Tried and true money tips

Life gets so busy and the months soon roll into years when suddenly you find that your finances are off track and you’re nowhere near achieving your goals. Instead of thinking it’s all too hard take a few moments to review the following tips. If you need a hand to implement your plans, we’re here to help.

Set your goals using the S.M.A.R.T. principle

  • Specific: What exactly do you want and how are you going to do?
  • Measureable: If it can’t be measured, you can’t manage it.
  • Attainable: Can it be achieved in your situation?
  • Realistic: Is the goal beyond your capacity?
  • Timeline: How long will it take to achieve the goal?

Learn from The Richest Man in Babylon

The foundation of this time-honoured book is to pay the most important person first – you! Preferably save at least 10% of your earnings, more if you can.

Manage your debt – Not all debt is bad, so make sure you know the difference. Debt that helps you improve an asset or increase income is smart.

It’s time, not timing – It is impossible to know when it’s the “right time” to invest. Start now and invest regularly to benefit from market ups and the downs.

Spread it around – Invest your money in a variety of assets. This will help to reduce the risk and increase the benefits.

Be patient – Try not to focus on daily financial reports. Worrying as your investments seesaw is not conducive to smart money management. Invest well and for the long term.

But stay focused – Regular reviews, say half-yearly, are a good idea. Revisiting results after a set timeframe reduces knee-jerk reactions that you may regret later.

Don’t become a statistic – Fraudsters are getting smarter. If you are promised something that seems too good to be true, it probably is. Always check with us before investing.

Refer to a professional – Managing money is an emotionally-charged exercise. If you need a hand, give us a call, so you can relax and enjoy the whole experience.

General Advice Disclaimer

This article contains general advice only, which has been prepared without taking into account the objectives, financial situation or needs of any person. You should, therefore, consider the appropriateness of the information in light of your own objectives, financial situation or needs and read all relevant Product Disclosure Statements before acting on the information. Whilst every care has been taken to ensure the accuracy of the material, Paradigm Strategic Planning or Sentry Advice Pty Ltd will not bear responsibility or liability for any action taken by any person, persons or organisation on the purported basis of information contained herein. Without limiting the generality of the foregoing, no person, persons or organisation should invest monies or take action on reliance of the material contained herein but instead should satisfy themselves independently of the appropriateness of such action.

Paradigm Strategic Planning Pty Ltd is an Authorised Representative of Sentry Advice Pty Ltd AFSL 227748

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