Okay I'm hoping you have put a few wrong amounts or frequency of payments in the budget otherwise the picture isn't looking too good for you right now.
Go back and double check your figures and frequencies and then hit calculate again.
If you are sure they are correct then you need to act now and not delay. You are on the wrong side of the Money Seesaw and it's only going to get worse unless you address this quickly.
What life probably looks like for you right now
Currently savings will be non existent or fast depleting. When you do manage to save, it disappears again soon after. Chances are your finances are even more stressful now than they have ever been.
Your focus right now should be:
Reduce the amount of your income that is required for servicing debts by whatever means you have available to you. Act now!!
Alternatively look at whatever opportunities you might have to increase your income even if it is a short-term option that helps you clear some of your current debt commitments.
Where do you start?
Talk to your advisor, financial mentor or other professional to understand your options.
Or
Book a call with me personally, no obligation, no commitment, I will simply help you make a little more sense of your situation and clarify for you how to start making the steps needed to gain back control of your money.
Book a Free Discovery Call Now!
This level on the debt scale is an indicator of real financial pressure being not too far away (if it isn’t present already).
Chances are it didn't feel this bad 3 to 6 months ago, you earn good money but you can't quite work out what's going wrong.
What life probably looks like for you right now
Currently savings will be fast depleting or may even have emptied right out. Your confidence that you can save like you have done in the past has reduced, you may even have recently applied for a lan and been declined.
Your focus right now should be:
Reduce the amount of your income that is required for servicing debts by whatever means you have available to you. Act now!!
Alternatively look at whatever opportunities you might have to increase your income even if it is a short-term option that helps you clear some of your current debt commitments.
Where do you start?
Talk to your advisor, financial mentor or other professional to understand your options.
Or
Book a call with me personally, no obligation, no commitment, I will simply help you make a little more sense of your situation and clarify for you how to start making the steps needed to gain back control of your money.
Book a Free Discovery Call Now!
What life probably looks like for you right now
The likelihood is right now that your feeling a little concerned. You don't feel you are going backwards but then you aren't going forwards either.
You know you could be doing better but because you're not going backwards at a rate that is worrying you, everything you hear in the media, rising living costs, interest rates etc seem to validate for you how you feel.
But inside you have this voice saying you know you could be doing better but you aren't really sure how to make it happen.
Your focus right now should be:
Revisit your budget and implement a minimum savings level that you do not touch for anything. This is needed to either build a 'Rainy Day Fund' or to continue to grow the one you already have.
You can use the calculator on my website to work out how much this is for you if you aren't sure how much you should be saving.
My customised planner will walk you through the steps if you are new to budgeting and has built in functions no other planner has that help you manage both debt and savings at the correct levels for your personal situation. Check it out here.
Where do you start?
Talk to your advisor, financial mentor or other professional to understand your options.
Or
Book a call with me personally, no obligation, no commitment, I will simply help you make a little more sense of your situation and clarify for you how to start making the steps needed to stop you slipping further backwards.
Book a Free Discovery Call Now!
What life probably looks like for you right now
Okay so I am guessing as much as you want to save regularly this just isn’t happening.
Or if it does it isn’t too long before it disappears again
You are on that tipping point I refer to on the ‘Money Seesaw’ and it is important you don’t tip over the wrong way.
Your focus right now should be:
There are two sides to the money seesaw, ‘Debts’ and ‘Savings’.
Both of these need to be managed in sync with each other.
Too much debt means no ability to save and savings means you have the ability to avoid further debt.
Where do you start?
Revisit your budget/plan and make sure your plan has a focused savings component that you commit to not touch and then adjust your budget/plan to live off the rest.
Saving consistently without the need to reuse this money for paying bills at a later date should be your number one priority.
Or
Book a call with me personally, no obligation, no commitment, I will simply help you make a little more sense of your situation and clarify for you how to start making the steps needed to stop you slipping further backwards.
Book a Free Discovery Call Now!
What life probably looks like for you right now
B isn’t a bad place to be (excuse the pun)
It does mean however that saving regularly is likely to be hit and miss. Some weeks you can and others you can’t.
The great news is it’s unlikely you will be going backwards
However there is also a likelihood that any savings you do have are needed from time to time for fixed living costs or unexpected expenses so your actual ability to save for focused goals is clouded and not as focused as it could be.
Your focus right now should be:
Defer any decisions you might have right now to borrow money for those goals that you don't feel confident you can save to achieve.
Once you are confident of your budget/plan and that you are saving regularly without needing the savings you will have more confidence taking on debt.
NOTE OF CAUTION: If what you have been saving is the same as your new loan repayment, chances are you won't be able to continue saving until the loan is repaid so make sure you have an exit strategy if you need to pay the loan off fast.
You can calculate your minimum savings capacity here.
Where do you start?
My recommendation is to save the equivalent of your proposed loan payment for at least 3 months so you can have confidence you can mange any additional loan without it becoming a problem.
Or
Book a call with me personally, no obligation, no commitment, I will simply help you make a little more sense of your situation and clarify for you how to start making the steps needed to stop you slipping further backwards.
Book a Free Discovery Call Now!
What life probably looks like for you right now
Hey not bad, you shouldn’t be feeling too much stress at the moment, bills will be getting paid and you are no doubt saving regularly but perhaps not at the level you would like them to be.
Your expenses are being paid on time, you're hearing stuff in the media about rising living costs, effects on interest rates etc but they don't overly concern you.
Your focus right now should be:
Plan ahead for purchases rather than jump into 'Interest Free' or 'Buy Now Pay Later options'
It might only seem like a small payment or just a short-term commitment but they start to add up quickly.
If you pay cash out of your savings you will benefit in two ways.
1. More likely to negotiate or hunt out a bargain
2. Really think about the purchase rather than but on impulse.
Review your budget/plan
At this level your budget/plan shouldn't be pay check to pay check. You should have a more detailed plan that spans out 3 - 12 months ahead.
This is what helps people remain focused on managing their debt at appropriate levels and maintain regular savings.
Both of these are fundamental to a good plan.
Don't have a budget/plan and want to put one in place to remain focused?
My customised planner will walk you through the steps if you are new to budgeting and has built in functions no other planner has that help you manage both debt and savings at the correct levels for your personal situation. Check it out here.
Hey there well done
Your current debt levels are comfortable for the level of income you receive.
What life probably looks like for you right now
Life no doubt looks really good right now, bills get paid, money gets saved every pay day and best of all you don't need to use those savings later (unless you decide to blow it on some one off experience of course).
Three important questions to ask yourself
1. Are you financially progressing towards your goal whatever that looks like, home ownership, debt free sooner etc?
2. Do you have a structure budget/plan that helps you stay focused and protects you from emptying out your saving account regularly just because you can?
3. What does life look like for you financially in 12 months and do you both like what you see and confidently know that what you do on a weekly basis with money now is going to make it a reality?
Answered 'No' to any of the above?
I can help, let's have a conversation, no obligation, no commitment, let's simply explore what the next 12 months looks like and how I may be able to assist you get there if help is something you would like.
Book a Free Discovery Call Now!