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.
A little while ago someone said to me what’s this thing you keep talking about financial muscle – it doesn’t make any sense.That’s probably because I’ve coined the phase “building financial muscle”.So here’s snapshot of what it means to have financial muscle!
So financial muscle is about building strength in your finances and it’s also about building mental stamina, as well as, ensuring your money is working for you and not for some credit company or banking institutions benefit.
It means that in a time of emergency you can pull on money reserves to get you out of a bind.
Having financial muscle is about taking the worry out of unexpected things that can go wrong and often do.
Financial muscle is also about knowing you’ve got this covered – you’ve money behind you and that’s giving you greater peace of mind.
It means you can enjoy more out of life without any added financial stress and worry.
I believe we all want the same things out of life.
We all want prosperity & happiness.
We want to live a life free from stress.
And we want to live a full life – filled with many adventures and the freedom to do what we choose.
The problem I see it is that today people are being burdened down with a massive amount of stress in their life.
Some – if not a lot – of the stress is caused by financial issues.
If you take a look again at this diagram you’ll see that when you don’t have financial muscle – it means you don’t have money working to your advantage.
If this is the case then you’re probably struggling and feeling very overwhelmed.
When this occurs it usually means you’re either spending everything you earn with nothing much left over.
Your relationships are probably suffering and you’re stressed out and if you’re not careful your health will start to suffer.
If you’re not quite at the bottom but feeling like you’re just surviving – by managing to pay your bills.I’m guessing you’re frustrated and possibly feeling angry and annoyed, no doubt still stressed out that your money isn’t working the way you want it to be.
In a recent study done by the Australian Psychology Society’s stress and wellbeing survey – financial issues continue to be the number 1 stress for people.
Today, there is not just one income earner but two in most households.
Families in general have more money coming in today than previous generations –and on the surface, things look really great.
However, we know there are more divorces today than ever before and the average family is looking a lot different now than from a few years ago.
When did we decide that we would give up so much of our core values in order to have the material things that give us the appearance of living a happier fulfilled life but in reality are not!
People are now slowly starting to question things like is it worth really getting into so much debt and buying stuff to impress people that we don’t even like?The onset of this is causing them to suffer in the process.
People are looking for options and want the best out of life without sacrificing their core values and principles.
You see…
“It’s not how much money we earn. It’s our ability to manage our money that can make the difference”!
Regardless of where you might be right now – invest some time into obtaining more financial knowledge that will lead to you making better decisions about your money and life.
This is the first thing you can do to start learning how to build financial muscle.
The second way you can build financial muscle is investing in yourself.
Investing in your belief that you can do it, while earning how to pay yourself first.
You pay yourself first by putting away every pay day a minimum of 10% into an account that you can not touch or access easily with the swipe of an ATM card.
This account should be one that doesn’t have any ongoing monthly fees and gives you the ability to automatically transfer at payday the minimum 10% directly into this account.
Having this on autopilot means you don’t have the think about transferring money and it just gets done.
You’re not going to miss this amount and before you know it you will have built up a sizeable amount of money that can now be used for investing and growing you money further.
Stick to the minimum of 10% until all bad debts like credit cards etc are paid off.Once you’re in a position then look to increase this to 15%.
This is how you build financial muscle.
Did you know that 80% of people are managing their money out of sheer habit with no real understanding why their doing things a certain way.
So often following or listening to someone who is not that knowledgeable in financial matters.Or following “the crowd mentality and subscribing to clever marketing tactics by advertisers” both can be dangerous if you’re not sure what you’re doing.
Managing money requires know-how and understanding on whether its actually good for your own situation.You see we all have different comfort areas and risk tolerances.So check with your financial adviser before embarking on any new investment opportunities to see if they fit your personal investment style.
Research has shown that when people get a handle on their money they end up making making smarter, healthier financial decisions that enable them to live with less stress.
Making changes in this area can be difficult for some than others – and it does require courage and commitment.
But unless people decide to make some major changes, there will be a very difficult future that lies ahead for them.
Obtaining financial education is one thing – having an awesome mindset is another and both go hand in hand for you to achieve a stress free life.
When you start building financial muscle you will find yourself at the top of this diagram.Feeling happy and confident that you are on track to becoming debt free, maybe looking at investment options and overall designing your life the way you want it.
Building financial muscle is about understanding how money works to your advantage so that in the end you can live a financially stress free life.
I hope you now have a better understanding what “Building Financial Muscle” is all about so you can create a stress free life for you and your family.
Until next time…. here’s to you building financial muscle.
If you had the magical power to change your life into what you really desired it to be like, would you exercise that power?
