Statistically, most people abandon traditional New Year’s resolutions by the second week of February. If we apply that same timeline to the new financial year, we are due to go back to our spend-thrift ways by mid-August.
Currently, we are a couple of weeks into a new financial year and all those heady money promises are still holding fast. But what happens when we start to get sick of bringing our lunch to work, making instant coffee and limiting social events to once a fortnight?
What about when we’re finding it harder and harder to walk past our favourite clothing store on the way home from work… Where the new dresses and tops and shiny shoes are screaming, “Buy me, buy me, I’d look so good on you, you NEED me.”
Fashion items we’ve blown too much money on. Article continues after this video.
You can stick to your new financial year resolutions. You can transform your ways. You can be one of those ‘good with money’ people.
All you need to do is work through these 9 simple steps:
Step one: Have fun budgeting.
Doing a budget doesn’t have to be a drag. It’s one of the best things you can do for yourself and your future. It’s like cleaning – not as fun as a night out, but boy does it feel good once it is done.
It’s about changing your attitude.
Managing your money well is the single most useful thing you can do for yourself and your future. If you manage your money well, you are less vulnerable to changes in your work status and unexpected expenses.
You have your budget sorted; you know how much you spend, where it is all going and when you will have enough money to enjoy purchasing something new without putting it on a credit card.
Step two: Respect every single cent.
When you are cleaning and you come across a very dirty fifty cent piece, you don’t throw it in the rubbish bin. That is money, something you have worked very hard to earn.
Imagine you found a fifty cent piece on your floor every day for an entire year. That would leave you with $182.50.
Would you throw $182.50 in the bin? Of course not.
No amount of money is too small to to salvage from the floor, from the bottom of your handbag or from under the floor mat in your car.
Once you start to respect money, every single cent, you are celebrating money. Same goes for negotiating small savings for bills and other expenses. It all adds up.