Everyday Money

You and I both know that it is easy to make mistakes – we learn from them and some of them are expensive – toy boys for example! But, if you are planning on being financially secure there are some money mistakes you cannot afford to make.

1.) Paying the minimum on credit card balances. I’ve calculated it would take 19 years to pay off a balance of $3,300.00 at 17% annual interest rate. Pay those cards monthly.

2.) Not developing a budget. A budget is a financial road map that lets you see what's coming in and going out. They say women can’t read maps – we can! So take a deep breath and do it. The goal is to live below your income – if you aren’t, look for areas to cut back (sorry) like dining out or buying clothes. The best budget allows for savings and investments.
3.) Not having a superannuation plan. Everyone needs one; don’t be Scarlett O’Hara (I’ll think about that tomorrow) or Cinderella (My prince will come).

4.) When you do invest don’t only utilise a savings account – if your time frame is 5 years or more there are better alternatives for growth – especially now at sale time!

5.) Don’t pay full price for goods like clothing, travel or cars – pre-owned and pre-loved gives better value for money – buy at sale time!