The most common New Year’s resolutions are getting fit and getting finances sorted. I wouldn’t take fitness advice from us, but as financial planners and licensed financial advisers, we’ve given advice to over 2,000 clients, completed hundreds of financial plans and delivered dozens of seminars on this subject over the combined 30 years in the industry we have at Sheehan Financial.

A lot of people work really hard with the hope of getting ahead at some point in their working lives.

But let’s be honest, most people don’t know where to start when in getting their financial house in order when it comes to their family’s needs.

When you’re busy, ‘taking your eye off the ball’ seems impossible and yet another thing to do. Most people aren’t even aware of what they can do to set up, not to mention, protect, their family – until it’s too late.

“Trust me, things can go wrong, and when they do, it affects your entire family. Having peace of mind is priceless.”

In this series, make your financial resolutions a reality, we will share with you some of the hard earned knowledge we have gained during our professional career – knowledge that will help you understand how to take a professional approach to building personal wealth.

There’s no doubt that some people manage to build up more wealth than others but there is more than just luck involved. We can help you turn the odds in your favour.

“Getting ahead financially is as simple as spending less than you earn and being smart with the difference. While this may sound simple, it isn’t easy”.

That’s what we’re here to talk about today…

Successful business owners know the importance of using an accounting programme and meeting regularly with their accountant to make sure the business is on track. This principle is just as important when it comes to personal finance. – have a goal, make a plan, stick to the budget and review it regularly.

Practicing ruthless efficiency in managing your household expenses. Just as you would in a business, as well as trying to maximise your income, is the first thing you should do to put your financial situation on a sound footing.

In our experience, people have good general knowledge of how much money is coming in, but their concept of how much money is going out, and where it is going, is less clear.

People only take a serious look at where the money goes when they don’t have any.

In simple terms, you need to earn more than you spend. What you do with the surplus is the difference between those that get ahead and those that don’t.

So, the first step is reviewing your expenses, just as any business person would. Then establish clearly how much you earn, and how much you spend. You will have a surplus or a deficit. This series of bulletins on managing your financial wellbeing will help you be clear about which side of the ledger you are on.

In the next session we give a practical example of how to do this, which in our experience is the most effective way to manage expenses.

By the end of this short course, you will have a better idea of what you can do to get control of your finances and set up your family (for life).

Keep up to date with our financial resolutions series through our website and through our Facebook page.