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26/6/2018

War for your wallet

 
We engage in battle every day. Sadly, many of us are losing the fight. It's the war between wants and needs.   
​You don't need a new car but you sure do want one. Those expensive shoes - you've just got to have them. That newest electronic gadget. You really don't need it, you just really want it.
Getting your financial life in order is about finding your happy medium.
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So before you let Gerry Harvey reach in to your pocket again, take a look at how much things really cost over time.

How about the car you drive. Let’s say you purchase a new vehicle every four years. If you saved $10,000 every time you bought one you would save over one hundred thousand dollars over the next 20 years.

Imagine saving $300 per month on your mortgage. Over 20 years, you would have an extra $125,000 in your pocket. That's a lot of change that is much better with you than the bank.

Do you get the picture? The idea is to spend wisely. Look at your money in both present and future value. 

So next time, before you buy something really big, answer this little question. Do I really need this or do I just really want it? 

Advertising shouts out at you to buy today but your future is telling you to save a little bit for tomorrow.
 
Who wins the battle for your wallet is up to you.

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Helen S
20/3/2015 09:33:18 am

Hi Tony, Great summary of why we should all be saving a bit. Can you please recommend a good budget tool I can use?
Cheers

Tony Sandercock
24/3/2015 09:30:32 am

Hi Helen, congrats on wanting to take control of your money. Cashflow management is the foundation piece of the financial puzzle. My favourite budget tool is available on the ASIC MoneySmart website. There is a link to it on this site. Go to the "Knowledge" page, "Tools and Calculators" section, press "Budgets..." and the link will take you there. The categories are well laid out and make sense to most people. Good luck!

Ian
11/3/2016 10:38:28 am

Hi Tony. You are right, the buck stops with us. Resisting temptation and living within our means is one thing but financial education can go a long way to improving ones position in life. Learning about money is time well spent!

Tony
11/3/2016 12:54:47 pm

Agree 100% Ian, knowing what to do and how to do it are really important pieces of the puzzle. Thanks for your thoughts.


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    FPA Awards - Tony Sandercock CFP - Certified Financial Planner of the Year 2016
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