How to look at a budget for achieving your goals

It has been long said that beauty is in the eye of the beholder. In the context of the Australian Federal Budget for 2021 which was unveiled this week, how you receive it depends on how you perceive it. To neutralise divisive views, we recommend that any budget should be measured against the objectives it sets out to achieve.

This is why we thought of bringing this issue of budgeting into practical context at the household level. It goes without saying that budgets are important, in fact necessary. But how they are set, executed and then measured, plays a big role in validating the process.

For example, if your goal is to save for a home, then your budget should deliver home ownership in a timeframe and quality that is reasonable enough to derive satisfaction in achieving this goal.

Looking thoroughly through the federal budget 2021, there are clear gaps between the big picture "National Agenda" and the small (yet practical) picture at household level. For example, most economists agreed that not much had be done to address the flattening of wage growth. At a big picture level, they are speaking of low unemployment as the cure for this, but at a household level, flat wages mean less "real money". The impact is that households facing rising cost of living would have to adopt poorer lifestyle, lower savings and potentially abandoning life goals.

What if there was a way to respond at the household level to secure your lifestyle and achieve your life goals faster? What if you could live a better life?

If you would like to explore how you can do this, contact us for a complimentary, no obligation discussion.

* The information contained in this report is general in nature and does not take into account your personal situation. You should consider whether the information is appropriate to your needs.


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