Lynn Levitt

About tracking your budget & buying property

About tracking your budget & buying property

When buying property it’s important to always make sure that you are on track with your budget. A lot of people take it for granted when buying property that there is plenty of spare cash. This may not be the case; your budget and tracking must always go hand in hand with any property purchase. It needs to start from the minute you decide to invest if not before.Just as you need to keep a close eye on borrowings, solicitor fees etc, you need to keep an even closer eye on your weekly budget. This is what makes the difference to accumulating property with the least amount of stress as possible. Regardless of whether you are cash flow positive or not – the important question to ask is “Do you know where your money is going?” If not we have a problem Houston!Doing the budget tracker, which is one piece of the Think Money puzzle, is the easiest way to stay on track. There is a very big difference to just entering information but not understanding it. This is where a lot of people fall into the trap of incorrect budgeting. You must be able to understand your own expenses and figures so that you can see where change needs to happen.One of the great programs we have for our Think Money clients which is new is “Budget Bootcamp”. This is a client friendly environment where people can talk budgets and savings. Whether you are trying to cut down on your grocery bills or saving for your next property, Budget Bootcamp is a great place to start walking the talk. Many of our Budget Bootcampers are on their 2nd, 3rd or some even 4th property.”That’s right it all starts with a good tracking system and then paying attention to where your money is going. You can get something out of everything if you are prepared to learn.Lynn Levitt – Think Money Wealth Coach and Goal Mapping Expert.