A few months ago, I saw some statistics, courtesy of Illion Direct, which showed over two million Aussies had grabbed money out of their superannuation accounts as part of the government stimulus measures. What I found most disturbing, however, was that 64 per cent of those Aussies spent that money on discretionary spending. For guys, the biggest spend was on online gambling and for the gals, it was clothes and shoes.
Now, as an ex-financial adviser, this made me cranky but I also appreciate that we have low levels of financial literacy so perhaps other factors were at play such as not knowing how to find $10,000 quickly, not understanding the effect of cashing in these monies on our future self and more.
Watch: Simple budgeting with a banana. Post continues below.
So, I decided to do something about it both through stories and IGTVs on my Instagram account More Money For Shoes, but also through a free webinar called
20 33 ways to build $10,000 in 12 months. I’ve listed some of the tips I talked about in the webinar below.
But before we start, I want to break down what it means to build $10,000 in 12 months. That’s because for some people, $10,000 might seem like an extraordinary, unachievable amount of money within 12 months. However, they might not be intimidated when they consider its $2,500 every 90 days or $833 per month or $384 per fortnight, $192 per week or $27.40 per day. The challenge to find less than $200 per week as opposed to $10,000 within 12 months can seem far more achievable so make sure you break it down into smaller chunks if that’s more motivating for you.
If you’re wondering where to start with the 20 different ideas, I believe everyone should implement the bank account from Get organised. Then, my tip? Pick, half a dozen ideas and each month implement one of them. That way, you’re not reliant on only one idea and chances are, you might even exceed $10,000.