BUDGETING & PLANNING TIPS

As the cost of living increases, young Australian’s are starting to budget and plan much earlier on in their lives. But as easy as it sounds, budgeting is not as straightforward as most people think. If you’re having trouble budgeting, here are a few easy hints and tips to follow;

Take control of your spending
Firstly, you’ll need to set up a budget plan. Your budget needs to work best for you, so this means working with real numbers! Start by working out your income and main expenses, figuring out what you have left when all bills are paid. Once you’ve worked out your net income, you’ll be able to determine what you can do to make that figure a little higher. You might be paying for something you don’t use – that gym membership you got as a part of your new year’s resolution perhaps…?

Stay on top of your bills
A new pair of shoes or suit isn’t worth getting behind on your bills for! Be smart with your money, make sure all your bills are up to date before making your next luxury purchase. Setting up automatic monthly payments for your phone bill, credit card bill or any other out-going bills will help you in the future! You don’t want to accompany a bad credit rating. A bad credit history can have serious consequences for your financial future.

Put money towards your future
Whether you’re saving for your next European holiday, brand new car, first home or investment property it’s better to have some savings, then no savings at all. The more you save now, the less you’ll need to cut back or borrow when it comes to purchasing.  

Looking for more advice on budgeting and planning? Contact a KNG team member today on 0430 209 384 or fill out the enquiry form and a member of our team will be in contact.