#1 - Foundation
Entering the work force is usually the first step toward financial independence. It is also the best time to develop sound financial habits by preparing a budget, establishing a saving pattern, setting financial goals, and following a wise borrowing strategy.
Young adults face the task of learning how to manage spending and saving within the constraints of their income levels. Here are some approaches to consider:
- Learn how you are spending your money to identify ways to save - prepare a household budget.
- Use a wise borrowing strategy. Borrow for things that provide long-term value. Control the use of credit cards.
- Establish a saving pattern. Consider an automatic savings program so that some amount is deposited into a savings account each pay check.
- Set some savings goals. Whether it is accumulating a deposit for a home, paying for a car or saving for a vacation, connecting a tangible goal with your saving can provide the motivation and discipline you need to save.
- Make sure you have adequate insurance.
- Take advantage of any Government schemes.
- Take advantage of employee benefit plans offered by your employer.
Chris Humphrey Private Wealth Management is conveniently located on the outskirts of Brisbane's CBD.
" Chris provided me with timely, extremely valuable, unbiased advice on a number of occasions. He is very skilled at understanding one's particular circumstances and tailoring the advice he gives accordingly. I have every confidence in his expertise and integrity and am happy that he is managing our financial affairs. "
Dr Penelope Brassey