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A Budget: The Foundation for Dreams Becoming a Reality

In Budgeting Tips, Grandma's Jars by Phil McGilvrayLeave a Comment

Just after we were married, my wife Lianne and I were fortunate enough to spend some time with a financial advice group. They helped us shape our thinking regarding our finances and our future. Like all young couples, we wanted to be able to travel, buy a home, have a family, for Lianne to be a stay at home Mum, send the kids to good schools and to be debt free as early in life as possible. We knew that being debt free would afford us so many more options in life but to achieve it we would have to be purposeful in the way we managed our finances.

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You Want To Be Debt Free? Here’s What To Do About It

In Budgeting Tips, General Budgeting by Phil McGilvrayLeave a Comment

At Grandma’s Jars we are passionate about helping people take control of their personal finances and get out of debt. We have seen first hand the impact that debt has on people lives when it gets out of hand. Debt causes financial stress and is a burden that robs us off tomorrow’s cash flow making it harder to save and get ahead financially.

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I Don’t Need A Budget – She’ll Be Right Mate!

In General Budgeting, Grandma's Jars by Phil McGilvrayLeave a Comment

I’ll admit it, as a financial adviser and budget coach I do tend to manage my finances on the conservative side. I don’t mind taking risks but I take calculated risks. By calculated I mean that when faced with a major financial decision I objectively considered what could go wrong, what I would lose if things did go wrong and weigh this up against what I believe I have to gain.

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3 Things You Need For A Successful Budget

In Budgeting Tips, General Budgeting by Phil McGilvrayLeave a Comment

You know you should be budgeting. In fact, like most people you have probably tried to but just can’t seem to stick with it. It’s okay for a week or two, maybe even a month but… well, you know, life gets busy you fall behind for a couple of days and then it’s just too hard to catch up again. You feel guilty for letting it go but after a while the memory of your budget fades and you return to your old ways. For a while it seems to be going just fine, that is until your next financial crisis arrives! Sounds familiar? Like dieting, studying or exercising, sticking to a budget can be really difficult at times. We all have good intentions. We know we could do better with our money but it is so easy to give in when faced with time pressures, unexpected expenses and new shiny things that test our willpower. Today I want to share with you 3 budgeting tips that you can use to help overcome lack of discipline when sticking to a budget:

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The Best Time to Start Budgeting

In Budgeting Tips, General Budgeting, Grandma's Jars by Phil McGilvrayLeave a Comment

Waiting for the perfect time I love talking to people about budgeting. I know it’s a bit geeky, some would say a bit weird. However, the reality is 15 years of being a budget coach has taught me that a good budget can positively change the course of person’s life forever. Most people know that they should budget and they know they would be better off if they did but for some reason years come and go and, well, it just still hasn’t happened! One of the biggest reasons most people fail to ever get started is that they are waiting for the perfect time to get started. I’ll often hear things such as, I want to start a budget but I am just waiting until – I have started my new job, I have got a pay rise, I have moved out of home, I have finished studying, I have paid off my debt, the kids have started school, I have more time!

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Four Ways Personal Budgeting Gives You Freedom

In Budgeting Tips, General Budgeting by Phil McGilvrayLeave a Comment

I will often meet people who, despite being in a bad financial situation, are seriously resistant to the idea of budgeting. Their biggest concern is that a budget will constrain them, that they won’t be free to spend on the things they want to spend on. While in some sense this might be true, I would argue that there is no fun or satisfaction in spending money you don’t have, even if it is on ‘stuff’ you really want. In this blog I want to share with you four ways in which a good budget will give you freedom. Freedom from guilt We have all heard of buyer’s remorse; that sense of guilt that comes over us when we have bought something and know we can’t afford it or really don’t need it. Buyer’s remorse typically comes on immediately after a purchase and robs us of the enjoyment that we hoped we would derive from the purchase. When our finances are a little out of control, it can be very hard to spend money on ourselves and really enjoy it. In the back of our minds there are nagging thoughts about the upcoming (or overdue) bills and expenses. Guilt associated …

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Are Spending Habits Robbing You of What’s Important?

In General Budgeting, Manage Money by Phil McGilvrayLeave a Comment

How much have you spent this week? Do you know? Okay, so have a think back, what have you spent money on today? How about this week? How much has it added up to? Do you know? If you are like most people, you haven’t really thought about how much you have spent over the last few days. Your first thought is probably – not much, I haven’t really been anywhere to spend money. But what about the bought lunches, morning coffees, take away and parking?

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Seven Steps To A Debt Free Life

In Debt, Paying Off Debt by Phil McGilvrayLeave a Comment

At Grandma’s Jars, I often ask new clients to imagine what life would be like if they were debt free. For a few fleeting moments their whole demeanour would light up as they enthusiastically considered the possibilities and all the things they would like to do with their lives without the burden of debt. But then the spark would disappear squashed by the reality of their situation. The idea of paying off debt, while a nice idea, seems too big a dream to hope for. As a budget coach at Grandma’s Jars, I have come to realise that one of the biggest impediments to people paying off their debt is a lack of genuine belief that it is possible for them.

Getting Financially Fit with a Budget Coach

In General Budgeting, Grandma's Jars by Phil McGilvrayLeave a Comment

The power of a coach The only thing that matches my passion for budget coaching is my love of long distance running. Through my twenties and early thirties I spent many weekends competing in half marathons, marathons and cross country races. I loved nothing better than heading off into the bush on a Sunday morning with the dog and good friends for a 30-35km run. While I raced in the NSW Marathon team for a few years at the National Championships and held a couple of course records, I never really fulfilled my potential. I trained too hard, never rested enough, paced myself poorly and spent half the time injured. I often wondered what I could have achieved had I found a good coach that was genuinely interested in me, a coach that understood me, a coach that could help me develop a long term plan and was there to make sure I rested when I needed to rest.