What keeps you up at night?
While it can be the supernatural that keep some people up at night, we find that more often than not, it is ones fears over their financial situation that keeps them up at night.
These fears can be blown out of proportion and usually just a couple of small steps can turn the situation around. The fear that makes everything worse is the fear of being embarrassed or feeling like a failure when one reaches out to their partner, family or close friend.
Here are five simple steps that start your journey on the straight and narrow.
• Stop keeping up appearances. If there isn’t money to go out to dinner or buy new clothes – don’t slap it on the credit card and plunging deeper into debt. You can miss a night out or weekend away.
• Review your bank and credit card statements. If you haven’t been in the last 2 months – is that gym membership worthwhile? Why are you spending so much money at 7/11s and convenience stores – perhaps you should start planning your spending/eating and going to Woolies more often?
• Pack your lunch. Expanding on the point above – pack your lunch. $15 a day adds up – this saves you $75 a week!
• Look at ways to consolidate your debt where possible. Those with a mortgage could look to redraw on their mortgage and use these funds to pay off credit cards/personal loans. Your mortgage will have a lower interest rate.
• Give BMM a call, grab their budgeting spreadsheet, and make a PROPER budget!
Budgeting is the cornerstone of every financial plan, without it, life becomes much more difficult – the stress can keep you up at night.
Please give us a call if you wanted to discuss any of the above in more detail!