Financial Planning For Younger Clients
Budgeting & Saving Early.
Most of our advice for our younger clients deals with insurance, superannuation, and budgeting, but with a nod to retirement. The most important things to watch out for are how an inability to work can affect your lifestyle and how setting a budget can entrench regular saving as a part of life.
Surprisingly, our younger clients get older, and this means their requirements for financial and insurance advice changes over time.
Saving for a house deposit, life insurance if a young family is created, the best use of superannuation and how much to contribute via things like salary sacrificing are many of the financial considerations to amend over time.
Here Are My Three Top Budgeting Tips:
- Find out where you are spending your money. Use an app on your phone (there are a number available for both iPhone and Android such as Pocketbook or MoneyBrilliant) to keep tabs on your spending. This means you can determine how much you spend on things like gas/electricity and food and allow for these in your budgeting after you have used the app for a couple of months.
- Give yourself a reward when you reach a milestone so you feel you have accomplished something with your saving.
- Open a separate bank account and direct debit your savings (on pay day) so the funds go straight into your savings account before you have the chance to spend that money. Even limit your access to the account so you are not tempted to spend any of your hard-won savings.