BACK TO BASICS
BY SMART PROPERTY INVESTMENT’S PHILLIP TARRANT WWW.SPIONLIONE.COM.AU
SUCCESS IN PROPERTY SHOULD ALWAYS START WITH GOOD MONEY MANAGEMENT AND SMART BUDGETING. Budgeting has to be one of the least appealing words in discretionary spending you have available – taking into for your diligence with each goal met; this will also give our vocabulary. A term synonymous with the dullest of consideration your other financial goals. If you’re in the you the chance to review the effectiveness of your budget. politicians, it immediately conjures up visions of frugality, process of saving for a deposit, setting a budget is essen- If you’ve stuck to your guns, look at giving yourself a small conservatism and denial. But don’t be deterred: budgeting tial as it will not only help ensure that you’re taking the blow-out every three months or so. That could be a night doesn’t have to be painful, and done the right way it will most efficient approach to your saving strategy, it will out, a little retail therapy or a weekend away – as long as make life easier, and ultimately create more wealth for you. also help establish a timeframe to work to. For example, it doesn’t put too big a dent in your hard earned savings. Whether you’re striving to save for a deposit, or you’re just if you need to save $20,000 for a deposit for your first It’s also important to look at where you stash those extra about to make your first repayments on your mortgage, home, and your budget reveals that you have the capacity bucks as they build up each month. a well structured budget can have a major impact on to save $800 each month, you know that it will take just If you’ve never saved before, you’ll quickly find that seeing helping you achieve your financial goals. Let’s face it, if over two years to reach your goal. your bank balance grow is very rewarding. But rather than you’re a generation Y-er like myself you may not have a All very good in theory, but how do you go about setting leaving your cash in a low interest current account, look at huge amount of cash to play with when it comes to the – and sticking to – your budget? The golden rule when tucking it away in a high interest savings account or term property market, so it makes sense to use what you’ve budgeting is to make it realistic, effective and achievable. deposit. You’ll not only see your savings grow faster with got effectively. Drive yourself too hard and you’re sure to come unstuck the extra interest, you’ll also put your cash a little further So what exactly is a budget and more importantly, why and end up abandoning it; go too easy and you’ll never beyond temptation’s way. start one? A budget is simply a spending framework see any results. If you have a long term goal that’s going Shop around for deposit accounts because there may be for you to follow on a daily, weekly and monthly basis. to take a couple of years to achieve, you’re going to find a difference of a full percentage point in interest rates Your budget will help determine what you need to spend it hard to stay focused. To keep yourself motivated set –don’t just pick the account your bank offers without doing on your regular bills as well as establishing how much yourself milestones along the way and reward yourself a bit of research.
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DUO INVESTOR’S GUIDE TO TOWNSVILLE 103
Published on May 31, 2013
DUO Magazine is North Queensland’s very own luxury lifestyle publication. Now in its seventh year, the independent glossy has secured a plac...