|
|
How We Can Help You?
Best Loan, Best Features
The Great Aussie Dream
Why Choose Us?
Which Loan Suits You?
Refinancing & Debt Consolidation
Rapid Debt Reduction
Case Studies
Budgeting
Forms, Links & Info
First Home Owner's Grant
Loan Calculators
Conveyancing
Know Your Credit History
Money Saving Ideas
Redirect Your Mail
Dictionary
Company Information
About Better Planning
Privacy Policy
Contact Us |
Budgeting
Budgeting - Your Key to Success
A household without a budget is like a driving across Australia without a road map. It is simply a guide.
Setting up a monthly household budget is the best way to save for a home deposit, holiday, or car, and will provide you with an established savings record if your surplus is banked regularly.
We understand however, that budgeting is a skill - some people do it with ease, others struggle with it. That's where we come in. First, let's lay down some basic principles. Unless you know your income and expense details, you won't be able to get ahead effectively. And isn't that what we all want?
When taking into account your income, include your pay, your partner's pay and any other regular income. Do not include money made irregularly from selling your handicrafts or babysitting for your neighbour for example.
Expenses can be broken down into unavoidable living costs (rates, electricity); discretionary expenses (hairdressing, dry cleaning); leisure costs (movies, gifts); and debt repayments (Visa, personal loans).
Getting all of this information together can be daunting, let alone establishing which expenses can be reduced, and then being certain that everything is accounted for. |
|
Help is at Hand
Here at Better Planning, we have formulated an extremely comprehensive budgeting plan to assist our clients. Because we specialise in rapid debt reduction, we know which budgeting strategies will suit you best. Whether you are a person with unpredictable wages, or someone just not coping with weekly unavoidable expenses, we can show you how to get ahead financially by structuring a personalised budget plan to match your circumstances.
If you have a specific savings goal in mind, we can assist you by:
- helping you set realistic targets
- reviewing your spending habits to establish non-essential outlays
- helping you to remain focussed on achieving your target sum
- recommending you establish a separate savings account
- recommending you have employer directed payments made to this account
Feel free to call Russell Moody on (03) 9431 2998 to discuss your situation and find out how he can help you finally get your debts under control and move onto your next project. |
|
If saving for a deposit on a home, many lenders require you to have:
a deposit worth at least 5% of the cost of the property
a track record of savings over a 6 month period
enough funding to cover ancillary costs such as stamp duty, legals, real estate agents' fees etc.
Budgeting can help you achieve all of these. So here's some helpful tips from those who have done it. Be warned - you may not like these!
- Cut out expensive habits
- Car pool
- Buy in bulk
- Make the kids' snacks - don't buy them
- Stick to your shopping list
- Take your lunch
- Wait a while then hire DVD's much cheaper
- Share DVD hire with your friends = half price
- Eat out on the quiet nights, e.g. pay one, get one free
- Get a decent water purifier and the kids won't crave soft drinks
- Stretch your main meals with rice/pasta/potato
- Babysit for your fisherman neighbour
- Bulk purchase with a friend
- Invest in a freezer - then USE it
- Shop for clothes and shoes at factory outlets
- Always ask if there is a discount for cash on big-ticket items
- Learn the basics of car servicing
- Plant a vegie garden
- Watch out for bargains at local Garage Sales
- Hunt rabbits?
|
|
Pay Off Your Home Loan Faster
Budgeting will produce a surplus of money which you can spend on a holiday, a car, or, if you really want to get ahead, to pay down your home loan debt early.
Tips for reducing your home loan quickly:
- pay more off the loan principal pay weekly if possible, otherwise fortnightly
- use a mortgage offset account (may not suit all)
- save a bigger deposit
- pay loan fees up-front
- make extra repayments - however small
- pay your tax refund into the loan.
|
|
Budgeting Downloads
You'll need ADOBE READER to read the following PDF files. You can download a free version of Adobe Reader by clicking on the icon. As a precaution, be sure to review the system requirement notes before downloading the program.
Click here to download Adobe Acrobat Reader |
 |
|
Budget List
Budgeting requires serious thought, time to plan, and long-term dedication to succeed well. We know it's difficult getting started .... so click below for some lighthearted budgeting clues, and try and enjoy the process ....
Download: Click here to download Budget List |
|
Budget Data Forms
The following 4 pages are a guide to help you plan your budget. A more comprehensive list will be worked through at your appointment should you wish to get the most from your efforts.
Contact Russell Moody for more information.
Download: Click here to download Budget Data Forms |
|
|
|
|
|
