Budgeting - What Am I Doing Wrong?

Whether you are saving for home loans, renovations, or a new investment, an effective budget can make all the difference in achieving your goal.

Yet what happens if you draw one up, stick to it, yet find that a few months down the line your savings balance isn’t anywhere near where it should be?

It sounds like it is time for a budget intervention! Take some time out one evening and sit your budget down for a serious conversation.

Start by questioning how realistic your savings goal is. Are you being too ambitious? There is nothing wrong with admitting this, as it is better to be honest than to be continually hard on yourself.

If this isn’t the case, then perhaps you are still spending too much money. Take the time to really examine your monthly expenses with a fine-toothed comb.

To hit your savings target you might need to embrace some significant sacrifices - how serious are you about your goal? Maybe that gym membership should be reclassified a luxury, for example.

Perhaps you just need to make a more regular effort to assess your savings progress - why not meet up with your budget once a month for a coffee and a chat?

To get more detailed information on your situation, talk to a Loan Market mortgage broker today.