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Simplify your finances in 5 days

If you’re stressed about where your money goes, overwhelmed by debt or don’t have any cash set aside for emergencies, now’s the time to think about getting your finances in order before the good times of summer arrive.

To help you on your way, we’ve got a five day challenge. All you need to do is put an hour aside each day to start getting your finances in shape.

And why not tell a friend or family member you’re doing this, or even better, get them involved? After all, being accountable is proven to make you more successful* in achieving your goals.

So, if you’re keen, it’s time to jump to the starting line and get things underway.

Day 1 – Create a budget

Creating a budget and tracking your income and spending can help you see what money you have coming in and what money you have going out, giving you insights into how you use money.

Start by recording:

Once you’ve crunched the numbers, you can then look at areas to make some savings. And, there are plenty of tools which can help you on your way.

Day 2 – Compare your providers

List your current providers for things like your home loan, bank accounts and credit cards, mobile phone, internet, gas and electricity. How much do they charge and what do you get for this?

Comparing providers can often end up saving you money in the long run, so do your research and see what competitors are charging and offering in comparison. If you can quote a better deal, your current provider may match it or offer you something better.

Day 3 – Review your insurances

You might have a variety of insurances—home and contents, car, pet, personal and health. Now is the time to assess not just whether you can make savings on your insurance policies, but whether you have the right type and level of cover.

To do an initial assessment, make a list of:

Consider whether you have insurance inside your super and if so, whether the level of cover is adequate.

Day 4 – Get on top of your super

It’s important to think about super early on, as many Australians will be looking at a retirement of 30 years or more.

Spend a bit of time today getting across these things:

Day 5 – Embrace online services

There are a range of things you can now do online that can help simplify and streamline your financial life.

 

Source: AMP News & Insights.

 *Dominican University, Goals Research

 

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The information provided on this website, including the material and contents provided in the website publications, are informative in nature only and you should not act specifically on the basis of this information alone. It should not be used as a substitute for legal, business, accounting, tax, financial planning or other professional advice. If expert assistance is required, professional advice should be obtained.

Paul Baggetta is the Founder & Principal of Baggetta & Co. Paul Baggetta has been a Taxation Accountant since 1981, a Financial Planner since 1998, and in 1993 qualified as a Real Estate Licensee, holding a Triennial Certificate (currently not trading) and operated his own Real Estate business for property investment clients for over 5 years as a second business.

Financial planning services are provided by Paul Baggetta as an Authorised Representative (No. 261469) of Capstone Financial Planning Pty Ltd. ABN 24 093 733 969. Australian Financial Services License No. 223135.

 

Taxation & Accounting services are provided by Paul Baggetta as a Registered Tax Agent (No.61487008) and is a Member of SMSF Association, FIPA & NTAA.