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'Saving money is like losing weight': 5 ways to overhaul your financial life
Saving money is like losing weight – its takes time to achieve. But ultimately, it is achievable, says money guru Vanessa Stoykov, who has made it her life’s mission to teach Australians about money.
She’s even wrote a fictional novel on the subject, called The Breakfast Club for 40 Somethings, with some valuable money lessons dished out in a non-dreary way.
“People are all about tips they can do now, [but] it takes time to have an effect. Its like losing weight, it takes time,” Stoykov told Yahoo7 Finance.
Also read: Do these 3 things and you’ll get rich
The finance guru believes we can all unlearn our bad money habits and replace them with ones that will lead to a brighter, happier financial life.
The savvy entrepreneur who hails from Gunnedah in NSW, began her journey aged just 26, establishing Evolution Media Group starting with only $14,000. Now, her company has grown into a multi-million dollar corporation.
This time of year, as we launch into a new tax calendar, is the perfect time to give your finances an all over health check, she says. As the cold creeps in, and you are thinking about comfort food and keeping cosy, it’s also worth thinking about what you want to achieve for the rest of the year, both financially, and in your life.
Also, buying in bulk in wholesalers like CostCo is also a clever way to get more but spend less.
Be honest about your savings (have you saved anything at all for your future goals)?
“People need to make decisions about money and have a ‘lifeline’ – which is basically a plan for the future. Stoykov set up her own company at a young age and hasn’t looked back since. She has also created a journal to help start planning your future big picture.
Also read: Why an Australian house price crash could be just around the corner
Get interested in your super – have you checked the balance?
Squirrelling away a little bit extra really adds up, says Stoykov. You can put $24,000 into your super every year and pay just 15% tax. Even if you put in another 0.5% or 1% more a year – “you’re not going to miss it and can make a massive difference.” If you put an extra $10,000 into your super ever year for 20 years, you would have a handsome $2 million balance by the end. Nice.
It’s as easy going to your employers and ask to make contributions in excess of 9.5%. 80% of Gen X are going to fall short of a comfortable retirement, research from Griffith University shows. And its likely there won’t be a state pension like there is now, either.
Educate yourself about making money (outside of your job).
It may sound dull but if you subscribe to newsletters, read the finance section of newspapers and websites (like Yahoo7 Finance) on the commute to work, or even listen to a podcast, it helps you build confidence on your own terms.
See a financial planner.
Despite the recent bad press financial advisors have received – you should probably see a planner at some stage during your life. “I’ve got one and they look after my financial life,” says the financial guru.
They’re basically a money coach, they can set your budget every month, and won’t be afraid to tell you when you are spending beyond your means.
“Most people don’t know what they’re spending” – when you add it all up its often more than what you earn. Advisors will tell you where you can make cuts to save more.
The problem is most people don’t have a nest egg, she says, with research showing 60 per cent of people couldn’t come up with $1000 in an emergency. “People have a lot of stress over money – it can lead to arguments, domestic violence and other problems.”
Cut up your credit card.
People should get rid of credit cards full stop, says the money guru. “Credit cards are evil,…it sounds awful but its debt you (usually) can’t afford.”
