There are many ways to avoid the easy-to-fall-into financial habits that can push you and your family into economic trouble.

Today our experts in retirement planning in Sydney explain one of the main reasons why many people get themselves in bad debt; emotional spending!

The higher your salary or income gets, you may find yourself in increased spending mode...especially if you tend to indulge in emotional spending. If you are one of these people, you may find yourself acting on impulse and purchasing big ticket or uncessesary items.

Here at GJ Private Wealth, we recommend making expenditure decisions based soley on your own financial circumstances. Pay attention to your annual income, expenses, nature of employment and long-term finacial goals.

Before you make those impulse purchses, decidate yourself to taking a quick snapshot of your net worth by creating a personal balance sheet. From here you can draw up a budget and be determined to stick to it. This doesn't mean you can spend on those desirable items, it just means that you will be doing so when you have enough money aside, as to not effect your future finacial goals.

Though it takes self control to curb emotional spending,  our experts in private wealth in the Sutherland Shire explain that it's worth it to avoid financial ruin.

Our financial blanners in the Sutherland Shire are here to help you reach your long term financial goals. Contact us today.