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Hi! I work full time and am struggling to make enough money to support myself. I manage to put aside about $15 a week. What can I do to increase the amount of money I have in a safe hold incase something goes wrong? i.e. budgeting or investing...
Cheers
Responses
Hi Fin,
It is hard to provide you with some advice without understanding your full circumstances, however the best way to take control of your finances set yourself a budget if you haven't already done so. This is a simple way of helping you understand the money going in and out of your household.
A budget will show you if you are spending more or less than you can afford and will allow you to direct your money to where it matters the most, so you can stay on top of bills and start putting money towards your future goals. Then you can start cutting down on the expenses that you don't necessarily need.
The above should stop you from living week to week and allow you to build up a cash savings amount.
Sites like ASIC's MoneySmart have some great calculators and tools to assist you with this.
If your expenses are just too much even after cutting everything down to the bare minimum, you may want to look at investing further in yourself and it may mean looking at different work opportunities or looking at a second income source to help you.
Hope this helps.
Ronald Pratap
Principal Financial Adviser
RP Wealth Management
Level 2, 351 Oran Park Drive, Oran Park 2570
T: 02 9188 1547 M: 0434 502 079
E: ronald.pratap@rpwealthmanagement.com.au
W: www.rpwealthmanagement.com.au
Hi Fin,
Some great tips from Ronald in his answer. If you are working full time and can only save $15 per week, you really need to break down your spending on a daily basis and see where your money goes. Do you have to rent? Could you share with an extra person to lower the bills? How much do you spend on transport, food, health or hobbies.
As Ronald said, go onto MoneySmart and use some of there tips and calculators as a starting point and then make some tough decisions.
Best of luck and good on you for trying
Regards
Scott