There’s always two sides of an equation – what comes in and what goes out.
Many of us spend a lot of time focussing on what comes in. We want to earn more, get a pay rise, get a bonus, increase our commissions, find a passive income stream – do something – anything that improves the “plus” side of our equation.
But what about the other side? What about what goes out? How much focus do you give that?
It’s this side of the equation that makes a massive difference to your bottom line.
How do you manage what you spend? Do you have a budget? Do you review your phone, internet, electricity, insurance providers on a regular basis? Do you review your home loan?
If you don’t, do yourself a favour and put some time into it next weekend. Figure out what you spend. Add up your grocery bill for the month, add up the cash withdrawals that just disappear, add up the subscriptions or the random expenses that you could easily reduce or cut out.
When you’re building wealth, it’s important to focus on your expenses as well as your income. It’s a two sided equation, and good control over you expenses can make a huge difference to your future.
If you want to meet to discuss your financial planning, your budget and your future, please get in touch. We’re always happy to help you take improve your financial management and planning.