SAVE MONEY: Ready to start the New Year on top of your finances? Elodus Financial director Shane Fraser shares his tips on controlling your finances.
SAVE MONEY: Ready to start the New Year on top of your finances? Elodus Financial director Shane Fraser shares his tips on controlling your finances. Bev Lacey

New Year's Guide: How to get rich without trying hard

HAS Christmas left your finances depleted from the little savings you managed over the past year?

The New Year is typically a period people tend to get serious (again) about saving money and setting themselves up financially for the future.

But like a lot of resolutions, it slips by the wayside in a matter of weeks, or months.

Elodus Financial director Shane Fisher says that doesn't have to be the case and, by developing an honest budget, you can control and grow your bank accounts.

"What people will tend to do is that when they want to build up their assets, they will buy shares or property, but they have no real direction," Mr Fisher said.

"What we have found is that people don't realise the unknown potential in what they are actually spending.

"Typically, we need to do a budget, but people don't understand why or how to use that tool."

Mr Fisher said budgets allowed people to see what they have spent by looking back over past bank statements.

That identifies what he called discretional spending such as eating out rather than at home, and shopping for things not necessarily needed.

"People don't think that because they're such small transactions that they don't add up," he said.

"Individually they are not big spends, but it all adds up."

Mr Fisher's top tips for saving money were to strike a balance between savings and discretional spending through the use of a budget.

He said don't cut out entertainment expenses, but keep them in check and remember what you want to achieve from your savings goals.

 

HOW TO SAVE MONEY

  • Do up an honest budget
     
  • Cut back on discretional spending, but still allow for entertainment
     
  • Invest in assets that will make a return, such as shares or property
     
  • Keep your end goal in mind
     
  • Consult a financial planner to get you started

 



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