Talking to children about money can sometimes feel awkward, but the truth is they are learning from us every day. The way we spend, save, and talk about money shapes their attitudes well into adulthood. By teaching kids healthy money habits early, we give them confidence and skills that will last a lifetime.
Money is one of the most common sources of stress in relationships. Whether it is with a partner, family member, or even a business partner, the way we think about and manage money can have a big impact on how we relate to each other.
From early November retailers have been telling us what we can’t live without and what our kids must have if they are to still love us on Christmas Day. It’s easy to get caught up in the momentum. Of course, the downside is you end up with the post-Christmas blues when the credit card statements arrive. This may mean that wealth plans get scrapped because you have to pay off the debt first.
There’s no shortage of financial advice out there. Everywhere you look—social media, news articles, investment forums—you’re bombarded with strategies, opinions, and predictions.
In the context of your personal finances, SMART refers to setting clear, quantifiable, feasible and appropriate financial objectives, to be carried out within a defined time frame. You’re much more likely to succeed if you avoid vague, non-measurable, unrealistic and inappropriate aims with no actual deadline. Relying on SMART goals will help you stay on track as you shape your financial future.
When it comes to money, more is not always better. Multiple super funds, a handful of bank accounts, different investment platforms, and stacks of paperwork can make it hard to see the bigger picture. Simplifying your finances can reduce stress and often leads to better results.
It is natural to want to enjoy the rewards of hard work. A new job, a pay rise, or a bonus can make it tempting to upgrade your car, move to a bigger house, or start spending more on dining and holidays. This is called lifestyle creep, and while it feels good in the short term, it can quietly slow down your long-term financial goals.
You may be one of many Australians who make an interest-free loan to the federal government every year. That’s because, when you receive a tax refund, you’re not getting free money. All that’s happening is that cash which is rightfully yours is being returned, somewhat late. So it makes sense to make it work as hard as possible once it’s back in your hands.
Generally speaking, we Australians are pretty financially savvy, that is, we understand the how and why of effectively managing our money. Unfortunately, that doesn’t mean we’re actually putting that know-how…
Resilience is the ability to quickly recover from setbacks, and while setbacks can come in many forms most of them will have a financial component. So what can you do…
For many of us, our first experience of banking and savings was the school Savings Account Program. But in 2019 the Australian Securities and Investments Commission (ASIC) raised concerns that…
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