Many young Australians continue to think outside the box to find new ways to accumulate their money and secure their financial future. 

As the cost of living continues to rise, many are turning to side hustles or generating unique business ideas to generate more income every month. Whether this means selling items online or picking up freelance work, there are a number of ways to add to your savings. 

While it’s great to be able to generate more money when you are young, what’s even better is making smart decisions with your savings to secure your future. 

Building a financial plan can be complex and many tend to put it in the “too hard” bucket.

However, it’s simpler than you’d think. 

In this article, we’ll be sharing a few strategies you can use to increase your income and get ahead of your savings. Beyond that, however, we’ll be sharing important principles of building long-term wealth and ensuring that your money works for you. 

How Can I Grow My Financial Portfolio?

While planning and mindful forward-thinking might work, there’s a lot more that goes into smart retirement planning. To grow your financial portfolio, here are some of the things you need to remember: 

1. Identify Your Goals

The first step to understanding what to do with your money is to identify and set goals. 

To make fundamental changes to your wealth, you need to frame your mindset around specific, realistic objectives. This will help you financially plan for your future. 

Furthermore, goals will provide structure, meaning, and motivation to your life that can significantly benefit you in handling your savings, investments, and assets. 

2. Set a Clear, Realistic Budget

Building a total budget requires a monumental, upfront effort. If you have a hard time adhering to your set budget, you should always remember that long-term benefits always outweigh short-term inconvenience. 

Knowing what you have, how much you owe, and what you need to spend will help you to take control of your financial journey. It also allows you to discover areas where you can minimise unnecessary spending and save more

Unfortunately, many young individuals believe they are too busy to budget. However, there are so many tools, templates and finance applications. These digital budgeting solutions are precise, simple to use, convenient, and accessible no matter where you are. 

Your journey to building your wealth doesn’t have to be complicated. There are resources and financial experts that can help guide you on your way to financial freedom. 

3. Avoid Accumulating More Debt Than You Can Handle

While taking out loans can be incredibly helpful, accumulating too much debt can also be your downfall. Home loans and HECS debts are two examples of good loans that can be seen as an investment into your future. However, the danger with debts is opening credit cards and payment plans that you can not keep up with.

It’s essential to only spend what you can afford at any one time. Interest rates on credit cards and loans may put you behind the eight balls, making it hard even to begin the process of building your own money.

4. Build Up Your Bank Account

These days, there are so many ways to build your savings and bank account. While many may not be able to invest in real estate, there are ways to grow your savings account. 

You can choose to grow your wealth through a high-interest savings account or a term deposit. Find the best option for you: do your research, shop around for a better deal, and talk with a financial professional.

5. Seek Financial Advice

In terms of investment options and asset acquisition methods, the possibilities are virtually limitless. On the other hand, it can be overwhelming and confusing at times, especially to manage on an ongoing basis. 

Many people are scared to make the first move because of the possibility of making a mistake. However, seeking expert guidance can help you to avoid costly mistakes.

While you can gain ideas from friends or family, it’s important to recognise that financial strategies that have been a success for them may not work for you. Everyone’s financial situation is different, and you need to determine what works for you.

To ensure that you are working with your own goals in mind, it’s wise to seek financial advice. Meeting with a financial advisor allows you to utilise their expertise and experience to make smart financial decisions. 

Final Thoughts…

Building your wealth can be incredibly challenging, especially if you don’t consider yourself financially literate. 

But with the right outlook, determination, and guidance, anything is possible! Therefore, take the time to assess what you are capable of, set clear goals, and take action to secure your financial future. 

Secure your future by seeking the aid of a financial consultant in Port Stephens. Book your complimentary, initial meeting with Holmleigh Financial Planning today and take the first step on your path to financial freedom.