This week is Financial Planning Week!
Unless you are one of the very few who win the lottery, securing your financial future has nothing to do with luck and everything to do with good planning and management.
Not convinced? Consider the expression “If you fail to plan, you are planning to fail”. It’s commonly heard because it is true. And when it comes to managing your finances effectively, this expression is at the heart of what will determine your success.
So what can you do to get one step closer to financial freedom? If the experts are right, with a solid plan of attack and just 21 days, we could all be on our way to financial freedom.
Why 21 days? Apparently that is the time it takes to make (or break) a habit. And with the right financial habits, you can really start to achieve your financial dreams. Follow the simple three-week plan below, and at the end see if your new habits have made a positive impact on your financial outlook.
Week one: Keep track of your spending!
Write down everything you spend money on in the first week (we mean everything!) and note any incomings. At the end of the first week you have a clear sense of your finances and you can start to map out a realistic budget.
Week two: Budget, budget, budget!
Once you have mapped out your budget (based on what you know you spend each week), look for any easy savings (can you cut down on your bought lunches?). And then spend the rest of the week spending and saving within the limits of your budget.
Week three: Call in the professionals!
Now you have the basics in place, it’s time to call in the experts. That’s right, the good news is you don’t have to do it alone. Seeking professional financial advice from a qualified financial planner is one of the best ways to help you on your way to a better financial state.
Don’t make the mistake of thinking that financial planning is only for the super-rich or those who have money to invest in multiple assets. Financial advice can help you plan for many things, big or small from planning for a comfortable retirement to your next holiday. A qualified financial planner can also help you to bed-down the best financial habits to keep you on track.
The final tip before you embark on the three week financial habit challenge? Keep it simple! The best plans and habits are the ones that are easy and can become second-nature. After all, you want to set yourself up for success!
Talk to us today – www.mywealthcare.com.au