Tuesday, June 01, 2010

Being wise with your money

Recently, we decided to review our financial situation.  Isn't it interesting how money can draw and pull people in different directions?

Reviewing your financial situation may be as simple as drawing up a budget and setting a goal to pay off the mortgage a few years earlier or it may be  a complex plan with a long term strategy to invest and make money.

What I do suggest you seriously consider is:
  • an excellent Accountant - someone you can trust and who knows your financial situation
  • a Financial Advisor whom you can work with, take your ideas to and who is prepared to listen to what you would like to do with YOUR money
  • a budget for your normal monthly expenses
  • a short term goal sheet (e.g. buying a new car, holiday, extra income required)
  • a long term goal sheet (where do you want to be in 2 years, 5 years and 10 years?)
  • open communication lines
  • getting the best out of your Bank accounts - no/low fees, good interest rate, etc
  • reviewing annually your goals and situation.
  • Have your Will and EPA done so your family isn't left with a mess if something should happen to you
  • an easy way to oversee your day-to-day spending
  • a system to keep your receipts and financial paperwork in order.
These are only suggestions.  I am no financial advisor.  The above information is gleaned from what we've learnt over the past 15-20 years.  Being wise with your money doesn't mean you live poor, it means you live wisely.

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