Budgeting with a Money Diary
Updated: Mar 10, 2019
Money diaries are a sure way to learn where your money is going. Life is so busy that the last thing you think about, or feel the need to do, after a hard days work is recording what you did earlier in the day, or the day before.
I ask this question though... “How can you plan to save, if you don’t know where you are spending?”
As a mortgage broker in today’s tightened lending environment, I see a real need to educate borrowers on the importance of spending less, saving more and being accountable for all of their money matters.
Without this simple knowledge, getting a home loan can be way more challenging than it needs to be.
A money diary, like an eating diary, can be as simple or detailed as you want, but the important part is capturing the amount, purpose and whether it’s a need or a want.
Pay particular attention to wants dressed up as needs as they have an uncanny knack of distorting the facts.
Try running your diary for at least 7 days, but preferably 1 month. We do way more than just home loans, and mortgage brokering. At MoneyQuest our experienced consultants can help you develop a budget, set a savings strategy in place, and perhaps even consolidate your current debts. We work with you towards obtaining financial security for you.