Putting things off is one of life’s not so guilty pleasures.
So many people say that they don’t do it but we know we all do it whether it be in our work or something we need to work on in our relationships or in achieving good health.
When we want to put off doing something we are pretty dam good at coming up with a whole bunch of reasons and excuses why we can’t.
We try so hard to convince ourselves why we can’t do it today and why we should put it off for another day.
While we all procrastinate from time to time, it’s all too easy to fall into the habit and never move past the procrastination phase.
And in the end, we feel miserable and beat ourselves up why we delayed doing the thing that we know we should be doing.
This podcast provides some practical quick and easy tips you can put in place today to take the overwhelm when dealing with the procrastination of managing your money.
Looking for more support in understanding how money can work to your advantage, then join my MONTHLY COACHING PROGRAM for a fraction of the cost coaching can provide at $37 per month.
Changing a money habit is NOT merely a matter of saying… yep, I’m not going to spend everything I earn this payday or I’m not going to overspend on my credit card this month from impulse buying.
Poor money habits I believe come from a deeper concern than just spending on meaningless stuff. Stuff that half of the time we don’t need or even use.
So where do these money habits come from?
Well before I answer this. I want to remind you what an actual habit is.
A habit is a behaviour that is learned when we regularly keep doing the same thing over and over again without even thinking.
Money habits are no different than the habit of brushing your teeth when you first get up in the morning or after breakfast. It’s a behaviour that becomes ingrained in how we treat and respect our money. One that we are fully aware of the consequences that follow if our habits are from poor money decisions.
Is there a cure for our poor money habits?
Yes, I believe there is. However, it takes time, discipline, awareness and mental strength in order for anyone to break this habit.
How long can it take to change a habit?
According to psychologists, while it may take approximately 21 days of conscious and consistent effort to create a new habit, it takes far longer to break an existing habit.
From personal experience in working with clients who want to change their poor money habits – it takes a lot longer.
You see there are deeper issues at play why some of us have poor money habits that can at times border on addiction. Just like any addiction, it’s more often than not about something that’s happened in the past.
A habit is not necessarily an addiction, though the two are strongly linked. A habit is any conscious behaviour you do on a routine basis.
Addiction is more about the behaviour to an excessive degree whereby someone feels unable to stop or control it.
Our self worth is often tied to our poor money habits. Our poor money habits can come from the messages we heard growing up and from the examples, we saw when we were younger.
Some of us spend when we feel low or unhappy to give us the kick “or high” we hope to make us feel good about ourselves. The hope that is supposed to fill the void we’re so looking to fill.
When in fact it’s much like the high you get from either an alcohol or drug addiction. Feels good at the time but hell when coming down from the high.
What’s the price of not changing our money habits?
There’s a high price to pay and that comes in the form of massive debt, poverty, unhappiness, envy & jealousy and often health issues.
So how do you move from poor money habits?
What are some of the ways to transform a poor money situation?
3 ways you can change a money habit is to:
1. First, acknowledge that you have a problem. A problem that you’re spending more than you earn, A problem that sees you with credit card debt, personal debt and other debt that you have no hope in paying off anytime soon. Being aware that you’re deep up to your elbows in debt and it’s time to get out, this is the first step.
2. Get help. Get the support you need to help you move forward. Having someone who understands and willing to help you means you’re not alone. It also gives you someone you can be accountable to. Someone who has a vested interest in seeing you succeed and live a better life without financial worry or stress.
3. And lastly, find your purpose – YOUR why. The reason you want a better life and one that doesn’t include massive debt or poor money habits. Set some goals. Write down how you want your life to be. What you want for your life and keep this at the forefront of your mind.
Writing down your dreams, goals and desires keeps you focussed and helps you work towards the bigger picture and what you want in life.
Breaking a habit takes a lot of willpower and motivation.
Ending the cycle of poor money habits is generally easier when it’s something you want to do rather than something others say you should do.
For anyone looking for coaching, support, education and help in moving towards their goals, then check out my “no lock-in contract” monthly coaching program.
The MONTHLY COACHING PROGRAM provides you with the support you require throughout your financial journey for a fraction of the price for $37 per month.
I’ve just opened up this program, as I’m getting a lot of questions asking if I have a monthly coaching program for a small cost.
Getting your balance back is about enjoying life, as well as being mindful that if you’re not wealthy and flushed with money, then you need to save and grow your money too.
