Completing a budget is a good start when it comes to managing your cash flow. If you are earning less than you are spending then obviously you are going to run into some problems. So the budget helps to identify your annual surplus or deficit.
Once this is acertained, we can start planning around it. If you have a budget deficit then we may get you to start a spending diary to find out where you can make savings, or look at trying to increase your income.
If you have a budget surplus, we will try to maximise this where possible and then work out strategies, taking into account your goals and objectives, to utilise this wisely for your risk protection, debt repayment, investment/saving goals and future retirement needs. This is where financial planning really begins to take shape.
For a useful budgeting tool please go to this link – https://www.moneysmart.gov.au/tools-and-resources/calculators-and-apps/budget-planner
