According to BT Financial Group, Australians aren’t the best savers, with one third of us living pay cheque to pay cheque. However, surprisingly 70% of us believe we have complete or good control over our finances.
Regardless of where you are now, it’s never too later to take control of your financial situation.
At Camori Investments we want to help you improve your finances so you can live a better life now and into retirement. Below we have outlined our tips to get you on track to a better financial future.
When most people hear budget, they cringe, thinking they will be eating beans and toast for the rest of their life. However, with a quick reframe, it’s about you making an informed decision about where your money is going, instead of just spending.
To allow you to focus on growing your savings and avoid debt, it’s vital that you have an emergency fund. Your living expenses will determine the ideal amount you need to put aside. We recommend you start with $1000.
Once you have your emergency fund ready, you can begin to tackle your consumer debt. This includes credit cards, personal loans, IOU and store cards. For the moment, your mortgage doesn’t need to be included. In regards to how to pay off your debt, many favour the snowball method, however, the best method is the one that will work for you and your family. Make a commitment to repaying your debt and not using it for further living expenses.
Most people fail to save as there isn’t anything left at the end of the pay period. To avoid this, make your savings your first priority and make it automatic. As soon as your pay hits your account, automatically transfer a set amount into your savings account – the one you can’t touch! This way it’s done and you don’t have to think about it.
To ensure you have enough money for retirement, it pays to make smart decisions now. At Camori Investments we are super specialists and can help you make tax effective contributions to your superannuation. The earlier you invest the more money you will have in retirement.
Along with growing wealth and super, it’s important to protect it. Unfortunately, things happen…however, with the correct insurance in place you and your family will be protected and won’t take a financial hit. Speak to a Camori Investment insurance specialists to see how affordable it is to protect yourself.
We are here to help. If you need help with any of the tips listed above, get in contact today and speak to our specialists and mention this article – How to Create a Better Financial Future.