Why, because you don’t want to get to the end of your working days to realise that you could’ve done more but didn’t’ and then get upset when you have to rely on a government pension during your “golden years”.
Relying on government support will only provide the bare essentials and hardly provide you with a lifestyle you’ve been used to while working.
This podcast provides the tips and things you need to do TODAY to get you ready for when you retire.
How To Keto Your Money – a 21-day kick start program designed to get your money in shape quickly.
In a world where tech advances have in many cases, made life easier than our parents and grandparents time. Why is it that for some of us, we are less content and happy with what we have – than previous generations?
I was scrolling on LinkedIn the other night or should I say morning and thought how so many of us are all vying for a piece of the pie. The pie that enables us to pay our bills, grow our business and build on long term wealth.
It was the early hours at 2 am that I sat at my desk wondering why.
I was supposed to be sleeping but wasn’t because my brain was overloaded with thoughts on how I can impact and help so many people who, on the surface appear to be doing well, but are not and are struggling financially.
Struggling to get ahead, trying to make ends meet and longing for more financial freedom.
Now I’m not talking about the kind of freedom that few achieve from massive wealth like Tony Robbins, Bill Gates or the Richards Branson’s of the world!
I’m talking about the financial freedom you get from not having to worry about mortgage repayments or even having a mortgage at all.
It’s the freedom of never having to worry about how you’re going to make your money stretch further and the freedom of not having to worry about money on a day to day basis.
That’s the kind of financial freedom I believe most are striving for.
There are many possible reasons why so many are financially struggling…
Here’s my top 3:
The obvious one is spending more than is earned.
From extensive personal debt that never seems to get paid off, and
Keeping up with those more fortunate or “keeping up with the Joneses” as the old saying goes.
Spending big on personal debt, whether trying to keep up with others or not and thinking you’ve got it covered at the end of the month (when you don’t) is a disaster resulting in crippling interest repayments.
I do feel we’ve lost some of the basic money management skills and fundamentals in how to work money to our advantage.
We don’t plan and save money. We think the good times are going to keep rolling on.
The problem with this mentality is that when an unexpected interruption comes along, whether it be a relationship breakdown, loss of income or our health is under pressure, we’re just not prepared and this has an enormous impact on our financial wellbeing.
Without the foundations in place when things go pear-shaped, as they do from time to time. Not having a money safety net to catch you and take the pressure off while you get back on your feet, can become very stressful.
There’s no denying it that people are doing it tough today.
I speak regularly with individuals, businesses owners, tradies and other professionals who are all looking for the same thing.
They want to get ahead, take the pressure off worrying about money coming in and just have more fun in life.
What I’m hearing and seeing is that under the surface people are really struggling.
They’re either doing it really tough feeling overwhelmed and struggling or frustrated and in pure survival mode.
The one thing I do know is that when you have the money foundations set right – it takes enormous pressure off.
Sadly, money stress continues to be the No 1 factor amongst our peers, our friends and our family.
The way to alleviate this stress is to look at financial education and getting the basics down and then building from there.
The start in my opinion to any healthy financial position is first looking at what I call “cash essentials”.
Cash Essentials is about ensuring you are saving and putting an amount every time you get paid or paid for work you do in separate a savings account.
Putting a minimum of 10% into a savings account away from your everyday banking is a forced discipline and if you put this on autopilot the amount you’ve set gets deducted and transferred into this saving account.
It may not feel like much at the start but when you factor in how quickly this can compound and grow you’ll be amazed at what you will have a few short years.
I’m still surprised today that so many do not have a regular savings plan set up.
That’s the first and crucial step to building financial muscle. The second is looking at what you’re spending.
It’s all too easier today to overspend and credit cards were designed that way to help you spend money you probably don’t have.
While we are becoming more and more a cashless society, there is a way you can get back control and that’s by switching from a credit card to a debit card. The debit card acts the same way but you’re only spending what you have and not what you don’t have on credit.
This is an awesome way to ensure you don’t overspend for those tempted to keep pulling out the plastic and losing control over their spending.
These suggestions are just a couple of basics that can be put in place today. However, in the end, it’s up to you and only you if want to live a financially free life.
It’s funny how we always find the money when it’s something we want and this is why we are a nation of spenders and not savers now.
If you’re serious about becoming financially free there’s an awesome resource available at “How to Keto Your Money” a 21-day kick start money program design to get you and your money is shape as quickly as possible.
Oh my gosh, can you believe it we’re now halfway through the year?
HELLO JULY! I feel like I only just came back from the January holidays.
