Do you feel like you’ve lost control of the family finances? Are you confused about how to choose the right financial products for your situation?
Lib and I have designed Kochie’s 4 Week Money Makeover to help people like you.
The Money Makeover is a fun and practical course that will give you the knowledge and confidence you need to identify bad financial habits and make meaningful changes to your finances.
Here are the top six money mistakes we see people making all the time… and what you can do to stop making them.
Let Kochie and Libby show you how to take control…
1. Wandering around aimlessly
Don’t have financial goals? No wonder you’re not saving…
Financial goals give you something to aim towards and motivate you to make real changes.
Give your goals a value, lock in a specific date that you want to achieve them by and put a savings plan in place to make sure you get there.
2. Flying blind
Whether you’re rich, broke or somewhere in the middle, if you don’t know where your money goes each month you’re asking for trouble.
Knowledge is power when it comes to your finances, and a simple budget will help you make more informed financial decisions. Get on it.
3. Drowning in debt
If you’re drowning in debt, you’re not in control of your money, and sooner or later those interest payments are going to come back to bite you.
Put a plan in place to pay off those debts as quickly as possible and wrestle back control of your finances. Yes, it’ll hurt. But in the long-term, it’ll be worth it.
4. Saying “it won’t happen to me”
“Super is boring”… “It won’t happen to me”… “I’ll deal with it later”…
These are phrases that we hear all the time when we chat to people about super or insurance… two of the most important financial topics of their lives.
Don’t follow the herd, make it your job to understand these topics and ensure that your retirement and your family are protected.
5. Not packing an umbrella
You never know what life is going to throw at you.
If you don’t have money set aside to cover the car breaking down or the washing machine flooding the laundry, chances are you’re going to end up in debt… See point three.
Focus on building up a reasonable emergency fund for that inevitable rainy day. Three months of living expenses is a good place to start.
6. Letting the team down
Letting a ‘more knowledgeable’ partner control the family finances is a mistake we see people make all the time… particularly women.
A relationship is a team sport, and like any team sport you need to train hard together.
So get informed about your family’s financial situation. Organise with your parter to sit down regularly and talk about money… your team will be stronger for it.