How to Manage Your Money Better in the second half of 2018!
Money, whether you love it or hate it, will be a big part of your next year and how you look back on your finances this time next year is going to depend on whether you controlled money, or money controlled you!
The good news is that no matter who you are or how much you earn, there are simple things you can do in the next 12 months to take control and set yourself up for a great financial future.
What will 2018 look like for you with regard to your money?
Will you move forward in your money journey to home acquisition, give up a job to be a stay-at-home mum, pay off your debt, expand your business, go on a great holiday?
Or, will you do the same things you did last year and ultimately get the same result?
If you’ve ever read the book The Millionaire Next Door (which is great reading by the way), you will know that the money habits of millionaires include spending wisely, setting goals, driving modest cars, budgeting and tracking their spending, saving and investing.
Millionaires aren’t wealthy because they’re lucky. They are wealthy because they follow simple money habits year after year.
Let me give you a few hints and tips on how to have a successful money journey for the rest of 2018, whether you consider yourself rich, poor or in-between.
Remember, the greatest amount of money is lost on the most insignificant purchases.
1. Save before you spend! Nobody banked the leftover money at the end of the week so you must save first. If you think you can’t afford this ask yourself what life will be like when you retire and have no income. If you struggle now it will be impossible to live then!
2. Prepare a food menu for the month and only buy what is needed (save up to $200/month or $2400/year.
3. Consider where and how you shop (Aldi is often cheaper than Coles or Woolies) and online shopping will save you from the impulse buys. Try apps like GroceryGetter to find savings.
4. Pack lunch for work each day (save $10/day or $2600/year or give up your daily coffee purchase (save $4/day or $1040/year.
5. Go through your wardrobe and sell anything you haven’t worn in the previous year on Gumtree or Ebay. Also do the same thing with the garage, kids clothing and toy cupboard.
6. Eat out of your pantry once a month (save up to $200/month or $2400/year (this is my personal favourite and I save heaps of money and rarely throw any food out because it’s gone out of date)
7. Find free activities to do with the children each weekend (if you live in Brisbane check out www.brisbanekids.com.au for great ideas on free activities – I’m sure other States would have similar websites)
8. Make sure the income was worth the outcome – money is much easier to spend than it is to earn so take time to consider the effort that went into earning it before spending it.Budget and track your spending with a Spending Plan. Every successful government, business, club and household has a budget. Nobody succeeds financially without one!
9. Enlist the help of a Money Coach/Budgeting Specialist – We admit when we’re sick and go to a Health Professional for advice. We admit when we’re unhealthy and join a Gym or hire a Fitness Instructor to get fit. Why shouldn’t we admit when we have money stress and enlist the help of a professional to get us back on track.
1o. Create a surplus and put that towards saving/investing for your future
BE BETTER THAN AVERAGE…..
Closing thought……You will be living the same life you are living now in 10 years time regardless of your income unless you do something to change.
Carolyn Moes & Kellie Pamic
Certified Spending Planners