Carina from Diagnostics and Finance walks through your bank transactions using a traffic-light system: green for essentials like rent and groceries, yellow for negotiables like gym memberships, red for cuts like daily coffee and Uber Eats. Do this before applying for a mortgage or building an emergency fund.
So you've got sick of scrolling through your Facebook newsfeed and you found yourself scrolling through your bank transactions. Who would have thought? Hi, I'm Carina from Diagnostics and Finance and I'm talking about having a review of your transactions and specifically related to your living expense. So seems like a pretty tedious task. You might ask or you might think. But the reason why we want to do this is if you're looking to purchase or refinance and you're looking to obtain some lending from the bank, the banks are really looking quite closely at your living expenses and what is deemed an important expense or one that's not really all that important for you. So a few tips from us here at Diagnostics and Finance is to review those transactions and look at them based on green light, yellow light and a red light system. So the green light is looking at those non negotiable expenses. These are your rent or your mortgage, your utility bills, your groceries.
Your yellow ones are those that are pretty important. School, extracurricular activities for your children, or.
Potentially a gym membership might be a.
Non negotiable for you. And your red light are those that.
Really you don't necessarily need to be relying on.
So these could be Uber eats every night. These could be going and having a coffee by yourself. Maybe not in isolation time, but it's about identifying those that are important and those that you could rein back on. So the reason why you want to do this is we want to have.
A look at what your basic and.
Your minimal living expenses are and seeing how we can enable you to build on your deposit for your new purchase or review your living expenses to see if you can build a little bit.
Of a buffer for a rainy day. I'm Carina from Diagnostics and Finance. Thanks so much.
