Five Things you Must do to Master your Money in 2022

Market Volatility

Are you trying to take control of your finances? Here are five things you can do to master your money in 2022.

  1. Know your ins and outs

Money comes in, payments go out. Some weeks you might be able to save, other weeks you may not. Too often, there is no structure and no knowledge as to where our money is going. All we know is we get paid a certain amount each week or fortnight and spend that money accordingly without a long term plan in mind.

To truly master your money, you need to know all of your outgoings and create a structure to support both your current lifestyle and what you desire to have in the future.

A good place to start is to outline all of your regular expenses over the course of a year, arrive at an annual figure and divide that amount by the frequency of how often you get paid. This will give you an amount that you need to put aside each time you get paid and will give you confidence in knowing you have your usual expenses paid for in advance.

  1. Pay yourself first

We all have the best of intentions to save, but after all of the expenses, there often is not anything left to save. This is why if you want to master your money, you need to pay yourself first. Pay yourself a set amount each pay period which goes into a separate account. A good goal to have is to pay yourself 10% of your salary. If this seems like too much, perhaps start with 5% and build up from there. By paying yourself first, you won’t be left wondering where your money all went.

  1. Set your foundations

Mastering your cash flow by paying yourself first and budgeting is a great pillar for your financial foundations. However, to master your money this year, it is important that you look to your other pillars as well – your debt, your insurances and your superannuation.

Ensuring all of your foundations are strong is crucial to long term financial success. You wouldn’t expect a great home to be built on poor foundations. Similarly, a great financial future cannot be built on poor financial foundations. Not rushing ahead to the next step in fear you may miss out is key to ensuring a strong financial future.

  1. Invest

By knowing all of your outgoings, paying yourself first and ensuring your foundations are set, you will now have some money to invest.

It can be hard however to know where to invest. With so many different options it can be quite overwhelming.

To know where to invest, it is important to do your own research before you part with your hard earned savings. Try not to be persuaded by the promise of great returns on social media and ensure you know exactly where your money is going.

If you don’t like doing your own research, consider talking with a Financial Planner who can discuss the many options with you and help you arrive at the right investment

Book a time to chat here. 

  1. Have a goal in mind

Investing your money is a great thing to do, but knowing why you are investing is very important. Without a clear intention for your investing, you can lose motivation and may stop altogether. Investing just to invest doesn’t really make sense. Sure having more money is great, but having more money is never the goal. Money is just a tool we use to achieve our goals. Some good goals you may consider are creating a holiday fund, future home renovations or a home upgrade, early retirement and private school fees to name a few.

If you are looking to master your money in 2022 but are not quite sure where to start, the Plus 1 Financial Planning team are here to help. Don’t hesitate to book a time with one of our Financial Advisers Emma or Mason which can be done via the links or by contacting the office via phone or email.

Matt – Financial Advisor

03 5833 3000

Rod – Financial Advisor

03 5833 3000

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