Whether it’s your dream to walk the white sands of the Whitsundays, you’re seeking a backyard pool to soak in on steamy nights, or you want a new ride to traverse the roads of tropical Queensland - we can help you get there.
Creating a budget can help you achieve your goals and we’ve got some tips to help along the way.
1. Your goals
Writing down short-term and long-term goals can help visualise what you’re working towards to achieve your dream, faster! We all know what long-term goals are; they’re the fun things like a home renovation, holiday or new car. Think of your short-term goals as weekly victories that help you achieve your bigger goals. Short-term goals can be as simple as ‘buy one coffee per day’ or ‘pack your lunch twice a week’. When you save money sticking to your short-term goals you’re one step closer to that big goal at the end!
2. How are you spending?
It’s helpful to see what money’s coming in, and what’s going out each month. Try to write down all the money you receive through your salary and other investments. Then, write down everything you pay on household expenses and bills, transport, entertainment, loans etc. By subtracting the incoming vs outgoing – you can see what you have remaining each month. This can then be put straight into your savings account. Seeing how you’re spending can also help you pull-back on unnecessary costs. If you’re spending too much in one area you can use this information to create your short-term goals and stay on track!
3. Pay it back smarter
Not all debt’s equal. There is such a thing as ‘good debt’ and ‘bad debt’. Good debt is going to improve your financial position - like having a mortgage. Bad debt doesn’t improve your financial position and includes things like credit cards or personal loans. Bad debt has high interest rates and the longer you have it, the longer you can spend paying off ongoing interest. Try to put extra money towards paying your bad debt back faster and once it’s paid off – then start saving. It’s better to be paying back bad debt than having money going towards savings. It’s easy to think it’s going to take longer to reach your goal– but trust us, it’ll save you money in the long run.