With the start of 2023 and with the inflationary pressures and economic uncertainties in Australia and globally, now is a good time to take stock of the family cash flow. Make sure you are proactively managing the family budget to address the impact of rising costs of living, while meeting your financial obligations, lifestyle and investment goals.
The Government Money Smart website www.moneysmart.gov.au is a great source of free information and has a family budgeting tool https://moneysmart.gov.au/budgeting/budget-planner you can use to start working out where your money is going and where you can potentially scale down some of the less essential areas of expenses to assist with the family money available while still allowing for family and lifestyle choices.
It is really important to make sure that you are making an informed decision or choice on where you are spending your hard earned dollars and making the best/right choices for your family as to where these funds are going.
Ensure you have an action plan to help your family comfortably and securely ride through rising inflation and the potential economic down turn.
All the best for the year ahead!