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Cash flow management is the key

As we discussed in last months newsletter, your income is probably going to be your biggest asset. It is the very thing that provides all those assets in your life; your home, your car, your holidays, etc. So knowing how to manage this asset in the most effective strategy that will bring you the greatest results.

Some people believe that the word BUDGET is a scary word; usually conjuring up ideas of restricted spending, not living a life you want or not earning enough to live off. But in reality it should be looked upon as a fantastic & necessary tool for every household. It doesn't have to be a restrictive tool but rather a check to ensure you know you are using your money wisely.  

Unlock the potential that your income can provide you by allocating some to your bills and debts, some for personal use and some for your future.
Use a budget to keep track of your hard earned money. Understanding your spending habits can help you achieve the lifestyle you want now and in the future.
How much of your income is set aside for fixed costs? Things like your mortgage repayments? You credit card repayments (hopefully you don't have one at all)? What about your car insurance? School fees? How much do you need to earn just to get by? You should know this to ensure you don't ever over-spend on the 'luxury items' and put yourself into financial hardship or have to use that dreaded credit card. 

The easiest way to get a budget together is to jump onto your on-line banking (or get your bank statements if you prefer hard copies) and note down all the non-negotiable expenses from the past 12 months, like your mortgage repayments, grocery bill, electricity bill, water, etc. Record it all. Then move onto incidental expenses such as your morning coffee at your local cafe, Friday lunches, that skirt you 'had to have' and see where your last 12 months wages went. To make life easier, you can download our free, quick and simple budget spreadsheet to help you track your expenses. 

And a budget isn't just for those young guns looking to save for their first home, or family holiday. It's useful for everyone to know what comes in and where it is allocated. The best way to determine how much you'll need in retirement is to review how much and what you are spending your money on now. Will those costs continue? Will you have new expenses? Without a budget, you're just plucking a number out of the air which can be a surefire way to run out of money in retirement. 

Whatever stage of life you're at, knowing where your money is going is an exceptional tool to achieving financial freedom so jump on and download our budget spreadsheet and get started or call us for a chat. We have access to a number of tools that can assist you with your spending and savings goals. Some even connect to your bank accounts so don't have to do the tracking, but rather the software does it for you; let's you know where you've overspent to what you had planned and can give you a good visual to show how you're tracking to your savings goals. Whatever way you'd prefer to do it, a well kept budget is the key to financial success!

August 2017

Copyright © Cargill Financial Pty Ltd, All rights reserved.
This information is of a general nature only and has been provided without taking account of your objectives, financial situation or needs. Because of this, you should consider whether the information is appropriate in light of your particular objectives, financial situation and needs.
The information provided in this newsletter is based on our understanding of the legislation and other government policies and documentation current as at the date of publication. It does not constitute legal or tax advice. You should consult your relevant Professional Adviser for advice in relation to your particular situation. Whilst every effort has been made to ensure the information is correct, its accuracy and completeness cannot be guaranteed, thus Cargill Financial or Securitor cannot be held responsible for any loss suffered by any party due to their reliance on the information or arising from any error or omission.  

Cargill Financial Pty Ltd (429004) is a Corporate Authorised Representative of Securitor Financial Group Ltd ABN 48 009 189 495 AFSL 240687. You can read our Financial Services Guide (FSG) here and our Adviser Profile here.
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Cargill Financial · 74 Keilor Road · Essendon, Vic 3041 · Australia

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