by JBS Financial 2:08 am 06 Jun 2017
Realising your goals can often be a long and arduous process. There are many obstacles one must navigate in order to achieve the desired results, however, not every method of action is able to produce sustained success.
Being a second-year commerce student, the transition between first and second-year university has been almost seamless, since many of the habits I obtained throughout last year have made me more comfortable with factors such as workload and time management. In order to guarantee that I will be able to reach my potential, some of the habits I have developed include ensuring I attend all lectures; even though they are posted online, and actively seeking help from a range of people including friends and tutors. Although these may seem like obvious ways to maximise success, it is easy to decrease your workload given the relaxed nature of the university environment, and examples of people dropping marks and even failing subjects due to their own laziness and bad habits are not rare. As such, I believe that I am much more likely to achieve success now and in the future, as opposed to a year ago, due to the routines I have forced on myself.
Despite reinforcing a number of good habits, there were a multitude of negative behaviours I developed throughout 2016 that needed to be quelled; the process of eradicating these tendencies began with identifying their limitations and acknowledging that, in order to achieve my goals, I must do away with these bad habits.
One habit that I have since removed has been leaving assignments to the last minute. Previously, this was a common occurrence due to a combination of an insane amount of assessments at once and poor time management skills (most of the time it was due to the latter), and whilst I would achieve good results, it was obvious that this would not be sustainable in the long-term. I am proud to say that throughout the entire first semester of 2017, I was able to submit every assignment the day before they were due; this personal success is purely due to recognizing previous faults and eliminating my bad habits.
It is easy to become frustrated when attempting to achieve your objectives as poor habits and lifestyle choices can interfere with the process; acknowledging what has worked and what is holding you back can often be the factor that enables you to attain your goals.
– Richard Smart –
by JBS Financial 2:03 am 30 May 2017
How you manage your cash flow will be the biggest influence in achieving your lifestyle and financial goals.
Let me repeat that: Without a budget you are unlikely to achieve the things you want from life.
You probably know you need to sit down and go over your monthly expenditure but you never get around to it. Meanwhile, you’re not sure exactly where your money’s going each month. If you take a hands-off approach when it comes to budgeting, your finances and lifestyle are likely to be negatively impacted.
If you’re a procrastinator or just plain lazy, here are a few easy tips for taking charge of your cash:
1. Track your Spending
Whether you’re trying to pay down debt, save for a dream holiday or house, or boost your savings, having a budget is a vital part of the plan.
Making your budget work is all about knowing exactly what you’ve got coming in and going out each month. If you’re not living on a budget then you won’t have a clear idea of what’s going on. Figuring out where your hard-earned dollars are going is the first thing you need to tackle before you attempt a budget.
If you don’t want the hassle of tracking your spending, JBS can do that for you.
2. Keep it Simple
Warren Buffet once said ‘Simplicity is the greatest form of sophistication’. Whilst he was referring to investing, the same principal can apply to budgeting.
Making a budget isn’t rocket science. You firstly need to know where your money is coming from and where it is going. If you’ve got money left over at the end of the month then you’re already off to a good start. If not, then you’ll need to do some additional fine tuning to look for things you can cut back on.
Once you’ve got a sense of what your budget should look like you’ll need to set up a system for allocating your money.
This is where JBS steps in. We work with you to create a budget that is simplistic in nature, however aligned to your future goals and objectives. We ensure you have enough money to spend on yourself today so you’re happy, but there is money left over each month to work towards your future goals.
3. Put your Budget on Auto-Pilot
The majority of attempts to budget fail because meaningful and permanent change comes from a change in behaviour not simply reporting spending patterns. We know this, and we believe effective cash flow management contains 2 key elements:
1. A redesigned banking structure that changes a person’s behaviour – This may include setting up multiple bank accounts and arranging automatic direct debits that puts you in a better position to achieve your short and longer terms goals. Essentially you put your savings on autopilot.
2. Regular reporting to track your progress and to make adjustments along the way. Each month JBS provides a report outlining your monthly spending, what went well, what needs improving, and how you are tracking towards your goal.
This report helps ensure you are accountable to the plan we set you now and in the future, maximising your probability of achieving your goals. All you need to do is follow the plan we set you, the rest is on autopilot.
4. Start Small
Learning to stick to a budget isn’t something that happens overnight. Our JBS Cash Coach program however can help you set a budget which is aligned to your goals, and keep you accountable to your plan.
For you, all it takes is 5 – 10 minutes each week.
Sitting down with JBS to prepare a budget may seem like a hassle but it’s a smart investment that has long-term benefits.
Taking the first step is usually the hardest part but the sooner you stop dragging your feet, the bigger the payoff will be.
– Glenn Malkiewicz-
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