Notice This One Thing to Improve Your Finances

Category: Manage Finances

By now the lockdown has really taken hold and we are all starting to understand what it really means living with social distancing and essential services only for up to six months at least.

It’s tough, and our way of life has been challenged in every way. Our kids are with us full time, our workplaces are home, or even harder, our workplaces are no longer working. No matter what financial position you are in at the moment, there are stresses and changes around money that are starting to make themselves obvious. Rents, mortgages and school fees were due on the 1st of the month, and the pressure is now on for survival – with nobody knowing how long this change in income will last.

For those with savings, life is infinitely easier than those who lived week to week. And the reality of our situation is that around 50% of Australia has less than $1000 in savings. Which means the government stimulus packages are the most critical thing for a large portion of Australia at the moment.

If you do have a level of savings to see this through, but you still want to tighten the belt (which is the thing to do in this environment) there is one thing that you can do right now that will change the way you come out of this COVID19 era and spend in the future.

It’s simple. Observe and reflect.

What do I mean by that? Over the month of April, the first full month of lockdown, observe what you are spending money on every day. And I do mean log into your internet banking daily, and note what goes on there – both credit cards and transaction accounts.

We all have more time, and making a 5-minute moment to check out your balances for the day will help you come to a big conclusion. What is essential that you must keep paying for, both now and in the future?

What are the things that come up that you can live without? Memberships? Subscriptions?

And what are the things you are saving money on, like eating out or take away, that you can live without when this is all over.

If you think about these three very important but distinct things, you can, over the coming months, paint a picture for you and your family, of what life will be like on the other side. Will you be eating out less? Walking rather than going to the gym? Spending less on fuel and working from home more? There will be dozens of ways you can see you are saving money. Some of those are surely sustainable even when this pandemic is over and we have a vaccine.

While there is no sugar coating how hard it can be to change our lives and our living/ working habits, there is an opportunity to change our habits and views on money, that can be of benefit to us and those around us, if we become conscious of it now.

And that is a silver lining.

Until next time,

Vanessa

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Thanks for your comments!

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Each day I wake up excited to inspire everyday people to open up and take control of their money, regardless of their history, goals, or savings amount. About Vanessa >>

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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.