There is an old saying...
“If your income is exceeded by your outgoing
then your upkeep will be your downfall!”
Modern Society is such that we are constantly bombarded with messages to spend money, “now”. There are literally millions of spend “now” opportunities between pay cheques. So much so, that the probability of YOU spending more than you earn is almost inevitable.
How do we avoid these pitfalls, what tools are available to help us?
Any budget advisory service can draw you up a budget, but experience shows that it is out of date within 24 hours.
The successful operation of a budget requires three key components which are absolutely essential. If one of these ingredients is missing, it simply will not work effectively. The three ingredients are as follows:-
- Honesty
- Accuracy
- Discipline
Cash Management, in simple terms is the “effective control” of your Income and Expenditure. Most people have the capacity to provide the honesty and the accuracy required. It is the discipline that determines whether or not they will be successful.
To this end “YouSelect Home Loans” uses a comprehensive Cashflow and Budgeting tool which gives you precise information pertaining to your income and expenditure along with your future bank balance on any given day within the next 365 days, that you can accurately follow each day to see how well you are doing.
The purpose of Effective Cash Management is to streamline your ongoing expenses to make the most out of your Income to make way for increasing personal financial gain.
Budgeting -
The KEY to Personal Financial Success
Healthy BUDGETING consists of three general activities:
Q. Why Should You Budget?
A. To control your financial affairs so that you can achieve your desired goals in life!
For many people, the word "budget" has a negative connotation. Instead of thinking of a budget as financial handcuffs, think of it as a positive, pro-active means to achieving YOUR Financial Goals and Success.
Whether you make thousands of dollars a year or hundreds of thousands of dollars a year, a budget is the first and foremost important step you can take towards putting your money to work for you instead of being controlled by it and forever falling short of your financial goals.
To those of you who think you know where your money goes without keeping detailed records, I issue you this challenge:
I promise that you'll be surprised, and perhaps even - shocked, by how much some of your "small" expenditures add up to. For an eye-opening illustration, look at this...
| The $$$$ quickly add up! | |
|---|---|
| Activity | Yearly Cost $$$ |
| 1 Lemonade Iceblock Daily @$1.10 ea | $ 401.50 |
| 1 Regular Cappucino Daily @$3.50 ea | $ 1,277.50 |
| Watch 1 Movie Weekly @ $14.00/Ticket | $ 728.00 |
| 1 600ml Bottle of Coca Cola Daily @$3.20 | $ 1,168.00 |
| 1 packet (40) of Cigarettes Daily @ $17.85 | $ 6,515.25 |
| Buy Lunch & Smoko @ Work 5/week @ $15.00/day | $ 3,900.00 |
| 1 Carton of Beer Weekly @ $50.00 ea | $ 2,600.00 |
| 1 Saturday Paper Weekly @$1.50 ea | $ 78.00 |
Budgeting and tracking your income and expenses gives you a strong sense of your CASHFLOW. How much comes in and how much and where your money goes.
Since financial matters are one of the leading causes of marital discord and divorce, getting a handle on your spending, implementing a budget, and saving for the future can also have positive effects on your relationship with your spouse or partner.
At YouSelect Home Loans (and with our partners) we are able to offer various levels of service ranging from a Basic Budget (simple income and expenses) to a Comprehensive Financial Plan that includes more detailed information such as risk analysis, investments, assets, liabilities, insurances, superannuation, etc., and print personal financial statements showing your net income and net worth.
Whether you use our sophisticated Personal Budgeting service - or - use a couple of pieces of paper and a pencil; the most important thing is that you get on the road to financial freedom by starting a Budget today!
To Find out more CONTACT us today!