Feel like a lack of funds is holding you back from achieving your dreams?
Whether you are dreaming of purchasing a car or a house – here are our top five steps to make those dreams a reality.
1.Get clear on your cash
Start with a budget. We don’t need to cut expenses straight up – but it’s good to understand where your hard-earned money is going. By looking at your cost of living, you can see what’s a priority, but also what’s a waste. It will help allocate funds to your financial goals.
2.Set goals that have meaning for you
Define the financial goals you wish to achieve in the next few years. What are the big-ticket items or experiences you are wanting to spend your cash on? Maybe it’s your first home or a family holiday. Whatever it may be, write it down and put a dollar value next to it.
3.Create your own cash stash
Having a separate account for your ‘emergency’ money is a useful tool that can help you reach your financial goals. This account is for those times when an unexpected bill arrives, or your washing machine dies – it’s a stash of cash you dip into for emergencies, instead of dipping into your savings.
4.Save save save
Now that you have your financial goals in place and you understand your cashflow, you can put money aside to reach those goals. To help, set up different savings accounts for each goal and name that account after that specific goal. This will help you to see how close you are to reaching that goal.
5.Schedule an annual review
It’s always a good idea to schedule an annual budget review with yourself and your personal banker. Check-in how your savings are travelling, tick off goals you’ve reached and write down your new goals.
To help you get started in reaching those financial goals, Community Bank Sarina Bendigo Bank is here to help! As a bonus – when you bank with us, you’re also helping to help others as our profits go back into the community. Since 2005, we have invested $2.7million through a wide range of sponsorships, community grants, scholarships and donations in our greater Mackay community. A bank giving back sounds unusual but for us, it's business as usual.
Call Charmaine and the team at Community Bank Sarina 07 49432624