Before we know it Christmas will be here and the stresses of having to make our money stretch that little bit further will be upon us.
So today, I feel it’s time to share some tips on preparing yourself before the year is out and having your money work a little smarter for you by looking at ways you can spend less and save more.
In this blog post, I’m going to share with you my top 10 tips on how you can spend less without feeling like you’re missing out.
So let’s dive into it.
No 1. Check Your Bank Accounts Regularly
First thing you need to do is check your bank accounts regularly. This first tip will save you a lot of money from extra charges and online fraud that seems to be happening more and more today because we’re buying more online.
Go online to your banking app or if you receive bank statements via post then check them. Look down at the debit column and make sure what’s coming out is what you’ve authorised.
Check to see if there’s been no internet fraud on your account, any subscriptions that you thought were cancelled that haven’t been and make sure there are no unauthorised amounts. If something doesn’t look right or you don’t recognise that transaction on your statement then call your bank immediately to get more information on what that debt is for.
Today with the click of a button via our fingerprint on our smartphones we approve new apps and before we know it we’ve subscribed to something that we hadn’t intended on having long term but have forgotten to cancel the subscription.
So make sure you go through regularly your bank account statements. This is the first step to keeping more money in your pocket.
No 2. List Your Debts Down
Listing your debts down will give you an idea how much you’re throwing away on interest payments that could be better used for growing your nest egg.
Look at your current debts, whether they be personal loans, credit cards, store cards or interest-free loans. Grab a piece of paper and at the top label it “Debts”. Then make 4 columns.
The first column you’re going to call it “name of debt” this is where the debt came from ie; the bank, company or person you took the loan out with
Next column you’re going to call “amount owed”
Then column 3 will be named “minimum monthly repayments” and
The last column you will label “interest rate”.
I’ve already prepared a worksheet that’s available in the resource area which you’re more than welcome to download to make it simpler and easier for you to get your debts down on paper.
Next, I want you to take a good look at what’s going out every month from the “minimum monthly payment section”. Add that column up to see how much you are giving away to the banking institution every month on your debts.
Ok so you may be going into heart failure right now and need resuscitating or you might be feeling ok realising that you don’t have as much debt as you had thought.
So what I want you to look at is whether there are any debts you can quickly pay off.
When it comes to your credit card call your bank or credit provider and negotiate with them for a reduced interest rate. If they’re not willing to look after you, research other providers who are more than happy to offer you a 0% interest rate on balance transfers for a specified period of time.
Banks are more than happy to talk to you about transferring your credit as they know secretly that you’ll never pay the card off before the free interest expires. But because you’re super smart – you will be paying down as much as you can on your credit card debt before the time comes due, so you’ll end up with a zero credit card balance in the end thus saving you hundreds and I mean hundreds of dollars in interest payments!
This is definitely one way of putting more money back into your pocket and seeing you spend less on monthly bad debt interest payments.
No 3. Start Using Cash
While you’re enjoying your interest-free credit card for the next 6 or so months make sure you leave your credit card at home and take cash with you. This will stop you from spending on purchases that you can’t afford and will also give you the chance to clear the current debt away.
Using good old fashion cash instead of using credit as this will see you spending less money because you’ll become more aware of what you’re spending your hard earned money on.
No 4. Your Small Change Adding Up Big
Save your coins!
How many times do you pay for things with cash and end up with small change and coins in your wallet or purse?
Go back to what your grandparents did and keep a jar in the kitchen cupboard and every time you get coins, add them into the jar. You’ll be surprised at how quickly it adds up to some decent dollars, which you can then use to pay off your credit card debt faster, or put towards your savings account.
No 5. Zero Monthly Bank Account Fees
Next, look for a bank account that has zero bank account fees.
Did you know you could save in excess of $500 per year just by banking with a bank that doesn’t charge monthly account keeping fees? There are plenty so shop around.
I recently did this with my personal banking accounts and I now have no monthly account keeping fees which add up to more savings and less spending.
No 6. Lookout For Foreign Transaction Fees
When shopping for a bank with zero monthly account keeping fees I want you to keep in mind whether they offer a visa debit or credit card with no foreign transaction fees.
Why is this important? Well, every time you use your credit card to buy things online whether it be via PayPal or using your credit card, you sometimes are buying in a different currency and when it converts back you may be paying a foreign transaction fee.
These are hidden fees that most consumers aren’t aware of.
