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Sloan Wilkins
Online Financial Coaching to help you gain clarity, take control, and win with your money.
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Many of us want to “Save for our future.” But what does this actually mean? And how do you stay motivated when that goal seems a long way off??
Through regular savings your money will grow steadily over time.?However, you’ll also get to enjoy other benefits today, such as reduced money worries and growing financial confidence.
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Saving money is different for everyone. We can be excited in the beginning and then find that our enthusiasm falls away.?To stay on track and motivated, it helps to be clear on your money goals by figuring out your ‘Why’.?This means setting out what you’re saving for, writing this goal on paper, and setting mini goals to celebrate your progress along the way.
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???????????????? ???? ?????????????????? ???????? – An emergency fund provides the foundation for building wealth.?It seems like such a simple step however many people don’t have an emergency fund in place.?Without this ‘rainy day fund’ the normal but wrong way to deal with an emergency is to go into debt by reaching for a credit card.
What constitutes an emergency? An emergency is the fridge blowing up, the car breaking down, or an unexpected job loss. It is not the Black Friday or Cyber Monday sales, or a weekend away with friends. Do not ‘break glass’ for these wants, they are not genuine emergencies.
Start with $500 or $1,000 as your initial emergency fund. ?Then payoff all debt (except your home), before building the emergency fund up to 3-6 months of expenses.?You’ll be ready for the unexpected and feel more confident about your finances.
???????????????????– The value of education is clear, and this can be a focus for both you and your children.?Like all things the cost of education continues to climb.?No one wants to feel stressed about paying school fees, so it’s worth planning ahead to avoid a debt hangover. With a commitment to saving it’s possible to cashflow school fees and study costs.
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???????????????????– We all have different aspirations for our lifestyle.?Debt holds us back so it’s a good money habit to save for the things we want to enjoy in life.?This could include family holidays, updating the car, or a renovation for the kitchen.?With intentionality and purpose, it is possible to look ahead and set up a savings goal.?You’ll get the lifestyle you’re looking for without the debt.
?????????????????????– When we stop full time work, we’ll all need retirement savings like Superannuation, and other income from investments and government benefits, to replace our pay packet.?To help deliver the required income, you can grow your savings via Super, Shares, and Managed Funds – you can start out small and regularly add to them. It’s amazing how a big balance can grow over time from small regular savings.
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???????????????? ???????? ???????????? – To build your savings you have to take control of your income. After all it’s your most powerful wealth building tool. Creating and sticking to a budget allows you to tell your money what to do.??A budget puts you in control and ensures that your spending is matched up with your money goals.
?????????????? ?????????????????– Money can be an issue that creates disagreements or even arguments.?So, if you share finances with a spouse or partner, it’s best to work together on a budget.?One of you may be a natural spender and the other a natural saver – that’s ok. By working together you’ll deepen your relationship and the understanding of your individual perspectives.
?????????????? ???????? ?????????????? ???? ?????????????????? – Once you’ve designed your budget, you’ll be clear on how much you can regularly save.?Instead of manually putting cash away, arrange with your employer to split your pay and have that amount deposited directly into a different savings account.?It’s set and forget, and you will be one step closer to your goals with every pay cycle.?
Saving money is so important.?Along with achieving your goals, it will give you peace of mind and enhance the quality of your life.?Over time it will also build your wealth, allowing you to retire in style and enjoy life along the way.
With the right plan you can take control of your income and achieve your goals.?
If you need focused help to get your savings on track, DM or follow me.