It is never too early (or late) to start seeking financial advice and begin planning your finances. Following are some fundamental basics to get you started:

Know your budget:  Budgeting sounds like a dirty word, but it is not.  It is simply being aware of what you are spending and not uttering the words “I don’t know where my money goes.”  

Some tools to assist you with budgeting include:

The Budgeting Tools attached to your internet banking services.

A personal budgeting spreadsheet which can be accessed by clicking on the following Resources link to the Income Solutions website: https://www.incomesolutions.com.au/how-can-we-help/resources/

The Money Smart government website provides comprehensive calculation and budget planning tools: https://moneysmart.gov.au/budgeting/budget-planner

Avoid bad debt:  Don’t spend beyond your means as this is what we call running straight to lifestyle, spending via a credit card or personal loan and it only causes stress. Some tips to avoid the strain caused by bad debt is to always pay your credit card off at the end of the month before you are charged any interest and if you have a personal loan or car loan, pay off more than the minimum each month to clear this debt as soon as possible.

Start a savings plan: If you notice you have surplus income, do something with it rather than spend it. Think about your goals – you may want to take a holiday, buy a new car or a house. Start putting money away for this now, and the best way is to have the funds come out of your account on a regular basis. There are many options for high interest savings accounts. Do your research and find the best one for you.

Now you are an independent adult you need to think about personal protection: What would happen if you were sick or injured and unable to work for a period of time? How would you pay the bills? Would you have to look to your parents to pay them? It is your responsibility to ensure your most valuable asset, your income, is protected.  For further details on protecting your income click on the following link:  https://www.incomesolutions.com.au/income-protection-protecting-your-most-valuable-asset/

Lastly, seek financial advice and expertise from a trusted financial planner whose investment philosophy aligns with your future financial goals. Register today for the free Income Solutions Common Sense Investment Session where you will be given financial knowledge and information to make the best financial decisions for you: https://www.incomesolutions.com.au/