RECORD YOUR INCOME
Know what figure you have to work with. (Weekly, monthly, yearly income)
Build a plan / money vision
LIVE WITHIN YOUR MEANS – MAKE MORE THAN YOU SPEND!
This seems simple but high income doesn’t mean guaranteed wealth, there are many high earning individuals buried in debt and struggling. Remove all things you don’t need and luxuries you don’t use.
Track your spending (Investment Tracker or a money app)
GET RID OF BAD DEBT
Credit cards and all debt that you are paying high interest on each month. Make paying these off your priority.
Start paying off items with the highest interest rate first.
SET UP AND AUTOMATE PAYMENTS AND ALLOCATIONS
Don’t bother with a budget, no one likes them or sticks to them.
Allocate / Automate money to your expenses and make sure you have some left over to automatically reduce liabilities and increase your assets each week. ie 60% to Daily expenses, 15% to Bad debt (c card), 10% to Share fund, 10% Pocket money, 5% to Holiday fund. Don’t go over your allocations.
STAY THE COURSE
Keep reducing your liabilities and increasing your assets.
Build an emergency fund.
Be mindful of tax.
Earn more – Find other ways to bring in money.
Live within your means.
Buy a house / Increase mortgage repayments.
Increase super repayments to 15%.
Invest – Build a money machine.
Pay off your house.
Hit your retirement figure.