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Managing your money

According to new research conducted by AMP as part of its Financial Wellness Report, less than one in two (48%) Australian’s are confident about their financial wellbeing – down from 54% in 2014. A further 25% of working Australians say they are financially stressed and have trouble making ends meet.

This same study identified common triggers of financial stress, which most notably include missed bills, large debt repayments and the ongoing need to save for retirement. It’s because of these key triggers that it has now become so important to manage how your money is allocated.

The best way to reduce your own financial burden is to identify where your money is going, understand your regular spending habits and crack down on them with a strict budget. Just seeing how much money is flying out the door can help to identify money leaks and areas where you can plug the gaps by cutting back.

It’s important to set yourself a number of financial goals and milestones along the way too. AMP found in their report that approximately 80% of workers have some kind of financial goal in mind, but only around 10% have an actionable plan to achieve them.

So if you’re stressed about bills, debt or retirement, get in touch with one of our trusted financial advisors for your first consultation today.

Source:https://www.amp.com.au/news/2016/november/good-management-the-key-to-money-confidence

 

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