Ben and Pete dive into the world of financial toolkits, discussing essential elements including budgeting and building a supportive team of financial advisors. They explore how your toolkit can evolve with life stages and personal preferences, emphasising the importance of distinguishing between tools and toys in financial planning. 

Key Takeaways:

• A financial toolkit is personalised and should evolve as one progresses through different life stages.

• Budgeting is foundational—understanding and managing expenses is crucial for financial stability.

• Building a supportive network of financial professionals and informed individuals can vastly improve financial decision-making.

• The difference between tools and toys in financial management is key to optimising your strategy.

• Integrating biblical principles and wisdom can guide financial choices, aligning them with broader life goals.

Notable Quotes:

1. "Financial toolkit is more than just a sound bite. It's your little grab bag. It's your little go-to of how to get things done." - Pete Burrows

2. "A budget should be ground zero. It's the thing you have to have in the toolkit." - Pete Burrows

3. "The application of biblical wisdom can shape how you view money and incorporate it into your financial toolkit." - Ben McEachen

4. "Know the difference between a tool and a toy when you're looking at your finances." - Pete Burrows

Helpful resource

Cost of Living Hub – NSW Government

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We love your questions. Contact the Money: Faith and Finance team and we will aim to get back to you in a future episode. 

Pete Burrows is an accountant for small business and individuals with Lower Russell and Farr in Penrith, Western Sydney, Australia.

Ben McEachen hosts Hope Mornings on Hope 103.2FM in Sydney, Australia.

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