Take a leaf out of the Federal Government’s book and invest time into doing or reviewing your own budget. A budget will help you:
- Understand your income and look for ways to increase it.
- Analyse your expenses and look for ways to reduce or eliminate some costs. The $2 fees for paper statements and other similar charges all add up! Go online & save a tree at the same time.
- Know what your surplus income is and allow you to plan how to use it effectively.
- Calculate your borrowing power and loan repayment capacity.
The Money Smart website has an easy to use budget template and other useful information about managing your money. If you need advice or guidance on your borrowing power or loan repayment capacity or other finance needs, please contact us to have a chat.