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It is just not possible to build your wealth if you are spending more than you earn.
Anyone who wants to achieve financial stability should have a budget and cash flow plan in place. It is the very first step in responsible personal finance management.
A budget, when done well and put together with the help of a financial adviser, creates positive cash flow and can be used to build substantial wealth for your future.
Budgeting is not just for people trying to get out of debt. It is also for people who are taking a more active interest in investing, saving for specific occasions (weddings, vacations, having kids), planning for emergencies, thinking about retirement, and for those of us who generally want to take more control over our finances.
Most people will have a very general idea of how much money they think they are spending across various aspects of their life but are usually surprised when they start to break things down into specific categories and see exactly what is costing what.
Some useful categories for tracking spend include fixed expenses (mortgage, rent), variable expenses (groceries, transport), and discretionary expenses (entertainment, subscriptions).
STAGE 1
Foundations to wealth
STAGE 2
Pathway to wealth
STAGE 3
Countdown to retirement
STAGE 4
Retire in style
STAGE 1
Foundations to wealth
STAGE 2
Pathway to wealth
STAGE 3
Countdown to retirement
STAGE 4
Retire in style
