Your dream holiday, a pool or a new car, whatever it is you’re dreaming about, becoming a better budgeter will help make it a reality sooner. Here are three simple tips to get you on your way:
1. Write down your goals
There’s something about seeing them in black and white that makes your goals more likely to be achieved. Keep a picture of your new pool or your holiday destination somewhere close by to remind you of what you’re saving for.
2. Analyse your current financial position
List out any money coming in (eg salary, investment income) then compare it to money going out. The difference (positive or negative) will show you how you’re currently positioned and how long it will take to reach your goals. It will also show you areas where you could be saving (do you really need to spend $60 a week on coffee?).
3. Pay off bad debt first
Usually in the form of a credit card or personal loan, bad debt is debt that doesn’t do anything to improve your financial position. Bad debt often has high interest rates so it’s best to tackle this first so you’re not accumulating more debt from the interest. Only then should you start to think about saving.
RACQ Bank offer a budget planner to help you manage your finances and reach your savings goals sooner. Good luck!
Please note this post contains general advice only, and does not take into account your personal circumstances. We recommend you obtain professional advice before making any decision regarding financial matters.
Photo above: BETA President Michelle Cubis (right) on stage with Dana Kraschnefski.
In addition to the Life Membership Award, the BETA Committee will honour the memory of Mitch with an annual bursary in his name.
The Mitch Fallon Award will be received by a Beginning Teacher from Mitchelton State High School – where Mitch was teaching at the time of his unexpected death.
Dana Kraschnefski, currently in her first year teaching at Mitchelton State High School, was nominated by her school administration to receive the inaugural bursary of full Conference registration including accommodation to the Spirit of Learning conference, BETA’s landmark event each year and one that Mitch Fallon had both attended and coordinated during his career.