Money management

Is it a renovation, annoying repairs or household expenditure?

If you’ve been completing a renovation on your home, as opposed to general ongoing repairs, you should ensure that you remove this from your living expenses and budget for it separately. Your renovation does not form part of your day to day expenses and should have its own budget that’s being tracked separately to your living expenses.

Running repairs can be an ongoing expense expected with home ownership. You might expect to spend around one percent of the value of the house per annum on general repairs and body corporate if applicable.

This is also a distinct category from purchasing furniture and household appliances.

Contact us today to book in a free confidential property planning, strategic mortgage broking, money management or property select meeting.

The Seven Steps to Money Management Success is intended to be an information resource only and contains information of a general nature. It is not intended and does not constitute or act as a credit quote, credit proposal disclosure document or preliminary credit assessment. Further, it does not constitute or contain legal, taxation, financial product or financial planning advice. You should seek independent advice regarding these matters relevant to your own circumstances and individual needs from an appropriately licensed party. All information is provided by PPA with due care to its accuracy, however, no representation or warranty is made as to its accuracy, currency, completeness or reliability. It is your responsibility to assess and verify the accuracy, currency, completeness and reliability of the information and whether it applies in your individual circumstances.

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