Step 1
Successful money management is a process. Take the first step.
Step 2
This quick quiz will help you find your starting point.
Step 3
Sorting out your paperwork will make record keeping a whole lot easier and set yourself up for success.
Step 4
Knowing where you are today can help you determine the best path towards helping you meet your financial priorities.
Step 5
Good credit is essential. Know how to check this.
Step 6
Determining your net worth sounds harder than it really is.
Step 7
It is time to ask yourself, is your debt too much debt?
Step 8
Identifying needs and wants keeps you focused on what matters most!
Step 9
Don’t just set goals, set SMART goals
Step 10
Develop time frames around your SMART goals and map them out.
Step 11
Paying off debt is a short term financial goal that will free up cashflow.
Step 12
Emergency savings make the difference between a financial setback and a financial disaster.
Step 13
Saving for retirement is a non negotiable financial goal.
Step 14
Make a commitment to stay on track.
Step 15
: Now you know what you need to do, here is how to start
Step 16
Find out where all your money is going!
Step 17
Identify your fixed expenses.
Step 18
Plan for your periodic expenses.
Step 19
Create your spending plan.
Step 20
Small changes can make big savings.
Step 21
Saving money on your groceries, is one of the fastest and easiest ways to improve your bottom line.
Step 22
Know where you want to be and how you will get there
Step 23
Give yourself some peace of mind by making sure your family is on some firm financial footing
Step 24
Commit to making informed borrowing decisions, and understand the costs.
Step 25
To stay motivated, acknowledge the benefits you will experience as a result of your efforts.
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Step 22:
Document your desired spending
Now that you have spent some time identifying your financial goals and prioritising them and you also have a clear idea of your ability and time frames you can achieve them you may have found you need to adjust some spending in order to meet your goals. Whether your goal is to repay some short term debt or save for a deposit for your first home the path you will take will be the same.
Use the tools I have shown you, either our Budget work sheet or the sorted Budget tool or Xero Personal.
Track on a weekly basis your spending. You will soon see areas that can be adjusted which will allow you to move closer to achieving your goals.
I have had some clients who choose to keep their eftpos card for access to their revolving credit account in a glass of water in the freezer. Taking time to think about the need for a purchase can be a great help.
Above all have a plan.
Know where you want to be and how you will get there
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