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Save hundreds of dollars every month with this 5-step meal plan

In Meal Planning by Phil McGilvray0 Comments

Is your grocery spending killing your household budget? Is food eating all your income!! In this blog, I want to share with you the simple 5 step strategy I give to all my clients to help them significantly reduce the monthly grocery spending. Groceries are typically the biggest are of over expenditure When it comes to the household budget, groceries are easily one of the biggest expenses. Typically, the only thing bigger than our grocery spending is our rent or mortgage repayments. But without a purposeful plan what we spend on groceries can easily get out of hand. As a Budget Coach, I am in no doubt that grocery spending is the most common area of over-expenditure. Lack or routine, bad habits and laziness can cost your household budget hundreds of dollars every single month. A simple plan to take control of your grocery spending and your budget So one of the first things I get all of my clients to do when looking for ways to save money is to implement a weekly meal planning process following this simple 5 step process:   Step # 1 – Identify 20-30 meals you routinely eat as a family Start by sitting …

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How to meal plan to save time and money

In Meal Planning by Fernanda Padierna0 Comments

If you are a little like me, then it is most likely that you find pleasure in enjoying a good meal. If I had to describe some of my favorite daily habits, it would be eating. I genuinely enjoy eating a well prepared delicious dish any given day. I don’t hold back when it comes to ordering food at a restaurant or getting my grocery shopping done. The setback however, is that I enjoy eating and preparing meals so much that most of the time I tend to overspend paying for expensive dinners at restaurants, or going out of my budget buying ingredients that end up rotting in the pantry.

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Buying a house – start by understanding your cash flow

In Buying a House by Phil McGilvray0 Comments

Buying a house – working out what you can afford So, you want to buy a house but have no idea what you can afford? In this article I will take you step by step through the exact process I use with all my clients to help them work out work out what they can truly afford to spend when buying a house. The great thing about this process is that my goal is not to give advice, but rather to let the numbers speak for themselves.   Meet Colin and Kate: Colin and Kate are a young couple in their late 20’s; they have been renting for 5 years and over that time have managed to save $135,000. The owner of the house they have been living in is unfortunately moving back to Australia in 3 months’ time and they will have to move out. They came to me to help them work out if they could afford to buy their own home, and if so what could they afford to pay. So here is the process I took them through:   Step # 1 – What do you really want your life to look like? The first step …

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So you want to save money and get out of debt, have you considered a budget coach?

In General Budgeting, Grandma's Jars by Phil McGilvray0 Comments

You want to save money, get rid of the credit card debt and hopefully one day buy a house but you have no idea how to make it happen. You have tried budgeting but weren’t sure you were doing it right and every time you felt like you were starting to save money some unexpected expense would blow your budget out of the water. Oh yeah and then there is the whole ‘will power’ and ‘discipline’ thing, you want to save money, you want to eliminate your debt but it is so hard to resist the temptation to spend. If this is you, then perhaps you should consider taking on a budget coach.   What’s the point in spending money on a budget coach, if I am trying to save money? Yes, I know it seems counter intuitive to spend money to save money but let’s be honest, how much money did you save last year? How much debt did you pay off last year……   Hmmm For most people the honest answer is a big fat zero and for others it’s “not as much as I should have”. So if this is you it’s time to invest in your future and get …

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Three Pitfalls to Avoid When Setting Up a Household Budget

In Buying a House by Phil McGilvray0 Comments

So your finances aren’t going quite as well as you had hoped, the bills are rolling in and despite earning an okay income you never seem to save us much as you would like. You have been thinking about it for a while, you have been putting it off but desperate times call for desperate measures (deep breath) – it is time to set up a household budget!

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How to Budget When You Are Broke

In Budgeting Tips, General Budgeting by Phil McGilvray0 Comments

How to Budget When You Are Broke It is such a simple pleasure but every time I get the ice cream out of the freezer I am reminded of the period in our lives when money was so tight the ice cream rarely made it into our shopping trolley. There is nothing fun about being broke, constantly juggling the bills and expenses is a stressful way to live. It is made particularly hard by the guilt you experience when do spend on fun stuff because you know you can’t really afford it! What I want to share with you know is the simple 5 step process I personally use and have used with hundreds of clients to show them how to budget despite starting from a financial position best described as ‘Broke’.  

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Parents, Teaching Children about Money is your Responsibility

In General Budgeting by Phil McGilvray0 Comments

The statistics are sad, scary and far too true. One-third of Gen Y have no savings and are struggling with debt. One in five could not find $500 in an emergency, and one in two young people experience financial stress on a weekly basis. It is little wonder that anxiety and depression have become so prevalent amongst our younger generations. This is why it’s so important for parents to under how to teach your children about money. As a budget coach, these statistics are absolutely heart-breaking because this isn’t how it should be. The core principles of wise money management aren’t difficult to understand or to apply but other than a lesson or two in Year 9 maths, no one is purposefully teaching children about money and money management. Parents, I am sorry – whether you like it or not, it is your responsibility to teach your children how to manage money.  It is your responsibility to teach them: how to budget how to save a percentage of every dollar they earn how to avoid lifestyle debt

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One Cost You Must Consider When Buying a House

In Buying a House by Phil McGilvray0 Comments

One of the great joys of being a budget coach is to journey with my clients as they save for and buy their first home. Buying your first home requires a huge commitment, it may well be the biggest purchase of your life so it is important that you take your time, do your homework and understand all the costs that are truly involved. A quick google search will quickly tell you the costs you must consider when buying a house, you know, the deposit, the real estate agents fees, the legal fees, stamp duty, the banks fees, connection fees, moving cost and so on. But what you will rarely find on this list is the importance of having a decent cash reserve. As a budget coach I strongly recommend that all of my clients include a cash reserve of$20,000 as one of the costs they need to consider when buying a house. Now I am fully aware that no one wants to hear this sort of advice, $20,000 is a huge amount of extra money to find and yes I know you are busting to get your first home but please here are three reasons you need to take …

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How Do I Get My Spouse or Partner On Board with the Household Budget?

In General Budgeting, Manage Money by Phil McGilvray0 Comments

A couple of weeks ago, I was approached by a friend who wanted some advice on how he could get his wife interested – and more importantly involved – in the household budget. While they were doing okay financially, my friend knew they could be doing a whole lot better. Sure – they paid the bills on time and paid off their credit card every month, but despite a healthy income there was never a lot left over. With the prospect of starting a family on the horizon, my friend was keen to establish a budget and to start managing their money in a purposeful way. But to his great disappointment, his enthusiasm to establish a budget wasn’t exactly shared by his wife. As a budget coach this wasn’t a surprise to me; not because I know his wife, but because this is a very common issue! It is rare in a relationship that both partners share the same enthusiasm for budgeting. But that doesn’t mean you can make it work. So here are three strategies I recommend using to help get your spouse or partner on board with the household budget: