Your Money

Getting your money act on track

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I’m 30 years of age and can never seem to save any money. I’m contemplating asking someone to marry me and will have to buy an expensive engagement ring. My credit cards are pretty well maxed out and I have to get my act together. Got any great ideas?

I know it’ll sound boring, but you have to start with a budget to see where your money is going. If you can’t see yourself with a piece of paper and a pencil writing down all of your income and expenses, go to the ASIC website – www.asic.gov.au/fido – which has an online budget offering.

Once you find out where your money is going, then target those things you can cut back on. Some people try to cut all non-compulsory spending, say by 10 per cent, and this can produce great savings. Others change their lifestyle, where they stop drinking Crown Lager and switch to VB. Cutting down on take-away meals and licensed restaurants can all be a part of fixing up the life that currently is making your finances a nightmare.

Once you can see some savings, establish a savings goal for the end of the year and make sure you commit to it, and track it every week to make sure it happens.

For advice you can trust book a complimentary first appointment with Switzer Financial Services today.

Important information: This content has been prepared without taking account of the objectives, financial situation or needs of any particular individual. It does not constitute formal advice. For this reason, any individual should, before acting, consider the appropriateness of the information, having regard to the individual’s objectives, financial situation and needs and, if necessary, seek appropriate professional advice.

Published on: Tuesday, March 01, 2011

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