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Organise Your Money
Be Financially Free
Nina Dubecki, Vanessa Rowsthorn
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eBook - ePub
Organise Your Money
Be Financially Free
Nina Dubecki, Vanessa Rowsthorn
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About This Book
You don't have to earn megabucks or have a degree in economics to gain control of your finances.
Organise Your Money will show you how to set financial goals, move out of debt and start saving for the future.
Learn how to take control of your financial destiny and make your money grow.
Authors Vanessa Rowsthorn and Nina Dubecki of moneygirl.com.au are passionate about inspiring women to get smart about their money.
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Chapter 1
Setting your goals
There once was a girl called Sheree
Who dreamt of sailing the sea
She wrote a great plan
Worked hard as one can
And now sails her yacht off Fiji.
Ah, money. We have such a complex relationship with it. On the one hand weâve grown up being taught that âmoney makes the world go roundâ; and yet on the other hand, weâre taught that âmoney isnât everythingâ. Confused, anyone?
Before you can jump on the path to financial success, you need to look at the way you think about money and get rid of any preconceived ideas and bad money habits that might be holding you back. Like it or not, money affects every aspect of your life from where you live to how you live, so itâs vital that youâre the one calling the shots in your relationship, not the other way around.
You also need to stop for a moment and decide on your financial goals. Life whizzes by so fast that if you donât pause to give serious thought as to what you want to achieve financially (and why), future decisions may get made on the run without taking into account whatâs really important to you.
Then, as with any good makeover, you need to commit yourself to taking action. As they say, thereâs no time like the present â so giddy-up! In this chapter weâll cover:
⢠your relationship with money: taking a look at yourself in the mirror
⢠money myths: 10 thoughts to banish forever
⢠setting goals: working out what you want to achieve
⢠taking ownership: committing to making it happen.
Your relationship with money: taking a look at yourself in the mirror
As trusty old Dr Phil will tell you, you canât move forward until you have addressed the past. The same goes for your relationship with money. Over the years youâve probably collected baggage that you might not even know you have.
Often the way people behave with money is not built on reason, but on emotion. For example, splashing out on an expensive dress can be more about getting swept up in the adrenaline of a shopperâs high (or perhaps caught in the grips of a very persuasive salesperson) than anything else. How you think about money can also be related to what youâve been taught (or not been taught) growing up. Your familyâs attitude towards money can have a huge influence on the way you behave. If you grew up hearing that the only chance youâll ever have of becoming wealthy is by making it as a high-flying lawyer or a doctor, why would you think otherwise?
Ninaâs story (age 39)
It was completely by accident that I became interested in investing. In fact, until my mid-20s Iâd thought my only chance of becoming wealthy would be to marry someone rich or to win Tattslotto. These were notions my parents had unconsciously instilled in me, but not through any fault of their own â itâs just that no-one had ever taught them about money, either.
About 12 years ago, I was in the city one Saturday afternoon when it started to rain, so I ran into a bookshop to escape. Walking down the aisles a book called The Wealthy Barber caught my eye and I picked it up and started to flick through. Iâd never read a book about money before, but this one sounded interesting and seemed accessible so I paid for it and left. Reading it later that night was a revelation. For the first time in my life, I realised that I wouldnât ever have to worry about money again if I took a few simple steps. I understood that my financial future was firmly in my hands.
Luckily, I didnât have any credit card debt â that was one thing my parents had taught me about money: to always pay my credit card balance off in full every month. So the first thing I did was to open a managed fund with $2000, after which I committed to monthly direct debits of $200 straight out of my bank account. In the space of three years, the balance had grown to around $20 000. Iâd also saved enough for a deposit on a little apartment in the inner city. It was the start of my life as an investor.
