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Chapter 1: What are the benefits of setting financial goals at any time?
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Welcome to the Australian Finance Podcast, a podcast for people who want to learn more about their personal finances and get the most from their money. This series is hosted by Kate Campbell from HowToMoney and Owen Rascovich from Rask Finance. The Australian Finance Podcast is provided for educational purposes only.
The information is general in nature and does not take into account your needs, goals or objectives. What that means is the information does not apply to you specifically. So consider getting the advice of a licensed and trusted professional before acting on the information. Kate, welcome to this episode of the Australian Finance Podcast where we're talking setting and achieving money goals.
which has actually been a highly requested episode. So I thought we'd dedicate today to discussing everything to do with setting and achieving your money goals and not leaving it to chance or to January.
Because we all know people tend to leave things to the end of the calendar year and they say, I've got a New Year's resolution. It's normally like health and fitness and the other things money related, right?
I think my health and fitness one this year was do 10 push-ups, but I have not gotten anywhere with that because I do not have a plan. And that's something we do talk about in this episode is actually making a plan.
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Chapter 2: How can you prioritize your financial goals effectively?
So I definitely first step, you've got to know your numbers, which is pretty much pretty simple. It's what's coming into your bank account each month from your paycheck. Generally, that's probably most people's main source of income. Maybe you've got a few other you've got a side hustle, you've got a investment property, whatever you have.
What do you what is coming in each month and what's leaving your bank account each month? And maybe you just have one card you use so you can easily work out exactly what you're spending each month. But there's other apps I've had a look at Frollo, Money Tree, Money Brilliant. So they're ones you can link your credit card or your debit card or your bank account to.
So you can actually look at what came in, what went out and what categories are you spending the money on as well.
And that's just a really simple way to do it. To be honest, call me old fashioned, but I do like to write things down. I do like to, even if it's in a spreadsheet, I'm typing it in. I do like to feel like I know where things are going and I really only do that and understand it truly if I actually write it down or see things.
I think with this step, what you can do is you can use these apps and everything like that and use that to inform you. Yeah, absolutely. And use that even to motivate you. Many of these tracking apps are fantastic.
Yeah, and it's also – those apps also sort of show you the main areas that you're spending money on. And is that – are they the areas you want to be spending money on? Is there a way you can reallocate funds from that to one of your goals? And I guess it's working out what – Is that area making you happy? Is it giving you the satisfaction it should be giving you?
Or could that money be reallocated to achieving going to Queensland by Christmas time? Is that something that you want to reallocate the money to a goal instead? And then also working out your spending pattern. So I usually I sort of tell my friends, use the apps for a couple of months to establish your current spending pattern before you make massive changes.
So you get a baseline and you know where your money's going. Because a lot of people, we just tap every day, everywhere. Apple Pay, yep. Yeah, Apple, that was, I made an impulse buy the other day using Apple Pay. It's so easy with the computer. It just, you thumbprint on your phone. Scary.
But you're right. I think that baseline is important. And I think you make a good point there about taking your time with it. People just rush out and they set an unrealistic goal or whatever.
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