Absolutely, of course, you would!
First, you would have to strip away the fantasy and then you would have to get down to the nuts and bolts of what you would really want for your life.
Most people, for a number of reasons, never get past the fantasy stage.
Some are not aware they really could make the change, while others are too lazy or throw up excuses and complaints. After all – change does require effort.
So get serious for a moment and ask yourself this question……. are you prepared to do the work to achieve the life you truly desire?
Let’s take a moment to stop and imagine you are 90 years of age today.
I want you to write down all the things you have done and achieved. I want you to write down every adventure and holiday you’ve taken. Write down the homes you’ve lived in, the cars you’ve driven, the lifestyle you have created for you and your family and how this makes you feel.
Let your imagination go…….
Mmmm, so have you lived the life you had always hoped and dreamed of?
What did you achieve in those last 50 or so years in your life?
Did you live the life you truly desired?
Were their many wonderful memories and adventures?
Did you travel to some exotic places?
Are you now living a very comfortable life and one without money issues?
Is it fun to be able to spoil your family with the money you have accumulated during your working years? and
Is your heart warm with joy from being able to have given to the many charities of your choice?
No…….then maybe it’s time to do something about it don’t you think?
So if you are not where you would like to be and your money just isn’t working for you, then do something about it.
The key is to start building financial muscle/wealth so that over time, choices become a lot easier and less stressful without financial concerns.
It’s about money working to your advantage and not to your bank or financial institutions so they become richer, while you become poorer.
It’s time to up your financial education…..
Want to find out how? Then check out the link below on how you can live the life you desire, while your money works for you, not the other way around.
Your Money Right Nowgets to the core of what’s happening with your money and teaches you practical ways on how to cut your mortgage in half the time, get rid of those pesky credit cards and other debts in the shortest time possible.
Check it out – you have nothing to lose BUT a lot more to gain!
To your financial health
Financial Management 101: teaching you how to build financial muscle!
“The truth is that there is no actual stress or anxiety in the world; it’s your thoughts that create these false beliefs. You can’t package stress, touch it, or see it. There are only people engaged in stressful thinking” …… by Dr Wayne Dyer.
Well if that’s the case, then we have an enormous number of people engaging in stressful thoughts on a daily basis!
So if there is no actual stress but stressful thoughts – what’s causing us to think stressful then?
Top 5 areas that stress us out:
49%Personal finances
45%Family issues
44% Personal health
40%Trying to maintain a healthy lifestyle
38%Issues with the health of close ones
According to research provided by the Australian Psychology Society’s 2016 well-being survey year on year for the last 5 years.
The research continues to show that Financial Issues remain No 1 for us.
It’s no surprise that family issues follow a close second. For whenever the home life is experiencing financial pressure the family members whether young or old feel the flow on effect of this.
How we are managing this stress?
Not very well according to the research. Instead of seeking help, information and/or knowledge to improve our situation – we are drinking more, playing more online games, continuing to smoke, gambling and even taking to recreational drug use.
Which is like being on a merry-go-round because it’s costing more money to afford these habits and creating more problems for your health!
Stress plays havoc with our body and you can take a look for yourself to see how it can affect certain parts of it!
As you can see above, stress can and will cause some serious issues in your body.
So here’s 5 ways you can alleviate and possibly move stress out of your life:
Move your body; dance, walk or any other exercise that you enjoy. This will release endorphin’s in your brain that make you feel happy and more alive.
Laugh; watch a movie that makes you laugh out loud or spend time with family and friends that make you feel good and laugh lots. There’s nothing like a good belly laugh.
Eat clean healthy food; food that nourishes and strengthens your body not depletes it or makes you feel sluggish and lethargic. There’s nothing like a meal that makes you feel really satisfied. One of the meals that does it for me is fish and my favourite is Whiting piled with broccoli, pumpkin and sweet potato or a chunky bowl of salad.
Read or listen; to books on self-improvement that educate and create a healthy positive belief in you.
Gratitude; write out every day the areas in your life you are grateful for. Be thankful for the wonderful things you have in your life.
Think positive thoughts; thinking negative thoughts bring you down and only create more negative things in your life.
“The Secret” a movie and audio produced a few years ago is a great start to re-program your thinking in this area.
There are many other great authors that I love and Dr Wayne Dyer’s – Being in Balance is another that I highly recommend reading or listening to check out the sample audio here Being In Balance.
Tony Robbins also has a great 2 min video on “How to pull yourself out of a funk” you can check it out here Tony Robbins.
