Finance advice
Philippe Brach

Budgeting for your financial future

By Philippe Brach

Many people put their hands up when asked if they're in a comfortable financial position, without realising that they've failed to budget for what the future may hold. Here's how to make sure you're not one of them. 

Blogger: Philippe Brach, CEO, Multifocus Properties and Finance

No matter what you do in life, money seems to be involved; unless you are out walking the dogs, of course – but even they need feeding!

For those who are comfortably well off, with a good job, the means to have quality day-to-day life, go on holiday and enjoy doing things with the family, everything looks rosy. But just how rosy is it?

We've met many people who are in long-term stable employment, with successful careers, a bright future and are in positions to support their families. So what’s wrong with that? Nothing at all. However, the interesting aspect is when, after discussions regarding securing their future financially, passing a little nest egg on to the kids or paying fees for their university studies, they realise they haven’t made any concrete plans to have the money available at the right time in the right quantity. University study can be expensive, so being able to help your children when the time comes would avoid large HECS debts and give them a real boost in life. And how about a hand when they come to buy their first home? Then, of course, there is always your own retirement to think about.

As you read this, think for a moment: What retirement income are you expecting to receive? Is this sufficient to continue doing the things you enjoy in life or are you going to have to seriously tighten your belt? No one can expect to have a post-retirement income that equates to their working salary, but can you improve on what you are currently projected to have to live on?

Obviously, the younger you are when you start planning and putting measures in place to save for your retirement the better the outcome will be. It goes without saying that it’s also best to think well in advance when you are intending to help out your kids with any major expenses.

Money is very liquid, it flows into the household and flows back out through the fingers even faster. Saving can be difficult, especially in these times when there is so much to entice us to spend everything we earn but, when thinking of the future, consideration should be given to how to maximise the benefits of your income without actively compromising your ongoing lifestyle.

• The first place to look is to examine what you do with your salary and what you would like to achieve in the way of savings so you can influence your future financial security. Over a chosen period try making a general list of the amounts you spend and what they were for. You’ll be surprised, everyone is.

• Now look at creating a budget. Horrible word, isn't it? A budget ... it seems to indicate cutting down, austere measures, hardship, no fun, boring stay-at-home existence, can’t afford to do anything. It doesn’t have to be like that. It enables you to sort out your money priorities and find the right balance between spending and saving. Excellent information on budgeting can be found at https://www.moneysmart.gov.au/managing-your-money/budgeting/how-to-do-a-budget. So, go on, take control of your finances.

• While watching your savings grow, start considering what you are going to do with them to achieve the best returns. Do some research: look at bank savings and offset accounts, purchasing shares, term deposits, additional superannuation payments, putting it under the mattress (not to be recommended!) and, of course, investing in property.

If you choose to explore whether investing in property is for you then we are always available to discuss this, advise you and help you create a long-term strategy to grow your assets and secure your future.

Read more: 

6 steps to successful negotiation 

EXCLUSIVE: The 6 week property transformation - episode 1 

What your buyer's agent should be doing for you

7 steps to prepare your home for auction 

Do you really need to do that repair?

 

NEWSLETTER
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About the Blogger

Philippe Brach

Philippe Brach

Multifocus Properties & Finance was established in 2005 with the aim of mentoring investors to create wealth and invest in their future by building an investment property portfolio.

The company is led by Philippe Brach who has over 25 years experience in the international corporate world specializing in finance, accounting and investment. He is a fully qualified and extremely experienced real estate agent, concentrating his attention solely on investment opportunities around Australia. In addition he is a highly regarded mortgage broker, being accredited with around 35 different lenders.

FROM THE WEB

podcast

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In this episode of the Smart Property Investment Show, Dominique Grubisa joins host Phil Tarrant to share her personal story which saw her hit rock bottom with excessive debt during the GFC.

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Dominique unpacks how, by relying on her background in law, she was able to overcome that debt and in doing so develop a unique investment strategy which she believes many can utilise today.

Dominique discusses distressed properties, and how she goes about finding them in order to buy property well below market value. She shares the process of identifying distressed properties as well as the controversy surrounding this buying method.

If you like this episode, show your support by rating us or leaving a review on iTunes (The Smart Property Investment Show) and by following Smart Property Investment on social media: FacebookTwitter and LinkedIn.

If you have any questions about what you heard today, any topics of interest you have in mind, or if you’d like to lend your voice to the show, email [email protected] for more insights!

RELATED AREAS OF INTEREST:

3 big property investment myths busted open
5 steps to take on low-risk property developments
Securing finance after life-changing events: ‘Cash flow is key’

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More than just bricks and mortar, experts often regard property investment as a ‘game of finance’. As such, a good finance strategy can lead any investor to success.

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Tune in to the latest episode of Property Showcase, the podcast with the inside track on the products and businesses that will help turbocharge your portfolio, maximise returns and make your overall investment experience seamless and stress-free!

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To hear more about these services, make sure to tune into this episode of Property Showcase!

 Make sure you never miss an episode by subscribing to us now on iTunes!

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    In this episode of Property Showcase, Michael Beresford joins editor of Wealth James Mitchell to unpack why recent political changes are not reason for concern for Australian investors.<\/p>\r\n

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Many investors who would have been successfully approved for finance last year are struggling now to either begin or continue their property investment journey because of the current financial climate.

In this episode of the Smart Property Investment Show, broker John Manciamelli and Momentum Media director Alex Whitlock joins host Tim Neary to discuss how APRA changes and the royal commission have resulted in a tighter lending economy and what that means for Australian investors.

They discuss what traps investors should avoid if they are trying to obtain finance, the four key growth drivers in a property market and unpacking trust structures while revealing one type of trust that you should miss.

If you like this episode, show your support by rating us or leaving a review on iTunes (The Smart Property Investment Show) and by following Smart Property Investment on social media: FacebookTwitter and LinkedIn.

If you have any questions about what you heard today, any topics of interest you have in mind, or if you’d like to lend your voice to the show, email [email protected] for more insights!

RELATED AREAS OF INTEREST:

How technology is changing the lending environment
Lessons from a falling market
APRA investor measures have ‘run beyond their usefulness’: industry body

 

AREAS MENTIONED:

Hobart
Bondi
Deception Bay

 

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More than just bricks and mortar, experts often regard property investment as a ‘game of finance’. As such, a good finance strategy can lead any investor to success.

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Getting finance approved in this tightening lending environment

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