Creating a Savings Plan
Deciding how to manage your money is the first step in your financial journey. In simple terms, your cash management plan should be:
Spend less than you earn and invest the difference
Your finances can be as easy as 1 – 2 – 3:
- Earn as much as you can, as quickly as you can
- Pay your bills
- Invest the balance according to the Savings Time Frame for your next goal and according to your Risk Tolerance Profile using a research based recommended investment or retirement plan.
Analysis is the first step. You can use the Savings and Expenses Calculator to prepare a budget of what you have coming in and what you are paying out.
Two of your first priorities should be:
- Debt Reduction
- Creating an Emergency Fund (usually 3 to 6 months income)
In order to ensure you are maximising the return on the dollars you have left over each pay period, please contact your LIFE-TIME adviser for a no cost no obligation discussion on 09 418 5000.