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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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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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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.

Short Term Loans: It Should Be Illegal

In General Budgeting by Phil McGilvrayLeave a Comment

Spend any time with me and you will very quickly understand that I am passionate about helping people develop the skills and habits they need to be successful at managing money and managing debt. Over the past 15 years I have worked with many hundreds of couples and individuals to help them overcome debt and build a strong financial foundation. In short I love what I do and am extremely good at it. I don’t tell you this to ‘toot my own trumpet’ but rather to add weight and perspective to the rest of this blog.  Debt management and getting out of debt is never easy but experience has taught me that with perseverance and the right strategy you can pay off credit cards, personal loans, car loans etc a lot faster than you think.

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The Power of the Debt Snowball

In Budgeting Tips, Manage Money, Paying Off Debt by Phil McGilvrayLeave a Comment

In this age of easy credit most of us have at one point or another experienced what it is like to be in debt. Whether it is a mortgage, student loan or high interest consumer debt you will appreciate the fact that paying off your debt is always so much harder than acquiring it. At Grandma’s Jars we are passionate about helping people free themselves from the burden of debt. We know how hard it can be to overcome debt, but we also know that with the right structure even the toughest debts can be conquered. In this blog we will outline the three steps towards eliminating debt using the ‘Debt Snowball Strategy’, a strategy that we have been successfully using with our clients for over 15 years.   Step 1: Identify Your Debts It might sound obvious but the first step to overcoming debt is to have a thorough understanding of what you actually owe. Start by writing down who you owe and the total balance owed. Once you have done this, add the details, such as: the interest rate the minimum repayment required your current actual payment amount how long the loan has left to run if it …

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The 5 Most Common Mistakes to Avoid When Paying Off Debt

In Paying Off Debt by Phil McGilvrayLeave a Comment

Debt is such an easy thing to take on but paying it off can be infinitely harder. Many of our members initially come to Grandma’s Jars carrying lifestyle debt that they have been struggling to get on top of for years. When approached in the wrong way, debt elimination can become frustrating and soul destroying. In this blog post, I would like to discuss the 5 most common mistakes that most people make when trying to pay off debt.