Five steps to spend less and save more

Five steps to spend less and save more 

One of the most common new year’s financial resolutions is “spend less and save more.”  It's time to check in on how you are tracking with your new years resolution.  Have you made progress?  Or have you given up already?

Kick-starting your savings resolution can be as simple as following the maxim: “spend less, save more.” However, we know that setting up this discipline can be a challenge, and research shows it can take 66 days to form a habit.

However, harnessing your goals can be achieved by following five steps: 

1. Set a savings goal;
2. Keep track of your spending: write down how much you have spent at the end of each day. At the end of each week add up how much you’ve spent in total;
3. Identify where you can make savings (for example, cutting down on bought lunches and takeaway coffees), and use these funds to start a regular savings plan;
4. Invest the funds. Your investment should be in line with your risk profile. Set up periodic payments or direct debits from your bank to make sure you stick to the plan;
5. Monitor the results of your investments on a regular basis: monthly, quarterly and six-monthly. Over time you may be amazed at how much you have saved.

To help you keep track of your funds easily, we have a wonderful product called the "Lifestyle Package".  

The Lifestyle Package includes 

• Monthly Lifestyle package subscription (Initial setup and training)
• includes personalised balance sheet and data input
• Goal setting and strategy session to look at current positions
• Financial planning session
• Retirement discussion
• Annual meeting to review position
• Cash flow budgets/set goals prepared and review annually
• Estate planning - review and recommendations
• Email and phone support

If you would like help to achieve your financial goals and are interested in the lifestyle package, contact us today!