The thought of organising your finances can be a daunting task but once you are on track the benefits are endless. Everyone wants to be smarter with their money, and you can too by following these helpful tips.

Top Tips

Be organised

Ever had to find a receipt for an expense you have paid and have no idea where to look? This can be avoided by creating a filing system where you break your finances in to various categories. By separating your home insurance from your car expenses and keeping the receipts in date order you will never have trouble finding paperwork again.

Track your spending

When making a budget for yourself, you should have a complete report of your income and expenditures. To do this, write down everything you purchase over the course of a week; this will give you a clear indication of where your money is going. It will also show you where your money is going so you can begin to cut out necessary spending.

Start an emergency fund

You may not want to think about it, but if you were to fall ill, lose your job or have to undertake major repairs on you car would you be able to afford it? If not, it’s time to start an emergency fund.

Most experts recommend that you should have three-to-six months’ living expenses saved in case of unforseen financial needs. Ask yourself how much  you need to have tucked away to feel financially secure and set a goal. Even if you can only afford $20 a week it’s better than nothing.

Pay off credit card debt

Credit card debt is the number one obstacle to getting ahead financially. The key to getting on top of credit card debt is to understand exactly how much you owe, the interest you are being charged on the amount, and the final amount you will pay if you only repay the minimum amount each month. Prioritise the list by the size and interest rate of each debt. Cutting back on unnecessary expenses is vital if you want to reduce and pay off your debt.

If you’re unsure where to start, the accountants at The Quinn Group can provide advice and guidance on how to build your personal wealth. Submit an online enquiry at or call 02 9226 9166.