Mum and Dad, your kids need you to teach them about money Why does no one teach this stuff? This is the comment I hear from every second coaching client I have ever worked with. The principles of smart money management are so simple, yet here in Australia, 1 in 2 people aged 18- 35 experience financial stress of some kind on a weekly basis…. Yes, you heard it right – 1 in 2 people experience financial stress on a weekly basis. We live in one of the wealthiest countries on earth, yet our younger generations are failing to thrive, financially weighed down by unrealistic lifestyle expectations and consumer debt. But the biggest problem is lack of practical education… As of this month, my 3 beautiful kids are now all teenagers! And yes, I am going both bald and grey – but that’s another story! Both my girls have had lessons on basic budgeting in year 9 maths and commerce but to them it was just another topic to be learned, like calculus or trigonometry. Without any practical real-life application, these lessons were useless. Money management skills need to be ‘lived’ not simply taught in a classroom. So, parents, like …
Is your grocery spending killing your household budget? Is food eating all your income!! In this blog, I want to share with you the simple 5 step strategy I give to all my clients to help them significantly reduce the monthly grocery spending. Groceries are typically the biggest are of over expenditure When it comes to the household budget, groceries are easily one of the biggest expenses. Typically, the only thing bigger than our grocery spending is our rent or mortgage repayments. But without a purposeful plan what we spend on groceries can easily get out of hand. As a Budget Coach, I am in no doubt that grocery spending is the most common area of over-expenditure. Lack or routine, bad habits and laziness can cost your household budget hundreds of dollars every single month. A simple plan to take control of your grocery spending and your budget So one of the first things I get all of my clients to do when looking for ways to save money is to implement a weekly meal planning process following this simple 5 step process: Step # 1 – Identify 20-30 meals you routinely eat as a family Start by sitting …
The statistics are sad, scary and far too true. One-third of Gen Y have no savings and are struggling with debt. One in five could not find $500 in an emergency, and one in two young people experience financial stress on a weekly basis. It is little wonder that anxiety and depression have become so prevalent amongst our younger generations. This is why it’s so important for parents to under how to teach your children about money. As a budget coach, these statistics are absolutely heart-breaking because this isn’t how it should be. The core principles of wise money management aren’t difficult to understand or to apply but other than a lesson or two in Year 9 maths, no one is purposefully teaching children about money and money management. Parents, I am sorry – whether you like it or not, it is your responsibility to teach your children how to manage money. It is your responsibility to teach them: how to budget how to save a percentage of every dollar they earn how to avoid lifestyle debt
Just about every client will ask me at some point – what do other people spend on (fill in the blank)? We are all curious about what other people spend on things. We like to be able to benchmark ourselves. Over the next few months I thought I would share with you some real life budgets, along with my thoughts as a financial coach.
Hi guys, Phil McGilvray here from Grandma’s Jars. Thank you for joining us. We’re up to tutorial nine in our ten part tutorial series – our Top Ten Tips for Paying Off Debt. Now I am really excited about bringing you today’s tutorial because it’s putting the nuts and bolts together to build a road map to debt elimination and I love doing these because it gives people a vision of what’s possible, what they can achieve.
As a financial advisor, clients are always thinking of ways to save money and pay off debt. One of the most common questions I get asked are, “Should we consider fixing the interest rates on our home loan?”
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.
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.
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: