Take control of your finances. Wealth Connexion’s financial planner experts in Brisbane share three essential money-saving and budgeting tips.
Having a budget helps you see where your money is going. You can put aside money for bills and expenses but most importantly set up a plan to reach your financial goals. Our financial planners in Brisbane have put together three essential tips you should be using:
1. Know your budget.
A tip that sounds simple at first but can be a huge task is setting up your budget. The best way to set yourself a budget is by breaking it down into a few steps:
- Record your income
- Keep track of your expenses
- Set a spending limit
- Set a savings goal
Once you know all of these, it’s easy to adjust your budget. To make budgeting easier, consider having separate bank accounts like a transaction account for spending and a transaction account for bills.
2. Consolidate your debts
Multiple debts can mean multiple fees and interest charges, which is why consolidating your debts into a single loan, with a lower interest rate and fees, could help you save on money. By rolling your debt into one, it may also be easier to manage because you’ll only need to make one repayment rather than having to juggle several.
However, it is important to mention before you make any decisions make sure the lender is licensed by ASIC and that you’ll be saving a worthwhile amount of money once you factor in the interest rates, fees etc.
3. Reduce your overall spending (whilst still having fun)
Groceries: Grocery shopping can end up costing you a lot of money. Planning your meals and making a grocery list is a simple way to keep your grocery bills down and avoid impulse buys. It’s also a good way of avoiding food waste.
Cancel unused subscriptions: Unused subscriptions to gyms or streaming platforms can add up and end up costing you hundreds. If it’s something you don’t think about at least once a day, it’s probably time to cancel your subscription to it.
Find a better insurance policy: When the time comes to renew your insurance, look around and compare premiums with other providers. It’s possible for your current provider to beat a competitor’s offer to keep your business.
Consult a financial planner today.
Financial planning can be difficult and enlisting the help of a knowledgeable financial planner can ease a lot of your worries and stress. Contact us today for an initial consult at no cost and see if our financial planning services are a fit for you. Our Brisbane-based financial planners are here to support you with whatever you may need.
For more budgeting tips, read our other post: Four Financial Moves You Need to Make in 2022