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Money tip #1: Budget planning

If you want to put your best foot forward when it comes to your financial affairs, the first thing to do is get your income and expenses in order – in other words, do a budget.

First things first, determine how much you receive in net income in any given month, or each week. This should include only regular income, not one-off payments or bonuses.

Then, calculate your regular expenses for the period chosen, such as mortgage repayments or rent.

Once you know how much money you have to work with, divvy it up for the variable expenses, such as petrol and groceries, allocating how much money you wish to spend on each.

After deducting expenses from income, you’ll (hopefully) have some room left in your budget for savings or to put into investments.

However, when determining your budget, be realistic and make sure to check-in to see how you’re tracking regularly, particularly if prices for goods and services rise or if you have a variable home loan.

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.

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Published on: Monday, December 19, 2011

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