With the growing rates of debt in our society, more and more people are financially weighed down and, most likely, strained by repayments – wishing that they weren’t just working to pay their bills. 2017 could be the year that you face up to your debt or inability to save. Take control. Go and see a financial planner or adviser. If you have a history of trying to save and failing, consider using a budgeting service that will force you to get your accounts in order. Once you have adjusted with this intervention, you will notice how much money you save. Some other handy tips are:
- WAIT – If you see something that you feel you would like to purchase, wait a week and see if you actually need or still think about that item. Often, the spurr of the moment “I must have that” fade away and you realise that you don’t actually need it, anyway.
- TRACK YOURSELF – Just for 30 days, write down what you spend each day and tally it into categories at the end of each month. You will be surprised by something; an area of expenditure that you didn’t realise easy so big and can easily be cut back. Being conscious about where our money is going is key.
- SLUSH FUND – I always recommend having money put away for those ‘just in case’ moments. No, this isn’t “I need a holiday”, it’s an emergency bond on a new place, a flight to visit a sick friend or family member, funds to fix your smashed car, hospital or vet bills that are unexpected and time-bound.
It is very stressful to feel ‘stuck’ in your situation for financial reasons – stuck in your job because you have so many bills to pay, stuck in a relationship because they have the financial income, stuck in bad credit due to your irresponsible spending habits. It’s time to get disciplined and put your financial house in order this year.
LLUMI Australia 