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5 Personal Finance Hacks To Implement Now

Having total control over your finances can give you an amazing sense of freedom.

However, it takes a considerable amount of discipline and hard work to achieve this. In this article, we will share some of our best tips that you can implement now for a better financial life.

Build multiple sources of income

Whether it’s through your business, a side hustle, or investing, building your income network can help you secure your financial future. Starting early means you can compound over a longer time period and can take on more risk as you have more time to recover from mistakes.

Grow your savings

Understand your cash inflows and outflows so you can work out how much can be set aside as your savings. It is recommended to set realistic goals and a concrete plan to reach your targets. If you’re not yet ready to make investments, at least have your current affairs sorted.

Avoid bad debt

Bad debt is something that leeches money from you over the long-term, including credit card debt or interest for late bill payments. It is also important to note that too much bad debt can impact your credit score and prevent you from borrowing in the future.

Set aside an emergency fund

Your rainy day fund, which could be around 6 months worth of your living expenses, should be one of your priorities. Even just saving 10% of what you get each payrun can eventually get you to that target amount.

Live below your means

Living below your means requires suppressing your desires at a certain point. This is probably the most underrated personal finance skill, but one that actually works.

You may be tempted to show off your peacock feathers to keep up with your peers. However, those who enjoy enduring financial success have a propensity to not care about what others think or what others are doing with their lives.

Expert Financial Planning

You may find some of these personal finance hacks challenging, but no one said the road to financial freedom is straightforward! Once you’ve adopted good money habits and learned how to discern what works and what doesn’t for you, you’ll see that all your efforts are worth it.

If you want to chat more about financial planning or growing your income streams, drop us a message so we can schedule a one-on-one consultation. Whether you’re just after some general financial advice, bookkeeping tips to help boost your personal finances, or assistance selecting a software package to manage your expenses, we are happy to help!

See below for our bookkeeper locations.

Small Business Bookkeeping Services

Justine Day: Southern Highlands / Bowral Bookkeeper
Petra Austing: Southern Highlands / Bowral Bookkeeper
Amanda Graham: Gold Coast Bookkeeper
Karin Evans: Gold Coast Bookkeeper
Pru Hall: Wollongong Bookkeeper
Jackie Short: Canberra Bookkeeper