Step 4 – Document where you will cut back expenditure!

 

 Certain areas of expenditure will jump out at you when you go through the process of reviewing your expenses over twelve months. While you sip on a wine, tea or coffee, you should decide which areas you will specifically target to reduce your expenditure.

Once you’ve reached consensus you should:

  • Define what expenses you are targeting and put a dollar value to it.
  • Make sure the target is achievable.
  • Ensure there is a desire to achieve the change by everyone involved.
  • Note down a simple plan to make it happen, what the challenges could be and sign the document! Keep it simple. No more than one page and no less than half a page. 
  • Start imagining and discussing living out the plan.
    • Walking the grocery aisles and not purchasing packets of chips, the expensive cheese and quite so many avocadoes and processed food.
    • Cooking bacon and eggs on a Sunday rather than going to a café.
    • Updating clothes less regularly – wearing existing ones for longer.
    • Having a regular Sunday lunch at home with family where you cook rather than eat out.
    • Travelling on four-star holidays instead of five star or staying with family for as long as you can handle it!
    • Saying ‘no’ to impulse purchases (if that’s your vice).

Having a willingness to crunch your budget and reduce spending is a key to property, investment and lifestyle success and achieving your Property Planning goals.

As with each step, search for non-financial upsides such as enjoying superior health and quality time with family. These aspects can be as motivating as the benefits of feeling like you have control and order over your finances plus the added ability to enhance your financial situation.

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