The Twelve (Pay) Days of Christmas

What do you want this festive season? French hens, turtle doves, even a partridge in a pear tree aren’t exactly on most people’s wish list. Financial freedom is, however. So, unwrap these twelve golden nuggets that’ll have you sorting out your money matters and singing with glee for many Christmases to come. On the first day of Christmas, my true love gave to me… a place to store small change and big lessons. Childhood memories of money often revolve around the piggy bank. It’s a fantastic financial tool simply because it's tactile. Consider it the first step in young folks’ understanding of the concept of saving money to achieve a goal. On the second day of Christmas, my true love gave to me… the power of information. A wise workplace wall poster once stated “If you fail to plan, you plan to fail”. Always research to ensure you’re getting the best product and price. On the third day of Christmas, my true love gave to me… the confidence of cash over credit. Studies show increased spending when using plastic, even if it’s a debit card. So, consider paying with cold, hard cash. Especially if you’re in a situation where you may be able to negotiate on price, money speaks louder than words. On the fourth day of Christmas, my true love gave to me… a roadmap to success. It’s easy to lose focus of long-term goals when tackling mundane daily activities. Regularly reassess and reacquaint yourself with objectives (and your budget!). Ask: Where am I now? How far have I come? Where do I want to go? On the fifth day of Christmas, my true love gave to me… automatic transfers. Get rid of any guesswork by setting up automated online payments for regular bills like rent, mobile phone bills and the like. These days, most — if not all — banking institutions offer this convenient service. On the sixth day of Christmas, my true love gave to me… the willpower to resist impulse buys. Many get caught up in the moment of shopping, purchasing without much thought. When you see something you weren’t planning to buy, put it down and sleep on it.  If you still want it the next day, then go for it (just make sure you accommodate for it within your monthly budget) On the seventh day of Christmas, my true love gave to me… charity. This is an important lesson in the true value of money – it’s not just about gaining personal wealth, but also what you do with it. Charitable donations are a gift for those in need, as well as for those who give indeed. On the eighth day of Christmas, my true love gave to me… a financial overhaul. Setting up a savings account is one thing, but the true understanding of fiscal planning can be an ideal present for one who is in a financial frenzy. It could be as easy as a book for beginners or even attending a seminar. This is where a simple money management tool, like Moneysoft can really help! On the ninth day of Christmas, my true love gave to me… good ol’ fashioned banking. For those with children, consider the way that you deposit money. Rather than always depositing your child’s money for them, why not even take an excursion to the local bank? Stand in the queue, chat to a teller… Kids are impressionable and this immerses them in the banking experience. Remember, good habits start early. On the tenth day of Christmas, my true love gave to me… the key to avoiding financial conflict. It’s important in any relationship, personal or business, that there are clear lines of communication. Talk openly and honestly about finances before deciding what, when and how to spend. And work on the budget together, so that everyone understands it clearly. On the eleventh day of Christmas, my true love gave to me… a financial planner. Consider seeing professional financial adviser or planner, to help identify changes you need to make to reach economic goals, like budgeting, buying a house and retirement. Moneysoft actively works with leading financial advisers, who inturn use Moneysoft directly with their clients for cashflow management and budgeting purposes. On the twelfth day of Christmas, my true love gave to me… a golden nest egg. It’s never too early to get serious about retirement. Simple actions like spending less than you earn and contributing to your superannuation help make a noticeable difference to post-employment life. Read our article on tips for retirement here: http://bit.ly/1PQfZuH   Disclaimer: The content within is general or publicly available information only. Speak with your financial adviser or accountant, for advice aligned to your specific circumstances.  

Posted 9 years ago 4 Minute(s) to read