Investments - Young Independants
Do you know where your money goes each month?
Your life is probably pretty full right now.
Life can be expensive - especially if you are renting, paying off a mortgage and enjoying a busy social life.
It's great to be earning a regular wage, but do you often find yourself short at the end of the month?
So where exactly does your money go?
When it comes to managing your money more effectively, the most important thing you can do is to make and stick to a budget. A budget will help you manage debt, pay your bills and save money for the future. You can easily see where your money is going each month. And of course if you have more going out than coming in you can work on balancing your budget.
It's now easier than ever to track your spending and stick to a budget with the Warringal Vault. Setting up a budget can help you feel more in control of your life and once you get started you'll be surprised how easy it is start saving money.
We can send you a budget planner if you need one, just contact us
Do you want to travel or maybe buy a car?
If you've recently finished university and started working full time, you may be thinking about travel, buying your own car or even your first home.
Making your first large purchase can be exciting, but you're probably also asking yourself - can I afford it? How can you save and enjoy your lifestyle at the same time.
If you're saving for a large purchase, it's important to set yourself a goal. Work out how much you need to save and when you want to make the purchase.
The next step is to go through your budget and see where you can cut back since small changes can make all the difference. Once you've worked out how much you can afford to save, set up a regular savings plan to achieve your set goal. You can the consider other options to grow your money, like term deposits.
How do you imagine your life in 10 years time?
It may be difficult to imagine what you'll be doing next month, let alone in the next 10 years. Buying a home, starting a family or maybe starting your own business can all seem a long way off. But taking time to think about what's ahead can make a big difference to your financial future.
Sometimes setting goals and sticking to them can be difficult and when it comes to our finances many of us put off making important decisions.
In the same way a personal trainer can kick start your health and fitness regime, your financial adviser can help start good money habits. Habits that'll pay off in the future.
Thanks to the effects of compounding, the earlier you start, the bigger your future rewards could be. When you reinvest the interest you generate on your savings, you build on your capital which in turn generates more interest. The earlier you begin investing, the harder your money will work for you through compounding.
Younger people and those with less wealth or income are less likely to access financial advice, when in fact a sound long term financial strategy could deliver proportionately greater benefits.