Hi folks,
I've just finished reading 0 to 230+ properties by Steve and one of the biggest conclusions from the book is that I don't manage my money enough and definetly spend more than I earn. I've always tried to manage my money better and I'm at a stage in my life where I want to invest in property but know I have to get this finance issue sorted first before I go any further.
So in order to get me started moving in the right direction with regards to finances I was looking at books I could purchase. I looked at the book list post in this forum but most of them is in direct relation too property investment. I recon I should be looking at general finance type books first, so can any of you recomend any good finance/budgeting books, there's a couple that spring to mind but I don't want to mention them yet as I'm looking for your ideas.
many thanks
DaveHi Dave
Best thing to do is type in google budget sheet. Hopefully there is a speadsheet that comes up where it runs through your expenses, cashflow and assets.
From that you will be able to see where your funds are going, if there is any funds left over or where you may be able to save some money.
Then set your self a budget, and try and stick to it. Open up a savings account that pays interest – online savers are good- and make sure you put your suplus cash in the savings account.
Hope that helps.
p.s. if you can't find anything on google, email me and I will email you a cashflow spreadsheet.Rob Bologna
[email protected]Hi Rob,
thanks for your insight. I have managed to find through ANZ an online budgeting tool that links in with all my accounts, it can run rules and automatically categorise items such as petrol/groceries etc. This has helped massively and give me a very clear understanding of where our money is spent and where we can try to cut back.
However what worrie me is my urge to spend money, if I have 1 dollar in my pocket I want to spend 2. My dad has always givin be a belief that if you buy something expensive then it will last so everything we buy is usually out of our budget. I suppose what I'm looking for is a "this is how to save money" book. this probably doesn't exist, maybe I'm lacking a way of controlling my spending urges and want a book to help me control those urges. It's probably more of a "self help book to control your income" that I'm looking for.
ps I'm not looking for sympathy just a little direction.
any thoughts?
DaveDave
At the end of the day, it's not how much money we make, it;'s about how much we can save.
Now that you know where your funds are going to and you know either how much you can save or area's you can cut back to save extra.
Next step is to open a saving account, preferably high interest and not easily accessable – online saver is good.
Set up a direct debit with you surplus cash and most important stick to it.
Realisticly at the end of the day you have your fund earning interest and although it seems you are unable to spend, it is there in an emergency if needed.Regards
Rob
[email protected]The best thing you can do is work out your budget and stick to it as everyone is telling you….
I recommend also having a test budget to see if you can stick to it with a mortgage and make sure you are not going to be in trouble later on…assuming your wanting to buy a property
Cheers,
MiikeA great book to read is How To Make One Hell Of Profit And Still Get To Heaven. By Dr John Demartini.
You have to get passion around your goal. Make the first financial goal(s) really achievable this builds your confidence. When you are about spend that money on something. Ask your self does it get me closer to my xx goal. If the answer is no spending that money doesn't, then you don't spend it. Imagine in your mind the feeling and picture of achieving that goal. This will continuely bring your goal back into focus and make it easier not to spend when it really isn't necessary.
All the best
Jane
[email protected]
Financial Planner
Rivet Financial Solutions Pty LTD
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