Budgeting Services.
Plan Your Wealth.
The word ‘budget’ may conjure up images of pie graphs and politicians in suits, but for a lot of people, it can also be the difference between overspending or saving for the future.
Simple budgeting involves building and maintaining a picture of how your money is accrued and spent. In its most basic form, that may look like a table or spreadsheet that lists your sources of income and outgoing expenses. It can also feature future plans and goals, anticipated large costs and limits on how much can be spent in a given month.
Why Budget?
Here are some of the main advantages of budgeting:
It makes planning for a big, future event easier because money can be allocated over time. A big event may include a holiday, a wedding, a home or car purchase or having a child or grandchild.
It can reduce financial stress because you know where your money is going and can make choices about where to cut back or invest.
It can help to keep on top of debt by reducing discretionary spending and allocating income to paying off liabilities.
It can help to prepare for an unanticipated event or an emergency by finding or reallocating income to savings.
It can make you feel in control of your finances and can simplify decisions, such as whether to go out to dinner or stay in and watch a movie.
Budgeting apps and tools.
While many people still prefer to create their own budget, there are a variety of apps and programs that can help to put together a picture of your spending and saving patterns. Some of the popular ones include:
Pocketbook
MoneyBrilliant
Frollo
The Australian Taxation Office also has an app that allows users to track their deductible expenses like car use, while MoneySmart has a budget planning tool that allows people to insert their income and expenses into an excel-style spreadsheet.
More complex budgeting and goal planning.
The rise of DIY budgeting applications is an excellent starting point for a lot of people but many Australians have complex financial situations which require a more personalised approach. This may include people who have recently taken a redundancy, have received an inheritance, those who own multiple properties and people who have extensive financial obligations.
Similarly, people who are looking to build their wealth or have limited time to budget may need some additional support. That’s where a qualified financial planner can step in. A planner can help to take a forensic look at your income from all sources, as well as your current and future expenses. They can then help you to set goals while creating a plan for you to hit your targets while maintaining the things that are important to you. Increasingly, Australians are turning to planners for this purpose.
If you’d like to speak to someone about how to customise a budget to your future dreams and goals, get in touch with a Chelsea Wealth representative.
Why Chelsea Wealth?
We work with you to identify and prioritise your personal financial goals and help you maximise the chance of your success. We’re here to help you secure your financial future.
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Contact us.
Newcastle
Ph 02 4032 4400 | fax 02 4032 4401
newcastlewest@chelseawealth.com.au
Penrith
Ph 02 4721 5800 | fax 02 4721 5088
penrith@chelseawealth.com.au