The quest for a work/life balance
Here are four quick tips to help families balance finances
It can be a struggle to find the right balance between family, career and a social life. Here are some financial tips that can help you regain the balance.
1. Great expectations
Be realistic in your expectations and think about what you actually need when buying your first home, furniture or type of car. It's easy to want a large house or luxury car but once bought many feel the stress of a large mortgage, personal loan for the 4WD and credit card debt.
Get back to basics and think before you buy. For those who have already racked up their fair share of debt, speak with a qualified financial planner who can offer advice and strategies for reducing debt quickly.
2. Budget is not a dirty word
One of the most powerful tools people can use to gain control of their finances is a budget. A budget doesn't necessarily mean cutting back on spending, rather it is a way for you to achieve your financial goals by tracking where their money is going.
From small businesses right up to the Federal Government, budgets are used to stay on track financially.
3. Save your sanity and some cash
Make sure you take your annual leave from work to recharge your batteries from time to time. If you can afford a holiday then great, but even taking time to spend with family and friends can be done cheaply by organising a weekend barbeque or lunch at a café. Make decisions within the context of what you can realistically afford.
4. You are your biggest asset
Investing time and money in your health should be paramount. Choose an activity you enjoy and that's affordable.
Having your financial and lifestyle goals mapped out in a comprehensive financial plan is money well spent. By putting things into perspective people can regain control of their finances, and get back that work/life balance.
What you need to know
Any advice in this article is general and does not take into account your personal circumstances so before making any decisions, consider your circumstances and the relevant product disclosure statement.