MONEY MANTRAS

Commbank’s Sian Lewis shares seven money formulas to help keep your finances in shape.

Out of sight out of mind

Whether you’re a ‘good’ saver or not, putting money aside every week or month is a proven formula for savings success. Consider setting up an account that’s not easy to access if you find it tempting to dip into your savings.

Knowledge is power

You don’t have to be a financial whiz to be in good financial shape. Recent research from Commbank and the University of Melbourne, the Financial Wellbeing Scales, looked at the state of Australians’ financial wellbeing. The results showed that even a basic knowledge base can equate to higher financial wellbeing. Building your knowledge base when it comes to money matters is one of the best investments you can make. If you want to learn more about your financial wellbeing, visit commbank.com.au/digital/ fwbscore and take our financial wellbeing quiz.

Kicking goals

Whether you’re saving for a holiday, kids’ school fees or something new for your house, it’s important to name your goal. Research shows that naming your goal, sharing your goal with others, setting steps and tracking your progress is one of the best ways to keep motivated and see your goals come to fruition. It has actually been shown to be more productive (and rewarding) than just ‘doing your best’.

Little things count

Taking a regular health check of your savings accounts, credit cards, mortgages and insurances is a good way to keep across some of your biggest areas of spending. Diarise when things are due for renewal and give yourself plenty of time to shop around before renewals are due. If you leave your run too late, you won’t have enough time to do your research. One of the best ways to improve your financial wellbeing is finding small changes that can lead to substantial improvements.

Mind over matter

Not really a budget spreadsheet person? The good news is that setting a budget in your head can be as effective as a physical budget. It doesn’t matter if the budget is a ‘mental’ one or a ‘formal’ one: either type is equally associated with higher financial wellbeing. Just find a method that works for you.

Money talks

Being able to talk about money is crucial in any relationship, even if you are not always on the same page. While there is no one right way to manage your money when you’re part of a couple, being able to discuss finances is necessary and important. It’s equally important to recognise when a healthy financial relationship might be deteriorating into something more sinister. This is known as financial abuse. Despite its prevalence, financial abuse can be difficult to recognise. You can find out more at commbank.com.au/financialabuse.

“The good news is that setting a budget in your head can be as effective as a physical budget; either type is equally associated with higher financial wellbeing.”