Financial planners usually advise contributing at least enough to get your employer’s full matching contribution. Similarly, you can save for retirement by having money automatically withdrawn from your pay and put into your employer’s 401(k) or similar plan. One easy way to save a set amount each month is to arrange with your employer or bank to automatically transfer a certain portion of every paycheck into a separate savings or investment account. You’ll feel better and be motivated to stay on course. If you’re meeting your savings goals, feel free to reward yourself and splurge (an appropriate amount) once in a while. This doesn’t mean that you have to live like a miser or be frugal all the time. Once you have a reasonable idea of how much money you can set aside each month, try to stick to it. While you can probably eliminate some wants altogether, you may be spending more than you really should on some needs, such as clothing. Call us now on 08 8274 3744, contact us online or arrange a meeting in Adelaide. Many other expenditures will merely be wants. Interested in seeking a Financial Advisor or Mortgage Broker Maximise your lifestyle choices by placing Wealth on Track in control of your financial life. Add health insurance premiums to that list, along with auto insurance if you own a car and life insurance if other people are dependent on your income. Food, shelter, and clothing are obvious needs.
Break down your expenditures into needs and wants.
Record your every expenditure, no matter how small many people are surprised to see where all their money goes. You might want to use a financial software package to help you do this, but a small, pocket-size notebook could also suffice.
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