Itâs time to air your dirty laundry
Do you have any long-held notions about money that arenât doing you any favours? Have a good think about your attitude towards money. For example, do you think youâre just not one of âthe lucky onesâ and that youâll never be well off? Or are you waiting for that big pay rise or Tattslotto windfall to head your way before you start investing? Consider the way you behave with money and look at your habits closely â try to be as honest as you can. By understanding your attitude towards money and committing to changing those beliefs and behaviours youâre taking your first step towards financial success.
Examples of bad habits
Just like biting your nails, there are plenty of bad money habits that hold women back when it comes to taking control of their finances. Do any of these sound a little too familiar?
⢠Pay Cheque Patty lives from pay cheque to pay cheque, finding herself with no savings and no cash left over at the end of each month.
⢠Spendy Sasha finds it hard to resist a sale and easily gets caught up in buying frenzies, purchasing things she doesnât really need, only to regret it later.
⢠Generous Georgie shouts dinner and drinks for her partner, friends and family way too frequently. She spends too much on gifts, and often finds that she doesnât have enough money to pay for essential living costs and bills for herself later. Generous Georgie has been spotted âloaningâ money to family members and friends who she knows are unlikely to pay it back.
⢠No-Responsibility Nicki knows sheâs bad with money, but takes little action to change. Nicki knows that she can call on her friends, family and partner for a loan whenever she needs help â so she does.
⢠Credit-Happy Chrissie views the money she has on her credit card as her own, and is all too happy to whip out the plastic to buy things she knows deep down she canât afford. Chrissie usually finds herself unable to pay off her credit card balance each month.
⢠Bad-Deal Belinda doesnât shop around for a good deal on anything â bank interest rates, mobile phone deals, a new fridge, you name it. She never asks for a pay rise or promotion although she knows she deserves it.
Confession time
Grab yourself a notebook. At the top of the first page write: âMoney habits I want to changeâ. Think of at least three things you recognise as bad money habits you want to change and jot them in your book. Writing things down can really help as it makes them ârealâ and will give you a reference point to come back to later on.
Money myths: 10 thoughts to banish forever
Weâre a nation of list lovers â rich lists, best (and worst) dressed lists, the Triple J Hottest 100 list, we love them all. So we thought weâd join the ranks of list builders and come up with our very own. Without further ado we present the âTop 10 myths about money that you must banish from your mindâ list:
1 Money is dirty. While accumulating riches for the sake of it or aspiring to have three sports cars sitting in your garage could be considered questionable pursuits, having money can give you the power to do good by supporting the causes you believe in. It also gives you personal freedom. There are many ways to invest your money ethically and in line with your personal beliefs.
2 You can only become rich if you marry someone wealthy or win Tattslotto. Apart from the fact that your chances of winning the lottery are pretty small, youâre actually very capable of becoming independently wealthy over the long term if you acquire the right knowledge and exercise discipline. By using your money smarts you can create a comfortable future for yourself on your own terms, rather than leaving it to chance.
3 I donât earn enough to be an investor. Becoming a financial guru has very little to do with how much you earn. There are many examples of people on Ăźber-high salaries who squander their earnings away, and of people on average incomes whoâve learnt to invest wisely and become wealthy and financially free. Of course, itâs easier if youâre bringing home the big bucks, but itâs absolutely not a prerequisite for financial success and happiness. You have to start somewhere, and as little as a few thousand dollars is enough to get you on your way.
4 I work hard for my money and deserve to spend it on whatever I want. Sure, you can spend your hard-earned cash on three lattes, lunch and rounds of drinks after work each day if thatâs what you really want. But is it really what you want to spend your money on? Or is it just habit? If you saved some of that money and invested it wisely, in a few years it could mean the difference between having enough for a deposit on your own apartment and living with your parents or renting indefinitely.
5 Finance talk is boring and doesnât interest me enough to get my finances in order. Thereâs no denying that the finance news can be as effective a sleep aid as a warm glass of milk. But the truth is that you donât need to know how the All Ordinaries are performing every day in order to be successful with money. Financial success is all about knowing where t...