Master your money
Four ways to master your money.
Eyes on the prize
Any savings, investment or wealth creation plan needs a meaningful goal to make it happen. Write your goal down and give it a dollar value and timeframe for achieving it. Make yourself accountable by measuring progress towards your target.
Supercharge your savings
There are all sorts of ways to get into the swing of saving more, like shopping around to get the best deals on utility bills and insurance premiums. But automating your budgeting, bill payments and savings is a great way to watch your savings grow without lifting a finger.
The value of good advice
Knowing what your goals are and putting savings towards them sets the foundation for getting the best from your finances. By investing that money you've got a better chance of turning modest savings into a nest egg for your retirement, your kids or whatever you've set your sights on. The right investment strategy will depend on a lot of things including what your goals are, how much you're investing and the timeframe you're working with.
Planning and patience
So you've done the hard yards with budgeting and saving and put plans into action thanks to some professional guidance. Plans may need to change when life does so you'd be wise to review your goals, savings and investment targets from time to time. However, there's a lot to be said for staying the course when it comes to an investment strategy.
Adapted from the Financial Planning Association of Australia’s Money & Life eBook and reproduced with permission. Please also read the RACQ Band disclaimer below.
RACQ Financial Planning Pty Ltd is a Corporate Authorised Representative (Representative No. 293929) of Actuate Alliance Services Pty Ltd, AFSL 240959, ABN 40 083 233 925 (Actuate). Actuate is a wholly owned subsidiary of IOOF Holdings Limited ABN 49 100 103 722. This document contains general advice and/or information prepared without taking into account any persons’ investment objectives, financial situation or needs. Investors should consider whether any general advice is appropriate having regard to their financial objectives, situation or needs.