Budgeting
“It’s not easy, .
– Eric Thomas
Budgeting is essential
The word budget has become synonymous with deprivation and spreadsheets, striking fear into the hearts of those attempting to wrangle their finances. This is no surprise, as most of us are bombarded by advertisements each day trying to part us from our hard-earned income.
At Metis, we believe that budgeting is an essential part of any successful financial plan, so let’s go through some of the basics and get budgeting.
What is a budget?
A budget is a plan to pay for your needs and wants.
Who should prepare a budget?
Anyone who spends money should have a budget, from a child planning on how to spend their pocket money to a billionaire planning to purchase their third private jet!
When should I prepare a budget?
A budget is a living plan that grows and changes with your wants and needs and should be reviewed at least once a year.
Why should I have a budget?
There are so many benefits in preparing a budget, but we’ve narrowed it down to three:
Control the present
Budgeting for your needs and wants puts you in control of your spending rather than your bank balance controlling you.
Plan for the future
Planning your spending allows us to project your financial future, giving you confidence that you are on-track to achieve your financial goals.
Peace of mind
Planning your spending and projecting your financial future provides you with confidence that you can meet your expenses without compromising your future.
Control the present
Budgeting for your needs and wants puts you in control of your spending rather than your bank balance controlling you.
Plan for the future
Planning your spending allows us to project your financial future, giving you confidence that you are on-track to achieve your financial goals.
Peace of mind
Planning your spending and projecting your financial future provides you with confidence that you can meet your expenses without compromising your future.
Control the present
Budgeting for your needs and wants puts you in control of your spending rather than your bank balance controlling you.
Plan for the future
Planning your spending allows us to project your financial future, giving you confidence that you are on-track to achieve your financial goals.
Peace of mind
Planning your spending and projecting your financial future provides you with confidence that you can meet your expenses without compromising your future.
How do I prepare a budget?
There are many great resources available to help you put together a budget. Our Expense Planner can help you build a budget and help you better understand where you spend your hard-earned income.
Expense Planner Calculator
What are my expenses?
For those that don’t want to go it alone, we will work with you to build a budget that covers your needs and balances your immediate wants with your future financial goals to provide peace-of-mind.
James and Celeste are a working couple with two young children and a mortgage. They have become increasingly concerned about their financial future as their savings seem to be going backwards. They had been hesitant to speak to a financial adviser as they fear any fees might make their situation worse; that they will be judged for not being better with money, or that they will be told their situation is hopeless. But after several unsuccessful attempts at preparing and sticking-to a budget they decide to seek help.
They meet with a financial adviser who reviews their accounts over the last 12 months to better understand where their money is being spent. Their adviser provides them with an analysis of their spending and together, they identify ways to reduce their expenses while minimising the impact on their lifestyle. Their financial adviser then recommends they re-organise their accounts to work with their budget and arranged to check-in each month to keep them on-track.
Finally, the financial adviser projects the impact that the budgeted savings would have on their financial position over the next 30 years. Pleasingly, the projection far exceeds James and Celeste’s expectations and provides them with a future worth budgeting for.
Although the above case study is only an example, we have helped many clients in the same situation and although the best time to prepare a budget is 10 years ago, the second-best time is now!
Testimonials
What our clients say?
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Sam helped us find a super fund and strategy that aligned with our long-term goals. Sam also helped us review our mortgage and explore the right income protection coverage. It’s such a relief knowing that my finances are in good hands and that we have a concrete strategy for our future.
“If you’re looking for a financial advisor who’s knowledgeable, friendly, and genuinely cares about your financial future, I highly recommend Sam and Metis Private Wealth.”
Alex
Stephen
Heath
Lachlan
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He is one of the friendliest people I’ve ever met and makes himself available at any time of any day to assist. His expertise, approachability, candour and dedication to his clients is second to none. I couldn’t recommend him enough!”
Shannon
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