Know Your Numbers Accounting is all about helping you understand your spending habits so you can make some smart decisions and live life the way you want to.
The reason I am so passionate about helping people understand their financial position is a personal one. My parents have worked hard their whole lives (and still do to this day!). Until recently they were on a path to have their superannuation being used to pay out their mortgage and living on the age pension in retirement, just the age pension.
This really hit home: they followed the system their whole lives, lived the great Australian dream and will come up with nothing at the end. Things could have been different if they had a better understanding of their financial situation. And their situation will be now that they do!
I don’t want to see anyone in this situation which is why Know Your Numbers Accounting exists. Most of us, and more specifically Gen Y, will need to be entirely self-funded when we decide to stop working. If we don’t understand how we spend our money now, how will we be able to live the lifestyle we want when we decide to stop working? It’s the decisions we make now that define how we live later in life!
This first type of budget is designed to help people have a simple understanding of where their money goes each week. During the meeting we discuss:
We then go through the results and set a plan to pay out the debts or save enough money to do what they want to do in the short term.
The second type of budget is for people who have an idea where their money goes each week but want to starting putting money aside in order to get ahead.
The process is the same as the first budget except:
The final type of budget is for people who own a home and are looking to use their equity to buy an investment property, now or in the future.
We use all the previous techniques to compile a report of options for the client centred around putting away smart financial decision money and projecting their net assets over the next 5 - 10 years.