If you want to save 50% or more of your after tax income you cannot afford to have any payments on debt other than your mortgage. This includes student loans, credit cards and car loans – they all need to go.
As part of my research into lifestyle money management I am being challenged on my own preconceptions what is possible. I hope the articles I write challenge you.
I continue my research into effectiveness personal money management and as with business development it all starts with personal development.
There is a lot of advice available on making, saving and investing money but little on how to spend money.
Finding out about you and producing a cashflow forecast is great but all good plans need to be monitored.
Once we know what’s important to you we can move on and start to explore if your financial arrangements support your goals.
The first part of lifestyle financial planning is finding out about you.
Lifestyle financial planning is a new approach to personal financial planning.
This post was triggered by an article in the Telegraph.
Xero continues to impress me with their ongoing development.