Be committed; to learning more about your health and understanding about what’s happening with your money. There are loads of resources on this subject and your local library has loads of good books on this subject. Another way to build on your financial knowledge is to listen to podcasts by financial experts or take an online course, where you can do this in the privacy of your own home. If you like to learn online, we offer a great first course to get you heading in the right direction and it is a little as $99 for a limited time. You can check out it by this link on Your Money Right Now.
By making YOU a priority and investing the time into discovering what makes you truly happy – you will change your life. Change your life to live the way you truly desire.
You are magnificent and perfect exactly the way you are and the world needs more people like you – the very fact you are reading this is proof. So don’t be afraid to be YOU.
If you like what you’ve read, share this with your friends and colleagues.
To your financial health
Financial Management 101: teaching you how to build financial muscle!
The duck can represent so many different areas of our life.
If we look at it in terms of our financial health…. we often appear to others that we are very calm and controlled on the surface but under the water, we are kicking like crazy to stay afloat.
Debt – any debt, whether it be our home loan, credit cards or money owed to the family – is something that tends to creep up on you like the ocean tide, before you know it you are 6ft underwater with no sign of a life raft to keep you afloat.
So how do you ensure there is a life raft around when you need one and eventually become less reliant on this support?
Well, you do this by building financial muscle. What do I mean by financial muscle?
Well, financial muscle is much like the muscles in our body. Unless we work on them, they will become lazy, weak and flabby. How do you keep your body in shape – you exercise.
Building financial muscle is much the same thing. It’s building on your knowledge and resources so that your money is working hard for you – and not becoming lazy and consumed with bad debt. Bad debt is like flab on the body – it serves no purpose and is best to be removed.
Financial muscle is about building up your wealth, paying off debt and having a good honest look at what’s going on with your money. It’s about learning how to make money work for YOU!
There are a few ways to build on financial muscle and one of them is taking a look at your current spending habits.
The process of reducing debt and budgeting go hand in hand. Unfortunately, the reality of budgeting and taking account of the financial spending habits for most of us is not always the most exciting thing on our agenda.
Budgeting means having the discipline and if discipline doesn’t come easily, then it means the person needs to put themselves on a strict regime where they have to be disciplined or at the very least seek the assistance of specialist financial help.
If you are looking for a little more help in this area then check out the course that was developed with you in mind – Your Money Right Now.
This course will help you gain more discipline and provide financial education on how best to manage your money.
To your financial health
Financial Management 101: teaching you how to build financial muscle!
But not because I enjoy watching couples air out their dirty laundry.
These type of shows appeal to my psychology interest, because of the human behaviour traits that I’m so fascinated with.
I’ve spent loads of time reading and researching the way we interact and it still astounds me today that some of us just don’t get it.
“Treat others how you would like to be treated yourself”!
It’s simple hey, but who actually does it? Not many I’m guessing by the way these shows keep popping up on the idiot box.
When you look at this show in particular. There were so many common traits that couples are experiencing themselves behind closed doors.
Firstly, we don’t stop to actually hear what the other person is saying. We are too busy thinking about what we want to say.
And because of this, we are missing out on vital clues about how our partner is feeling or thinking about a certain issue or situation.
The other thing that we all crave is to be loved and appreciated. To be heard and not just seen.
All couples in this show expressed concern over money.
For one couple is was starting a new business that was draining their cash reserves. While another was spending on gadgets and toys and not putting money towards their wedding. Not making that serious commitment of moving forward in their relationship. And for the other couple, it was not having any input into the family budget.
Common denominators but the underlying issue – lack of communication!
I’m going to be known as Karen’s counselling service soon ha, ha 🙂
Because the last 3 clients I saw were seeing marriage counsellors and during our financial sessions were bringing these issues to the table.
I no longer see clients face to face. I felt that I could have a better impact by providing online tools and resources in the way of financial education courses. These courses serve people who don’t want to or feel embarrassed to share their financial challenges with a financial expert.
When listening to these couples – they still loved each other. Angry and frustrated and didn’t really want to split up.
They were just bad at communicating and sharing what’s happening with their money. Half the time didn’t know the best way to work their finances out.
Many couples experience this… and are afraid to tell anybody.
As a business colleague of mine shared recently – meeting with someone like myself and discussing how possibly bad in their mind their money management skills are – was like going to the Doctors and taking their pants down to reveal a massive boil on their butt!
I have an awesome course coming out soon that deals with these very issues and gets couples opening up talking about their money – having their money work better for them. You can head over the “Courses Pages” to check it out.
In the meantime, grab your free copy of the Workbook “It’s YOUR Life” NOW from the side menu.
To your financial health
Financial Management 101: teaching you how to build financial muscle!