In my business I use a range of apps and services that are generally from the US. When I had my previous visa debit card/credit card to pay for them – I was often slogged a foreign transaction fee and because I checked my accounts regularly started seeing this increase.
So I rang around to find out which bank or financial institution offered a card with no foreign transaction fees and luckily when I moved my personal and business banking halfway through last year I was able to take advantage of a card that offered “no foreign transaction fees”. This has seen me save hundreds of dollars a month.
I honestly hated seeing money disappear on fees, especially given I’m a money person who loathes having money come out of my account that I didn’t use or intentionally spend on. This has given me more back into my pocket, which I love.
No 7. Preloved Items
An area often overlooked is buying items second hand.
Don’t be too proud to buy something second hand online from companies like Gumtree or eBay – as you can pick up some awesome bargains. I also encourage you to go for a clean out around your home and look to earn some extra cash with items you can move on through the use of these free online selling sites.
For anyone struggling to get an emergency fund up to $2000, this is a great way to de-clutter while earning money on stuff around your house that is just gathering dust.
No 8. Bargain Shop & Shopping Online
Look for specials. Again don’t be too proud to get a bargain or special when you can.
Here in Australia, there is an app called “Fuel Watch” that lets you know the cheapest fuel for the day.
Filling up your car on the day that fuel is between 10- 15 cents cheaper will save you loads at the bowser.
There are other ways you can spend less and that’s by doing your shopping online.
We save hundreds of dollars by doing our shopping online and retailers encourage you by offering specials throughout your online shopping experience.
No 9. Discounts & Special Offers
Number 9 on my list is using Entertainment Cards & Discounts.
I wanted to share this one with you especially, as the other day my parents were buying their great nephew a 21st birthday present at BCF which is a camping and fishing store.
When they went to purchase his $300 gift card – they presented a card called The Entertainment Card.
This card offers many discounts and specials on things like dining out, shopping, travel & leisure to name a few.
So when they got to the checkout they received a 10% discount which meant our nephew is going to receive a $300 gift card that only cost my parents $270.
Bargain! Not just for my retiree parents but for anyone who loves to grab a bargain and save money.
When you start adding up the savings and discounts you can receive, it adds up to the hundreds sometimes thousands of dollars depending on what you’re buying.
So don’t be too proud to check out where you may be able to get a discount – as essentially you’re leaving good money on the table.
And lastly, another way for you to look at spending less and having more money is to…
No 10. Make Your Own Coffee
Yep, I know you love to go out and have someone make your coffee on a daily basis – I get it – coz I do too.
Why not look to invest in a coffee machine where you can buy good quality coffee beans or pods and then treat yourself once or twice a week to a takeaway coffee.
Today it appears that everyone I visit has their very own coffee machine at home.
Australians love entertaining and part of this is serving good coffee to our guests.
We are no longer happy with just servicing up our guest Moccona – we want to impress them with a good cup of coffee.
When you do the numbers – coffee machines depending on the type will pay for itself in no time.
An example of this is if you were to look at the upper end of a pod machine by DeLonghi – that’s fully automated you can pick them up new for under $350 – $400.
I’ve seen this fully automated pod machine come down to as low as $250 during sale times.
Now if you’re really clever like my husband he used points that accumulated on his credit card linking his spending to a points system and got our machine for zero dollars yep zero!
Now there are of course cheaper machines but for this example, I’m using the one we got for our camping travels as we have another bigger machine on the kitchen bench.
If you are purchasing 1, 2 or 3 coffees a day which I know a lot of people do it could be costing you around $10 – $15 + a day per person depending on what type of coffee you order and what size AND don’t forget to add in the sweet treat that normally goes with it!
We save hundreds of dollars when we travel around Western Australia because we take our little portable fully automated DeLonghi pod machine and we use the money we save paying for sightseeing instead.
So how long do you think it would take for your $200 – $300 coffee machine to earn its keep?
Well, it would take just on a month before it would have paid for itself and even less if you look at cheaper one.
Don’t believe me then do the numbers yourself – as you may be surprised at how much you are spending daily if not weekly on coffee.
Today there are so many ways to put more money back into your pocket while spending less and without having to cut costs or stick to a budget that most of us struggle to work with.
I trust this has given you some inspiration on how you can look at ways you could spend less, put more money back into your pocket and start feeling good about the way you can manage money better.
Where are the ways you could spend less while enjoying more money in your pocket?
Leave me a comment below as I’d love to hear from you.
Until next time here’s to your financial health, wealth & happiness.
