The first step in getting your personal finances in order is to consider what you actually wish to achieve. Financial goals relate to anything you wish to achieve requiring prior saving.
Perhaps you are considering purchasing a car, moving out of home or even backpacking around South America for a few months.
All of these goals need funding and are easily achievable with careful planning and the right time frame. The earlier you start saving for your financial goals, the easier they are to achieve, as your money will have much longer to grow. With the effects of compounding, you have the potential to save a very large sum over time, with significantly less effort, allowing you to reach your goals sooner. When putting together a list of goals, you still need to bear in mind your long-term goals such as purchasing your first home, as these will come around sooner than you think.
Over a longer timeframe, the effects of regular saving and compounding are significantly more effective and will provide you with a real head start.
As a starting point, decide what your short term, medium term and long term goals are. Once you have established your financial goals you will need to determine how much money you can set aside to achieve them. Using a budget involves itemising all of your fixed and planned expenses to determine how much will be left over for saving.
We recommend using the Count Budgeting tool as a starting point.
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General advice warning: The advice provided is general advice only as, in preparing it we did not take into account your investment objectives, financial situation or particular needs. Before making an investment decision on the basis of this advice, you should consider how appropriate the advice is to your particular investment needs, and objectives. You should also consider the relevant Product Disclosure Statement before making any decision relating to a financial product.
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