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As Australians start calculating the cost of their festive splurges, a money expert has revealed how to start the new year on the right foot – with a financial health check.
Despite the cost of living crisis, Finder data shows Australians will spend a total of $30 billion on Christmas, an increase of 10% on 2022, with an average of $1,470 per spend. equivalent to dollars.
Victoria Devine, founder of Seeds on the Money, said: Yahoo Finance Statistics show that “one in three Australians cannot scrape together $500 in an emergency,” and given the statistic that they are forced to “rely on credit cards,” this figure is “unnecessary.” It was reasonable.
Melbourne author hosting podcast who is asking The film, which has racked up 30 million downloads, says Australians should put as much effort into their financial health as they do their physical and mental health, and in January they should overhaul their bank accounts to get back on track. It’s the perfect time to bring it back, he added.
Rather than making a strict list of New Year’s resolutions and lofty wishes on a vision board, Devine recommends choosing a realistic year-end outcome and working backwards month by month to see how you can achieve it. Proposed.
“You want to put yourself in the best position possible by setting achievable goals,” she said. Yahoo Finance.
“If you reach your financial goals by February, 80% will fall off the bandwagon, so you have to stay on the right track. How many people say, ‘I want to save $10,000 by the end of the year?’ Is there anyone there?” There are things you can do that are even smaller. ”
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According to CommBank statistics, one in three Australians said they would not be able to cope with a large unexpected expense, and one in two said they did not have enough funds to overcome a temporary loss of income.
Devine says looking at ways to make money outside of your regular income, such as overtime, side jobs, taking on side jobs that you can do in your spare time, or taking a “significant reduction” in work, will help you reach your goals faster. He said that it would be possible to achieve this. Go through your belongings and see if you have anything to sell.
Checking out apps like Airtasker is another way to make some quick money. One woman earned $500 by responding to a man’s ad seeking a man to help plan a marriage proposal.
“People are promoting so many things,” Devine said.
But what she didn’t insist on is “missing out” by skipping your morning coffee or the little luxuries and activities that make you look and feel good and improve your health and mental well-being. Instead, Mr Devine encouraged Australians to find other ways to get what they want.
For example, she recommends ditching an expensive gym membership for a walk or run, or trying an app like ClassPass, which is credit-based and can be canceled at any time, to access a variety of studios, gyms, salons, and spas. I suggested it.
“Humans don’t like to lose,” Devine says. “If I’m taking something away from you, you might think, ‘What if I wanted that?'” But you might find that you don’t like it either. yeah. ”
She said that “money doesn’t make you happy,” but taking financial pressure off your family in particular can help improve your physical and mental well-being, such as being able to save money on a new car or much-needed money. It was a big step. holiday.
“I think it’s more than just saying, ‘I have money in the bank,'” Devine said. “You need to zoom out and look at the big picture and don’t think money will solve all your problems. Money is one thing we all have in common. People manage to get by. You may be doing well, but you may not be living the life you want to live.”
Devine’s top tips for staying financially healthy
1. Perform a financial check – such as listing the number of streaming services or apps you subscribe to and whether you have used them in the past 3-6 months.
2. Shop around for bargains. About major household expenses such as household budget, car insurance, health insurance, internet bill, phone bill, gas bill, electricity bill, credit card, etc.
3. Transition from established companies to small providers – Often backed by big brands – or negotiate with your current provider for a better deal.
For more tips, visit Devine’s website She’s On The Money or check out her Instagram.
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