#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.
" I have been very impressed with the service that Chris Humphrey has supplied. He was able to take my complicated tax and insurance situation and provide a clear and concise investment strategy. The personal service that Chris has given me has been greatly appreciated. "
Michael Oberhardt - Principal Geologist at Arrow Energy