Kai Daniel
December 13, 2023
Setting a budget is like crafting the blueprint for your financial empire. It's not about restricting yourself, it's about knowing where your gold coins are going.
Start by tracking your expenses for a month. That means tracking every Matcha latte, every streaming subscription, every trip to Kmart, and every sneaky snack. Then, channel your inner Type A personality and allocate those funds. Whether it's for your dream vacation or building an emergency fund, a budget is your key to feeling financially free.
We won’t sugar coat it, unexpected expenses can be soul-sucking. Especially when you haven’t been putting money aside in an emergency fund. This coming year, make it a point to build one. Aim for at least three months' worth of living expenses, and prepare yourself for those hidden costs (that always come at the worst possible time) like unexpected car repairs or sudden vet bills.
Remember, when life throws a financial curveball at you, having an emergency fund is like booking your New Year’s accommodation months in advance. Ahh, the sweet sound of stress-free living.
If you’re that lucky human who makes it through the entire year without even the slightest hint of a financial curveball, we take our hats off to you. Put that money aside for the year ahead and keep building on it, you never know what you might need it for.
Your credit score dictates how the banks treat you. A good credit score can open doors to lower interest rates, better loan terms, and the ability to secure a mortgage to buy that classic Kiwi bach up in the Coromandel.
This year, check your credit score regularly, pay your bills on time, and keep those credit cards in check. Remember, those business banking managers don't look kindly upon those who neglect their credit scores.
In the world of finance, investing is like letting fireworks off in your backyard. It requires patience, knowledge, and a dash of bravery. Start small and educate yourself on how to invest, or get an advisor. Whether it's a retirement account, stocks, or real estate, make it a goal to put your hard-earned coins to work, then sit back and watch them multiply.
In a world full of Instagram-worthy experiences and must-have gadgets, the ‘fear of missing out’ (FOMO) can take a toll on your wallet (and your mind). This coming year, master the ancient art of saying "no" to unnecessary expenses.
Whether it's skipping that fifth brunch of the month or resisting the urge to upgrade your perfectly functional phone, embracing the power of "no" can be a game-changer for your financial journey.
Remember, setting achievable financial goals is not about depriving yourself but about empowering yourself to live your best financial life. It’s time to turn those Matcha lattes into tropical holidays. Let's make 2024 the year of fiscal magic!
We’re here to help you achieve your goals, whatever your New Year’s resolutions might be. If you feel it's time to start the New Year on the right financial foot, it might be time to reach out for an obligation-free chat.
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