Money management

Our Money Management System

For most people, getting their Money Management System operational takes months of habit-building. This includes:

  •           Developing improved savings and spending habits.
  •           Using the correct cards for each purpose.
  •           Reviewing expenditure at the end of each month and topping up your ‘Fun’ and ‘Life’ accounts using your monthly budget.
  •           Maintaining motivation to consistently carry out your new and improved habits for yourself and your partner (if applicable).
  •           Negotiating with your suppliers to keep costs down.
  •           Invest your time upfront to set up a successful Money Management System and on an ongoing basis.

If you’re in a relationship, it’s vital you discuss the monthly financial outcome, that’s often best done over a glass of wine or a cup of tea together in a relaxed atmosphere. Often the case, you may find that one of you may be more generous with their spending than the other!

That’s OK, the point is that you both agree on the budgets for your ‘Money Goals’, and ultimately what’s left over in your ‘Grow’ offset account each month is available for investing and setting up your future aspirations. The balance lies with your financial weights and scales to ensure everyone is happy and motivated to achieve the Money Goals, as your Money Goals are completely personal!

Customizing your system to your liking, developing new habits well as no longer tweaking various aspects of your process every month could take anytime from one month to a year – but more likely the latter! The upfront process of getting your financial system in place is likely to require a personal investment time between five to ten hours. How rapidly you undertake this process, and how diligent you are in implementing the changes is a personal choice. Your Strategic Mortgage Broker, Property Planner and the Private Banking team are available to support you through your journey and answer any questions you may have as they arise.

Step 1 – Move all expenses from your bank accounts into a spreadsheet

Step 2 – Move all your expenses into categories.

Step 3 – Define your buckets and the categories within each!

Step 4 – ‘Document’ where you will cut back spending

Step 5 –

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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