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  • Writer's pictureVictoria Wallis-Smith

Things you should know... but don't

Finances are not always straightforward. Depending on your personality and situation, the first whiff of your own cash most likely went one of two ways. Either you were overcome with a sense of freedom and extravagance and blew it all in one hit or, you became Scrooge and stashed it all away.

OK. Maybe it was somewhere in between, but you get the drift!

So, how do you go about gaining the financial knowledge to make better financial decisions?

School. Learning. Finances. Money Coaching

The simplest way is to check out great tips and tools available on the Moneysmart website. Or if you’re more old-school, buy a book like the Barefoot Investor.

But, if you want a more personal approach, with guidance and support to convert your knowledge into action, then you need a money coach. They'll work alongside you to:

Create an action plan

It’s important that any action plan takes account of your personal situation and personality and some things your coach will work with you to identify include:

  • Are you a saver, or a spender, or are you somewhere in between?

  • Are you stressed, or worried about money?

  • If you have a mortgage or other debt, are you on track to pay it off?

  • What are your goals?

  • Do you have some understanding of financial concepts – enough to be able to make financial decisions with confidence? Or do you hope for the best, and put your head in the sand?

Set an achievable budget and learn how to stick to it

We’re not talking about tracking every dollar and cent – but how about a budgeting method that means you understand your cashflow?

Easily said, but a budgeting approach that looks ahead can be your new best friend.

So, let’s work together and make money simple.

Focus on paying off debt and reducing outgoings

In this consumer-driven world, we often think the solution to not having enough money is to seek a job that pays more money.

And of course, that's one avenue to consider.

But there's often a lot of pressure in a new job – the probationary period, a new role, maybe more responsibility.

So rather than spending time hunting for a new job and a bigger salary, why not put that same effort into having a good look at your outgoings, and cutting spending?

(Then if you look for a new job, the priority is about the right career move, not just the salary.)

Think about your financial future

Have you ever thought about your financial future? Will you ‘have enough’ – it’s not a simple question to answer.

It might seem a long way off but it’s important to start understanding your super now!

A chat with your accountant can help you to maximise your super contributions. Or contact your super fund to discuss your personal circumstances, and to better understand your investment and contribution options.

Nutshell Money

Improving your financial knowledge and taking action now, will help to set you on a path to a better financial future. And if you want support on that path, Nutshell Money is here to help.


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