Getting your Money - Back on Track Have your money matters run off the tracks ? There are a variety of methods for getting those wheels turning in the right direction again. Lets stop the engine and take a look at how you got to this stage.

There are two sides to the track – what goes in and what goes out.

Your financial situation is the same as driving a car with a full tank of gas. Your income ie salary/wages you receive is like filling up the tank. Your spending is the kilometres you travel, that takes the money out. Do you keep your tank full? Or do you run you tank on empty and not quite reach your destination?

Income

If you are in a situation where you do not have enough money in the bank account. Is there an opportunity to increase the money going in for example ;

• Work an extra hour each day – that could be 7 hours a week, almost an extra day

• Find a skill you have to provide an additional service

• Volunteer for opportunities that may not pay today, but may increase your skills to get a better position in the future

• Look carefully at all your “treasures” are they still needed or could you sell some of them to fill up the “tank” in the short term

Keeping the tank filled up allows you to get to where you want to be

Expenses

Expenses are all those things we need to pay for. Some are more important than others. Lets split them into “essentials” and “nice to have”. Look at what you spend in the following areas. How far you can travel before the next payday !!!

Essentials...................... Weekly Spending...Changes I can make
Rent, mortgage or housing cost
Basic Food for daily living - groceries
Transport – Fuel/Bus/
Electricity / Gas
Water
Telephone - landline/cell
Insurance - house/life/public/medical
Loans
Credit card Payments
Family Obligations – childcare etc
Superannuation/savings programme
(a) Essentials Sub Total $
(b) Record you take home pay $

Take (a) away from (b)This is ( c )$
“ Nice to have” – lifestyle choices

What does your bank account look like :
If (a) is greater than (b) it is like driving your car too much. Your Bank account is not big enough for what you need to pay for.

If (b) is greater than (a) well done you have planned for the essentials on this trip. You have money for extra treats “ nice to have” – lifestyle choices.

You can only spend what is in (c) to cover what you think you really want – Eating out, coffee/lattes, clothes, movies, hobbies, subscriptions, vacations etc…

I can hear you saying that you are different and this would not work for you !!!! Set a goal for how you would like to be living in 5 years. Carry a picture in your wallet of your future dream or goal. When you open your wallet to spend you will see this picture. It will remind you every day that you are stealing from yourself, and you deserve better than that for your life.

Living within your means, will get your finances back on track

Lyn Buckley