The key to any financial plan is having surplus income. Without surplus income, it makes it impossible to allocate your money and invest for your financial goals and it is hence imperative to maximise this surplus. Maximising this surplus can be done from driving up your income and can also be done by understanding and minimising your expenses. This is the second step to building your financial plan, and one step closer to reaching financial freedom.
In this episode, we'll share with you a recommended method that has been tried and tested to better manage your budget and cashflow. This bucketing strategy will assist in better managing your money now-- and funnel it into long-term wealth creation.
So be sure to listen in as we take another step in the right direction towards financial security!
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This podcast contains information that is general in nature. It does not take into account the objectives, financial situation, or needs of any particular person. You need to consider your financial situation and needs before making any decisions based on this information. This information is provided by Billy Amiridis and Andrew Nicolaou of 360 Financial Strategists Pty Ltd, authorised representatives and credit representatives of AMP Financial Planning – AFSL 232706
Episode Highlights:
• Reviewing your existing budget.
• Maximise the income that you receive.
• Re-examine your expenses.
• Cutting out unnecessary expenses.
• Build a bucketing strategy with a; direct debit expense account, everyday bills account, fun account, holiday account, saving & investing account.
• Have emergency funds available.
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