5 Steps to Improve Your Finances When You’re Clueless About Money

Category: Manage Finances

So many times people throw their hands in the air when it comes to money – where does it go, and how does it slip through your fingers? What many people don’t know is that their problems with money need to be unlearned before they can get ahead. So even if you’re clueless about money, here are five steps that will help you understand what you need to unlearn about money to improve your finances.

Don’t fall victim to desire.

Do you spend on items that end up in the back of the cupboard in six months? Do you buy those things on credit? This desire for expensive, fancy, or superficial items may be holding you back financially. Challenge yourself to look but don’t buy these items for six months and see how much you have saved. Once you start to see results, it becomes easier to say “no” to things you desire, and increasing your savings and investments becomes just as rewarding.

Don’t put it off.

Have you ever said “later’ when it comes to doing something about money? So often we put off doing something to put ourselves in a better position. Whether it’s to add more to super, save 10 per cent of your salary, or put together a budget. The thing about time is it does not stop. The sooner you start, the better it will be.

Don’t believe everything you know as truth.

Did you grow with up parents telling you there was never enough? Did you believe that earning money was hard? Think about what beliefs you grew up with around money… These beliefs may be holding you back. So question what you know, research and make sure you’re simply not following the beliefs of others.

Set goals, and think ahead.

So many of us don’t hit goals, because we don’t even have them. Do you focus on today, next week and next month, instead of next year, 5 and 10? The broader your focus is, the more likely you are to achieve those big picture goals.

Actually take action.

Do you know how to do a budget? Or what you will need to retire? So often people don’t know what action to take, so they don’t take any. If you want to know if you can do yourself, go to the ASIC money smart website and use their calculators. If you need help, it’s time to find the right financial planner for you.

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Thanks for your comments!

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So enjoyed this, I will share if that’s okay with you, many of my friends will benefit from your journey.
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Authors

Vanessa Stoykov

Vanessa has been passionate about writing and storytelling since her days of hiding under the doona with her torch to read after bedtime.
Kathy Skantzos

Kathy is a yoga-loving world traveller who also happens to moonlight as a business journalist and writer. She was the finance editor of news.com.au and the Managing Editor of CEO Magazine (Asia) before joining Vanessa and the evo squad.
Shayne Sommer

Shayne is second dan black belt in karate, and a budding romance writer with a difference. Why? Because she writes romance stories that always have a money lesson.
Antoinette Colbran

Specialising in stories for 50+ women, Antoinette draws from her own experiences to help other women avoid the pitfalls and see the benefits of understanding their money situation.
Michael Crooks

Michael Crooks is a more than 20 year writer and documentary maker who has worked with Time Inc and the BBC, who wants to expose the truth from real victims of financial crime to help others avoid their mistakes.
Kim Payne

Kim Payne has spent the past three decades as a speaker, trainer, business coach, and consultant in financial services. She has worked with and transformed hundreds of brilliant, educated, high achievers who are chronically under-living.
Rebecca Pritchard

Rebecca Pritchard is on a mission to help men and women achieve equality when growing a family.
Antony Perring

Ant is a writer, designer and business builder with a love of food, design and good living. He writes on food and money in an easy to do way.
Julie Hyde

Julie Hyde is a leader of leaders. A disruptor and a powerful people enabler who empowers leaders to make big things happen.
Joshua Pennell

As a Dad to four kids and a business owner, Josh is passionate about family and finances and is known as The Family Finance Guy.
Sid Lal

Sid is a serial entrepreneur who set up his first business when he was still in University. Since 2009 he has been heading Bruce Clay, first in India & more recently in Australia.
Lou Johnson

Lou Johnson believes in the power of sharing stories to build empathy, understanding and connection. Growing up surrounded by books and storytelling, alongside her drive to make a difference led her to a highly successful career in book publishing.
David Rae

Dave is a CERTIFIED FINANCIAL PLANNER® professional and has been a financial adviser since 2003. He works with a range of clients and has a strong focus on ethical and sustainable investing.
Natallia Smith

Natallia specializes in assisting pre-retiree single women—whether they are never married, widowed, separated, or divorced—understanding deeply the importance of financial stability during life's pivotal moments such as separation, divorce, retirement, and the loss of a loved one.
Mark Hoy

With over 15 years of experience in financial services, Mark established Wollemi Wealth Management in 2013. His business is built almost entirely on referrals and word of mouth — a testament to the trust, integrity, and long-term relationships he forms with his clients.
Derek Gascoigne

Derek Gascoigne is the State Manager for UniSuper Advice in Victoria and Tasmania. Derek has been with UniSuper for over 15 years, and his career in superannuation and financial services spans 27 years and counting.
Annika Bradley

Annika Bradley is Head of Advice Strategy, Research & Technical at UniSuper. She brings over 20 years of experience across investments and wealth management in both the public and private sectors.
Wayne Leggett

Wayne has been a recipient of numerous industry awards and was one of the first to qualify as a Certified Financial Planner (CFP). He has been heavily involved in industry affairs at the highest level, including serving as national president of the Association of Financial Advisers (now FAAA).
Conrad Francis

Conrad Francis is the Founding Director of Inspired Money, a Perth-based financial coaching and financial planning, mortgage broking and money coaching firm he established in 2011.
Andrew Beks

Andrew Beks is a Chartered Accountant and the founder of Simplified Business and Accounting.