Independent financial planner Claire Mackay shares her views with the Sydney Morning Herald’s Sally Pattern on how to keep a lid on your spending.
From the Sydney Morning Herald Money article:
If you are not across your household’s financial statements, you should be. That is the advice of Claire Mackay, an adviser at Quantum Financial.
The reason is simple. “If you don’t know where you spend money, you won’t know where you can save.” And why is this so important?
You might think that being wealthy, or at least comfortably off, depends on what you earn, but in fact, argues this financial adviser, there is more to it. Being wealthy depends on how much you spend.
“My wealthiest clients know exactly where all their money goes,” says Mackay. She adds that invariably clients can find ways to reduce their spending if they need to, even if it is changing to a cheaper mobile phone plan or reviewing their electricity, gas or insurance arrangements.
You can read the full Sydney Morning Herald Money article .