Elson Goh: Getting your 2021 Budget on track

Wednesday, February 10, 2021 5:25 pm
Reading Time: < 1 minute

EG Financial Services Director Elson Goh caught up with Weekdays announcer Mike Crichton this morning and shared some great tips to help us get on track financially in 2021.

Many of us struggle to keep on top of our finances and it’s often put it in the “deal with later” pile.

Elson certainly had his philosophical hat on, responding: “treat your finances like you treat your health. “When you start exercising you’re advised to start small and keep it simple, the same principle applies to your finances.”

Doing something is better than doing nothing. Be active every day of the week.

Elson’s tips to help you get your 2021 Budget under control:

  • Set some goals-Write them down eg. Going on holiday, buy a new TV, Christmas
  • Put some dollar figures to those goals
  • Look at what you’ve spent over the last quarter (it will help plan spending in the future)
  • Create a separate bank account for those goals (direct transfer, even $5 a week).

Communication is key!

“If you’re in a relationship, share your goals with your partner or better yet, choose them together! Chat to your kids and extended family, get everyone moving towards the same goal.”

Want to know more? You can listen to the whole chat below.

 

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