures for your expenses and see just how much extra money you have extracted that will help you reach your goal sooner.
Lastly, make time each month to audit your budget and pull back where you may have gone astray, and of course allow yourself some spending money – just for you to spend on anything you want. This will ensure you remain focused on what you want to achieve and to keep you on track.
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