Saving for something significant like a car, school or university fees or a property deposit is not easy, which is why a target is essential. And it’s a fact that those who establish savings goals save faster than those who don’t.
- Establish your savings goals: One you’ve determined what you’re saving for, work out how much you can save each month and stick to it
- Establish A Budget: Can you save the amount you want each month while still having enough to pay the essentials that you need?
- Review Your Current Spending: Review how you’re spending your money. Can you reduce your expenditure in any area?
- Set Up A Savings Account: Consider establishing a standing order. If your goals are short-term, then a term deposit may be better. For longer term savings goals, then you need to consider the impact of inflation. Shares, bonds or funds may minimise this impact. Tax efficient structures and trusts may also be worth considering.
- Stay on track: Regularly check your account balance and save extra if you can.
Profolio has a team of highly skilled and dedicated financial planners and advisors who can help you achieve your savings goals. Located in Albury, NSW, we provide financial planning and advisory consultancy services throughout the entire Albury and Wodonga area.
We can help you understand the complexities of investments, taxation and ever-changing financial regulations that can assist you in achieving your savings goals. As your financial planning consultant and advisor, we can help you work out where you want to be financially, establish your savings goals and put a plan in place to achieve those goals.
To find out how Profolio can help you achieve financial freedom, call us now on (02) 6021 0577 or email email@example.comShare