Devil in the de­tail

Townsville Bulletin - - NEWS -

Pic­ture: BRADEN FASTIER TEMP­TA­TION abounds and the urge to spend now and worry later is tough to beat.

Indulging in drink­ing, din­ing out, hol­i­days, fash­ion, footwear or even cars are all great plea­sures but most of us live be­yond our means and fall prey to fi­nan­cial vices.

Rather than suc­cumb to money’s seven deadly sins, re­pent and you willw save. MOST of us will never know hunger or de­pri­va­tion de­pri­va­tion, w with the op­po­site more likely.

Ev­ery year we throw away up to $ 10 bil­lion of food — one in five bags of shop­ping or $ 1036 a year in each house­hold, food res­cue char­ity OzHar­vest says.

You wouldn’t toss that sort of cash in the bin so take con­trol of your shop­ping bud­get, write a shop­ping list, plan meals and don’t buy more than you are likely y to eat. MANY of us de­sire ma­te­rial pos­ses­sion­sns but while buy­ing the latest smart­phone or another pair of de­signer shoes might make you feel good at the time, spend­ing more than you earn will soon land you in debt.

We owe $ 51 bil­lion on credit cards with $ 33.4 bil­lion ac­cru­ing in­ter­est. While cash rates have fallen 2.75 per­cent­age points since 2011 and mort­gage rates are lower, the cost of us­ing plas­tic has not fallen. So save your­self.

Switch to a bal­ance trans­fer card and di­vide your debt by the num­ber of in­ter­est free months, then make sure you pay those amounts re­li­giously and switch to a debit card so you can’t over­spend.spen LAZINESSL will le leave a hole in any­one’san hip pocket.pocket It may s seem te­dious but ev­ery­one is ca­pa­ble of set­ting a bud­get.

Once you start pay­ing at­ten­tion to your daily, or weekly, spend­ing habits you’ll soon see where to take ac­tion.

The clas­sic ex­am­ple is the daily cof­fee. Cut­ting out just $ 4 a day will save you nearly $ 1500 a year .

Emma Blake

UN­CON­TROLLED D de­sire can lead to dis­as­trous fi­nan­cial l de­ci­sions.

Act­ing im­pul­sively or emo­tion­ally when it comes to money has caused many to lose their shirts - or worse.

A good rule of thumb is : If it looks too good to be true then it prob­a­bly is.

Aus­tralians have lost $ 45 mil­lion so far this year, on scams rang­ing from false lottery prizes to fake char­i­ties and dat­ing du­pes, ac­cord­ing to the ACCC.

“Scams suc­ceed be­cause they look like the real thing and catch you off guard when you’re not ex­pect­ing it,” says ACCC act­ing chair Delia a Rickard. DON’T blame oth oth­ers for your fi­nan­cialfi prob­lems or mis­for­tunes, take con­trol.

Fi­nan­cial feuds cost a for­tune in le­gal bills.

And los­ing your tem­per at work will kiss good­bye to bonuses and pro­mo­tions. omo­tions. WISH­ING you had a boat like James Packer iss not go­ing to makek it hap­pen hap­pen.

Cre­ate your own path to wealth by start­ing an in­vest­ment plan, even if this is salary sac­ri­fic­ing to your su­per fund to en­sure a more com­fort­able, or early, re­tire­ment.

Another way to be bet­ter off sooner is by clear­ing your mort­gage. Pay­ing an ex­tra $ 20 a week off a $ 300,000, 30- year loan could clear the loan three years sooner and save more than $ 37,000 in in­ter­est. An ad­di­tional $ 100 a week can cut the loan by more than 10 years and save you more than $ 122,000 in in­ter­est st charges. TH THINK­ING yo you know ev ev­ery­thing is a mis­take mis­take. S Seek k fi fi­nan­cial ad­vice, es­pe­cially ahead of ma­jor life changes such as start­ing a fam­ily, buy­ing a house or re­tir­ing.

If you feel out of con­trol and drown­ing in debt, seek fi­nan­cial help from your cred­i­tors or speak to a fi­nan­cial coun­sel­lor.

MAKE YOUR MOVE: Why it could be the best time to hit the hous­ing mar­ket

CASH- TRAPPED: Pit­falls that may be cost­ing you money

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