What does it mean to be a Strategic Spender? It means being more efficient and effective with your money! Strategic Spending is one of our magic formulas for arranging your finances and your life.

It is important to know that this is not a budget – most people wait until they are in serious financial trouble to create a budget. This is a strategy to stop you from getting to that point.

The Strategic Spending is about creating a system to plan your expenses and take charge of your money, so that you can save at least 10% of your income in your Wealth Account.

Strategic Spending is a forecast of your income and expenses over the next 12 months and allows you to plan for your future and take into consideration plans for holidays, business expenses and other foreseeable spending.

One of the most important goals for financial success is to spend less than you earn. With the Strategic Spending Plan, you can see exactly where your money is going and then make conscious decisions to reduce any unnecessary spending to ensure you are in a surplus and not in a deficit.

Spending less than you earn might sound obvious… But would you believe that 95% of Australian’s spend all that they earn or more than they earn! That is an alarming statistic!

Only 5% of people are saving money on a regular basis!

Most of us know how much we earn each year but have very little idea what we spend our money on – the Strategic Spending takes you from an Unconscious Spender to a Conscious Spender.

If you plan on starting a business or you are currently running your own business, the ability to be a Strategic Spender is crucial for the longevity of your Enterprise.

Like every successful business, we need to monitor personal income and expenditure while also ensuring that we are making a personal profit— saving some money. If you can’t be strategic about your personal spending, then there is no way that you can really build a successful business. Unfortunately, most people take their bad personal spending habits into their ventures and this is reflected in the ultimate failure of the business.

Did you know that 80% of small businesses will fail within the first 5 years and of the 20% who survive the first 5 years another 80% will fail in a further 5 years? This is mostly due to a lack of adequate planning and financial management.

So to recap a few things about Strategic Spending

1. Strategic Spending is vital as it helps you take charge of your life – it will take you from unconscious to conscious spending
2. Being a Strategic Spender is crucial for the success of any business
3. A Strategic Spending Plan should be done with your spouse so that you have a joint sharing of these responsibilities and create absolute alignment on your financial goals
4. Most people wait until they are in trouble before they do their ‘budget’ – do not let it get to that point, start being a Strategic Spender NOW

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