New Year… new resolutions! Exercise more, eat healthy foods and get on top of finances! These are common goals we see at the beginning of the year which by the end of the first month have quite often not gone to plan. The new year is a great time to revisit your budget and spending patterns and look at ways to reduce expenses – often we don’t know how much we are really spending until we ‘crunch the numbers’ and it can be quite a confronting exercise to do.
A detailed budget can help you consider all of your expenses, and then look at ways to reduce them. Shop around for utility providers and try and get a better deal elsewhere, do one grocery shop a week and cook in bulk and freeze meals for another time. Look at discretionary areas such as entertainment, take away, paying for gym memberships that aren’t being used, is there an opportunity to reduce spending there? The first step is understanding exactly what you are spending, then you can find ways to modify it. Setting aside some time each month is also a great way to stay on top of your finances and checking that what you are actually spending matches your budget.
The new year is also a good time to look at your super fund – how did it perform last year, what fees are you paying, how is it invested and is that suitable.
If you would like to talk more about your finances we would love to help you. Please contact Jacki Rennie on 8238 0143 or email her at jacki@guardianwealthsolutions.com.au