Posts

How do I save money?

How to save money is a popular question, and it’s sad that most answers leave people rolling their eyes and changing nothing.

The problem with most saving strategies is they’re hard work.

You have to think a lot.

You have to change habits.

Far better to have a saving strategy that doesn’t require you to think about it once it’s in place.

Here’s how to do it:

  1. Set your end Goal – why are you saving?
  2. Set your Rate – how much will you save?
  3. Automate paying yourself first – schedule bank transfers
  4. Isolate your savings – make the saving account hard to get to
  5. Celebrate – when you reach a goal, reward yourself! Read more

Tools for teaching children to save: Introducing Bunny Money

Want to get your children excited about saving? We have the book for you!

Bunny Money is the story of Nessa and Nate, a pair of twins getting $100 each from Gran for their 10th birthday. But that’s not all they get – the most precious part of Gran’s gift is the lesson she gives them about saving over the following year.

Buy the pack for $22 + postage and handling* Read more

Working out your financial goals

By Lacey Filipich, BEng(Hons), MAICD

Setting financial goals can be exciting for some, nauseating for others and downright offensive for a few amongst us. As with most things in life, setting goals is an important first step in getting what you want. The goal is only the first step – you then have to go out and make that goal a reality through work – but without the goal you’re at risk of waking up one day and finding you’re not happy with your circumstances. Regardless of how you feel about money it’s worth having a goal in mind… even if that goal is to never think about money.

How you manage your money is heavily values-based. If you prefer to avoid risk and you value your independence, you’ll have a completely different approach from a person who’s happy to take a lot of risk with someone else’s money if the potential rewards are great enough. There are no hard and fast rules… actually I lie. There’s one rule: don’t spend more than you earn. Everything else is negotiable. So, where to start?

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To ‘B’ or not to ‘B’: Budgeting

The people who do not cringe at the phrase ‘let’s do a budget’ are few and far between, and more often than not they hold accounting degrees.

That particular ‘b’ word (budgeting) has the power to strike fear into the hearts of men and women alike for a number of reasons:

  • It’s overwhelming – who has the time to build a spreadsheet with ALL their costs in it? And how on earth can we know what everything will cost in the future?
  • It’s boring – nothing is more likely to send you into a catatonic state than sifting through credit card statements and that pile of crumpled-up receipts hiding in the bottom drawer. And try watching the announcements about the Federal budget – positively snore-worthy.
  • It can be depressing – realising you spend $760 a year on take-away coffee is not likely to make you feel good.

All these pale in comparison to the One Unassailable Fear associated with budgeting:

If you set a budget,
you just might have to stick to it.

That’s why it’s called a budget – you set it then you don’t budge (I know. I’m hilarious).

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