So you work hard to get ahead in life, put in the long hours at work, often missing out on tucking your kids to bed and you drag yourself home, feeling exhausted and quite done for the day. Does this sound familiar? Well, hopefully all those long hours spent at work is worth it for you and your family!
So what does ‘worth it’ mean to you? Everyone will have their own definition of what ‘money’ means to them and how they like to use it. For most, money means affording choices and options in life and being able to do the things that bring the most joy and meaning to you. This could be things like sending your kids to be the best school or going on family holidays every year or maybe just taking a break from work and going on an extended ‘What’s the meaning of life?’ hiatus!
What ever floats your boat, you need to be in control of your money, and flex your financial muscles the way you see fit. Take back the control and be in the driving seat!
Regardless of how much you earn, whether you’re a high flying corporate professional earning six figures to the average salary worker, if you don’t have a tight grip over your finances, you may find yourself, when you have more salt than pepper in your hair that you’ve got nothing to show for, for all those long hours at work sacrificing your personal time.
So what are some of the best tips to help get control over your money situation?
Here are 4 Tips to get you excited and hopefully inspire you to get into action mode.
1. Where is your money escaping to and do you know about it?
You cannot manage what you don’t know.
Get a good handle on how much money is going out each month, and get to know WHY it’s going out.
You may surprise yourself when you actually take the time to study your bank statement especially your credit card one. Focus on all the ongoing automatic monthly debits. If you get to look at the last 6 months, your jaws might just drop to the floor when you realise you have lots of lump sum splurges or purchases showing up on your statement. Of the many expenses, are any of them going towards a regular investment plan or a savings account?
2. Start to take back the control
Now that you know how much money is going out and where it’s being spent on, it’s a wise move to become disciplined and cut back on the splurges.
Do you really need the subscriptions to all those journals or newspapers? When was the last time you went to the gym? Maybe you can get rid of the monthly gym fees and make extra repayments to your home loan? It wouldn’t hurt to at least divert some of it to an investment account either.
Get strict and slash away the unnecessary expenses. Use your money to get ahead and not slip backwards.
3. Find the answer to What does money mean to you?
It’s not easy trying to figure out the big questions in life on your own.
Chat with your partner and other family members, and invest the time into your financial future by seeking professional advice and guidance. This is the job of a financial adviser. They do the hard work by helping you prioritise the most important things in life for you, and document all the steps you need to take and even help you get going, and they are happy to check-in with you on a regular basis to make sure you don’t get stuck in a one-way street!
4. Don’t work harder, be smarter with your money
Now that you know where you want to go and what you want to achieve, continue to build your wealth in a smart way. Don’t just work hard and miss out on your ‘me-time’.
Stay in control. Don’t get lazy and comfortably slip back to your old ‘spending’ habits.
Time is your enemy and you need to make time your best friend. You need to use time and your financial smarts to make the most of your situation.
To build wealth (how much you really need) takes time and discipline. If you keep delaying it or not have enough savings built up for your retirement, you maybe full of regrets and be restricted to an ordinary life instead of an extraordinary one you may have envisioned in your younger days.
Remember, help is around the corner if you ask for it.
Get control over your money to get what you want in life.
If you’re ready to make the first step and need to bounce off some ideas with a planner who cares and wants to help, please feel free to reach out.
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This web page may contain general advice. It does not take account of your individual objectives, financial situation or needs. You should consider talking to a financial adviser before making a financial decision.