Most people do not have a budget and regularly spend what they cannot afford. This is often due to having a readily available credit card and taking the approach ‘I’ll just pay for that later’. Recently released date by Roy Morgan highlights that one in three people between the ages of 16 and 25 have $2,500 or more in credit card debt which they carry forward per month. Add to this the 215,000 people in this age bracket with personal car loans.

It is important to take control of your finances and budgeting. The earlier you take control of your savings and tackle debt problems the better. A plan or budget can be very effective strategy if implemented properly. Earnings have a compounding effect overtime.

A budget can be used for a number of reasons, including but not limited to:Savings

  • Saving to purchase a home or investment property
  • Saving for a holiday or car
  • Investing in the sharemarket or in your children’s school fees
  • Planning for retirement

We can calculate projected cash flow and identify areas that need improving. Quite often a small change in spending can increase savings significantly for example through a consolidation of debt or restructuring of an expense. We take into consideration lifestyle requirements, income and expenditure, asset and liabilities, as well as the economic environment.

If you would like help planning your finances to save or reduce debt call my office 07 3118 6000 or email at thomas@watkinsfinancialservices.com.au. The earlier you start planning the better.

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Thomas Jacks BCom (Acc), SMSF SpecialistTM, Adv. Dip F.S. (FP)
“I want to be able to assist clients with their investment and retirement planning by providing real strategy advice. It’s my aim to not only help my clients but to educate them by addressing the entire picture” Google Plus

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