Moving up
Whether you’re single or married, with or without kids, have a mortgage or not – good planning when you’re moving up can help alleviate the pressure on your finances and set you up for the future.
You – and your partner – may be well established in your career or you might even be doing further study. But over the years it’s likely that you’ve accumulated responsibilities that require money.
These responsibilities, along with your plans for the future, make you unique.
So whether you’re looking to buy your first home, want to renovate or upgrade, pay for your children’s education, take the trip of a life time, build your investment portfolio, protect your family or simply set up a budget, Bendigo Financial Planning can help.
Set yourself a goal
Clearly defined financial goals show where you are, where you’re going and help you track your progress. There are two types of financial goals:
Short Term
- I will save $5,000 for an overseas holiday next year.
- I will pay off my credit cards by June.
Long Term
- I will save $500,000 by my 50th birthday.
- I will save $20,000 for my children’s education by 2020.
Review your budget
A budget is one of the most basic, but probably most useful things you can do to get control of your finances. It can help you track what you’re earning, what you’re spending and what happens to the leftovers – if there is any.
Here’s how to get started
| Step 1 |
Gather up evidence of your earnings
– your payslips, bank statements,
Centrelink payments, etc. |
| Step 2 |
Figure out what you’re spending your money on.
Together your bank and credit card statements and receipts from other purchases reflect a lot about your spending patterns.
To get an even better idea of where your money’s going – try listing down all the purchases you make in a month. |
| Step 3 |
Review what your budget tells you about your spending.
- If you’re spending more than you earn, it may be time to fine-tune your finances.
- If you’re left with money to spare, you’re doing a good job of living within your means. You may want to look at how you can use that extra money wisely.
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A Bendigo Financial Planner can help you identify ways to make your money work for you and protect you (and your family’s) financial health and wellbeing.
Click here if you would like to make an appointment with a Bendigo Financial Planner.
This information has been prepared by Bendigo Financial Planning Limited ABN 81 087 585 073, AFSL 237898. It is provided as general information and must not be relied upon as a substitute for financial planning, legal, tax or other professional advice. The information is given in good faith and should not be considered a comprehensive statement on any matter nor relied upon as such. Bendigo Financial Planning (including its related entities, employees and directors) does not give any warranty of reliability or accuracy or accept any responsibility arising in any way including by reason of negligence for errors or omissions in the information contained in this communication. Bendigo Financial Planning is a member of the Bendigo and Adelaide Bank Group ABN 11 068 049 178 AFSL 237879. (S27486-1) (01/10)
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