When life is chaotic it’s best to keep things simple. This is the same with your money principles. Keep it simple, and practice the ‘back to basics’ money management principles to help you stay financially fit and healthy.


1. Cut down on money going OUT


Numbers don’t lie, and this message of ‘spend less’ has been around for awhile and unlike fashion trends, this simple yet powerful tip never goes out of style.

If you want to get ahead in life financially, nothing beats this goodie – slash your splurges and get in the habit of a regular savings motto. Be disciplined to spend your own money rather than swiping or tapping the plastic. Remember the plastic money is not yours, and if it gets used too often, you’ll end up paying big on the interest that accrues on your repayments.

Don’t overspend and keep to budget that is realistic and easy to stick to.


2.  Get rid of debt quickly


Having a big mortgage these days is a norm, and that dream of owning your own home comes at a hefty price. So, if chasing the great Australian dream is a goal of yours, then do so in a smart way.

Get to know your financial net-worth position really well, and divert any surplus savings straight to your mortgage. Try to cut down on your biggest expense item as fast as you can by making extra payments where and when possible.

Not only do most people have a mortgage to pay-off but credit card debt is another expenditure item that is soaring up north and not down south.

Therefore, it goes without saying, spend less which helps to minimise credit card debt and the extra money left in the kitty should hit the mortgage. It’s a win-win!


3. Get more money coming IN


It’s not rocket science but if you can increase or generate more money coming INTO your kitty then you’re able to build wealth by starting an investment plan whilst paying off your debt.

There are many ways to generate extra income and different types of income such as investment income like dividends, interest or rent. You can seek out promotions to increase your take home salary or increase your working hours or take on a side hustle and freelance.

Increasing income means more power and opportunities to build wealth over time to ensure a gooey overflowing ‘pot of honey’ is waiting for you for retirement.

These are the ‘back to basics’ good old-fashioned money principles, if followed, will keep you financially fit to super healthy. It’s not easy as there will be many temptations along the way, but starting a good financial habit early on gives you an edge over the long term.

For more help on reaching your money goals, talk to a Dome Financial Adviser in Charlestown, Tamworth and Hunter Valley.

The information contained on this page is for discussion purposes only and is not intended to constitute financial product advice. It does not take into consideration any persons objectives, financial situation or needs. You should consider its appropriateness in light of your circumstances and consider seeking professional advice relevant to your individual before making a decision based on any information on this page.


Top 3 Financial Tips for your 20s

Top 3 Financial Tips for your 20s Congratulations! You’ve survived your teenage years, finished higher school education and graduated with professional skills, confidence and a zest to conquer the world. All the hard work, resilience and many life’s highs and lows...

Back to Basics 3 Money Principles

When life is chaotic it’s best to keep things simple. This is the same with your money principles. Keep it simple, and practice the ‘back to basics’ money management principles to help you stay financially fit and healthy.   1. Cut down on money going OUT  ...

Savvy Financial Tips for Women | Financial Planners in Charlestown, Hunter Valley & Tamworth

Savvy Financial Tips for Women For many women juggling to maintain balance over career and family time, it can get tough. It is even tougher when it comes to money. Here are some tips to help you stay in control and be financially savvy. 1. Make ‘compounding’ your...

5 Steps to Financial Zen | Financial Planners in Charlestown, Hunter Valley & Tamworth

Steps to Finding Financial Zen (Financial Peace of Mind) It’s very hard to find financial peace of mind or financial zen if you’re constantly faced with financial problems or money woes. So, how can we leave the circle of financial stress and achieve financial peace...

3 Golden Rules to a solid Investment Plan

The 3 Golden Rules to Investing When it comes to creating wealth, you need to start with a solid plan. A plan that is personalised to your situation, and one that is appropriate to meet your financial goals and objectives. Everyone is different, so every plan should...

What are the benefits only a financial planner can provide?

The many benefits financial planners provide As a financial planning professional, a question we get asked a lot by new clients is  "Do people really need a Financial Planner when so much DIY information is available online?", and so we’ve decided to clear up the...

Should you outsource your financial future to a financial planner?

These days, we outsource a lot of tasks to external professionals. Due to the chaotic nature of the busy lives we lead, we rely more and more on professionals who have the experience, knowledge and most importantly, the time to get things done for us. Simple things...

It’s your financial future, learn to plan for it, now!

It’s your future. Do something about it now. “It’s not the plan that’s important, it’s the planning.” - Graham Edwards You can have the best plan in the world but if you don’t act on it, why bother with one?   Top 5 Tips on How to plan for your financial future....

P: 02 4969 7069 | 1300 723 300

E: admin@domefinancial.com.au