Taking control of your money – with a spot of help from Fennell West

With inflation and interest rates rising, and Christmas on the horizon, it’s a good time to sit down and get your finances in order. While it may not seem like the most exciting thing to do, it can not only save you from getting into debt, but it could also help you pay off your mortgage earlier.  Joel Bateman, is one of the lead advisers at the Warrnambool office for financial advice company Fennell West, and he shares his top tips for getting your finances under control.

Don’t go it alone!

Before I began working at Fennell West, I was actually a client – so I’m living proof, of just how effective teaming up with someone to whom you’re accountable really is.  It’s hugely beneficial to work with an adviser to get your head around better money habits – and working closely with someone really helps you stick to those habits, too.

Take an inventory

Firstly, it’s time to take stock. No more stashing unopened credit card statements in the drawer until the fees you’re hit with shock you into action. To really understand where your money is going, we need to go through those bank and card statements line by line. For example, how much are you really spending on those streaming subscriptions? Are you using them enough to justify the expense?

Chart a roadmap

Everyone has different financial goals, so understanding them is hugely important. Maybe you want to save for a deposit for your first home. Or pay off your mortgage within ten years. Or ensure you’ve got enough saved to retire at 60. The key to getting into a good financial position is understanding what that looks like – as that can provide some good motivation to stick with it.

Lock in your budget

Once you know where your money’s going, we can create a budget to work to. Obviously, it’s important to cover the essentials first – mortgage repayments or rent, utilities, food – that sort of thing – and then we can see what’s left over. Is there enough to make additional mortgage payments? Or contribute a bit more towards your super? And, if you’ve got your end goal in mind – and you’re accountable to someone to stick to it – it’s a lot easier to say no to the temptation that will always come along.

Reward yourself

We’re not talking about irrational splurging here – but setting yourself savings targets and treating yourself when you smash that goal is important. Why? Because the process of managing your money will start to feel more like a game you’re playing to win than a burden. Mindset is everything when it comes to building wealth.

Come and have a chat about your finances with Fennell West

As well as helping you get your finances in order, our team here at Warrnambool can help make sure you’ve got the right insurances in place and that your super’s performing as well as it should.  We can help you save for a first home deposit, get a mortgage, remortgage, and invest in the share market, too.

With our GPS program, which stands for Goals, Plans, Success, we can create a plan specific to you, your needs and your goals.

So, if you’re ready to take control of your finances, drop me an email or give me a call and let’s catch up – here in the Warrnambool office, over a coffee near you, or online if that’s easier. There’s no charge for our first meeting, and it might just change the way you think about what’s possible…