NewsHub

Have you blown your budget this holiday season?

January 2011

Presents, nights out, general living expenses—it all adds up, which is why this time of year can be the best time to start thinking about your budget; creating one or adjusting your existing one.

A New Year resolution to keep

Spending time over the holiday season to rethink your budget, or create one, can be a great way to create better spending and saving habits and may help you achieve long-term financial goals.

It’s never too early or too late to create a budget, and there can be benefits if you stick to it. Creating a budget will help identify your spending habits and outstanding debts.

Getting started

Often getting started can be the hardest part of creating a budget. A great way to identify what your spending habits are is to carry around an expenditure diary. It may sound daggy and like a lot of work but after you buy something (even things as small as a coffee) make sure you write them down.

Make a list of what you want to achieve from your budget— ensure you have both short-term and long-term goals, this will keep you motivated at all times. Reaching your short-term goals will help encourage you to achieve your long-term goals for example, buying a house, planning a trip or saving for retirement. You may discover that you’re spending more than you earn, but don’t panic, an effective budget will ensure you spend only what you can afford and you may even save some money too!

Stay on track

Keep your goals up-to-date — Once you start to see the positive effects budgeting can have, your budget will become easier to maintain. Developing new goals each time you achieve one will help keep you on track and encourage you to reach your longer term goals.

Don’t feel guilty — Think positive! Adopt the ‘the glass is half full’ approach to budgeting. It doesn’t necessarily have to be about missing out on the things you want in order to save. If you’re successful in sticking to your budget you’ll have more spending power in the long term. You don’t have to make big sacrifices. Downsize your coffee, take your lunch to work more often or turn the air-conditioner down a notch this summer.

If you would like to be put in touch with a financial adviser, simply contact 1300 55 7586 and speak with one of our Member Services Consultants who can refer you to one.

Important information
This material does not contain financial product advice and you should contact a financial adviser before taking any action based on the information contained in this material.
An interest in the Plum Superannuation Fund ABN 20 339 905 340 (Fund) is issued by the PFS Nominees Pty Ltd (Trustee) ABN 16 082 026 480 AFSL 243357 (Trustee). The Fund administrator is Plum Financial Services Limited ABN 35 081 812 731 AFSL 243356 (Administrator). This material has been prepared by the Administrator and it contains information that is general in nature. The information does not take into account your objectives, financial situation or needs. Before acting on the information you should consider whether it is appropriate having regard to your personal circumstances and seek professional advice. The Administrator recommends that you consider the Fund’s Product Disclosure Statement (PDS) before you make any decisions about your superannuation. To obtain a copy of the Fund’s PDS, please contact a Plum Member Services Consultant on 1300 55 7586.Neither the Administrator, the Trustee, nor any other company in the National Australia Group of companies accepts liability whatsoever for any decision that is made on the basis of or in reliance of the information contained in this material. Please note that the information in this material is current as at {Insert date}. Any changes in the law or policy subsequent to this date have not been incorporated.
© 2011 Plum Financial Services Limited ABN 35 081 812 731 AFSL 243356 (Administrator).