BUDGETING & PLANNING TIPS.

When it comes to building financial security and increasing your wealth, there are few skills as important as budgeting. With just a little bit of discipline and a well-thought out plan, you will be taking a giant step towards owning your own home, buying your next investment property, or simply affording that well-deserved holiday you’ve been dreaming of for months.

Below are a few tips that can help you get a strong start to building your savings:

Write down ALL of your income and expenses

It may sound a bit cliché, but it is vital you know exactly how much you earn, and how much you are spending. This means sitting down and writing in a spreadsheet or on a piece of paper every financial transaction that takes place in your life. Expenses range from your monthly internet or mobile phone bill, to that ice cream you bought whilst at the beach.

If that seems a little daunting, there are a range of Apps and websites that can help you get organised. Once you start to see the breadth of expenses, it will become clear to see where you’ll be able to start saving right away.

Consolidate your debt by refinancing your loan

Bad credit can chase you for a very long time, and it can be a major issue if you are keen to get a mortgage with a reasonable interest rate. By falling behind on phone and utility bills, putting too much on your credit card or applying for several loans at once can all damage your score. It is possible to repair the damage though, by consolidating your debts through loan refinancing.

This method puts all of your debt into one repayment, making it easier to keep track of your debt and ensure you make your repayments on time. Consolidate and defeat bad credit.

For more advice on budgeting, please get in touch with our specialists today. They’ll be more than happy to help you get on the right path, and put steps in place to build your financial security and increase your wealth.