If you are looking to build your wealth or clear your debt, then a budget is a must have.

A budget is essentially an estimation of your income and expenditure over a period. 

It is important to remember that a budget is designed to be a tool to help you, not to limit you. Sometimes you will go over your budget and sometimes you will go under. The key to a good budget is that averaged out over time (typically a year), it will reflect where your money is going.

These are the main reasons you should have a budget:


Budgets help you set your goals and achieve them

Do you want to go on a holiday, purchase a house or buy a new car? Then a budget is the perfect way to achieve these goals. Budgets will allow you to prioritise what is most important for you to put your money towards.


Budgets help you track your excess spending and financial drains

By following a budget, you will be able to accurately identify where your biggest expenses are. It will also allow you to fill in any financial drains for some it is fast food for others it is unused subscriptions. A budget will help you!


A budget will help you manage your debt

Seeing the debt repayments should inspire you to get on top of your debt. A budget will show you this and give you the push you need to clear your debt!


A budget will give you the extra encouragement to make investments

It is likely if you follow a budget correctly that you will start having excess cash. At this point it might be time to way up your investment options and formulate a strategy. If you would like assistance with that please feel free to reach out to us.

Budgets are a fantastic tool and the Linked Financial Services team has noticed a clear distinction in financial outcome between those that use a budget and those that do not. 


If you would like a free copy of our budget tool, please feel free to email or call our office!

Important Information:

Any advice in this article is provided by Linked Financial Services Pty Ltd ABN 27 164 559 951 and is general in nature only. It does not consider your personal goals, financial situation or needs. It is important that you consider the appropriateness of any advice and the relevant product disclosure statement or terms and conditions before deciding what’s right for you. You can read our Financial Services Guide online for information about our services, including the fees and other benefits that Linked Financial Services Pty Ltd and their representatives may receive in relation to products and services it provides.