Moving up?

Financial planning services are provided by Bendigo Financial Planning Limited  Moving Up

Whether you're single or married, with or without kids, have a mortgage or not – good planning when you're moving up can help alleviate the pressure on your finances and set you up for the future.

You and your partner may be well established in your career, or you may even be doing further study. No matter what your personal situation is, it's likely that you've accumulated responsibilities that require money.

These responsibilities, along with your plans for the future, make you unique.

So whether you're looking to buy your first home, want to renovate or upgrade, pay for your children's education, take the trip of a life time, build your investment portfolio, protect your family, or simply set up a budget, Bendigo Financial Planning can help.

Set yourself a goal

Clearly defined financial goals show where you are, where you're going, and help you track your progress. There are two types of financial goals:

Short Term

  • I will save $5,000 for an overseas holiday next year
  • I will pay off my credit cards by June

Long Term

  • I will save $500,000 by my 50th birthday
  • I will save $20,000 for my children's education by 2020

Review your budget

A budget is one of the most basic, but probably most useful things you can do to get control of your finances. It can help you track what you're earning, what you're spending, and what happens to the leftovers – if there are any.

Here's how to get started

Step 1 Gather up evidence of your earnings – your payslips, bank statements, Centrelink payments, etc.
Step 2 Figure out what you're spending your money on.
Together, your bank and credit card statements and receipts from other purchases reflect a lot about your spending patterns.
To get an even better idea of where your money's going – try listing all the purchases you make in a month.
Step 3

Review what your budget tells you about your spending.

  • If you're spending more than you earn, it may be time to fine-tune your finances
  • If you're left with money to spare, you're doing a good job of living within your means. You may want to look at how you can use that extra money wisely

A Bendigo Financial Planner can help you identify ways to make your money work for you and protect you – and your family's – financial health and well-being.

Make an appointment with a Bendigo Financial Planner.

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