Fi­nance Ex­pert tips

The In­vest­ment Se­ries cre­ator VANESSA STOYKOV reveals how you can beef up your bank ac­count

Woman’s Day (Australia) - - Contents - Vanessa Stoykov

FESS UP

The truth is, if you think you need to im­prove your fi­nances you prob­a­bly do. Ad­mit­ting this can be tough, as can pin­point­ing what you’re do­ing wrong, but it’s an es­sen­tial first step. Tak­ing an on­line self-assess­ment ques­tion­naire will help de­ter­mine what you need to un­learn about money and get you on track.

THINK AHEAD

It’s im­por­tant to make a list of your long-term fu­ture goals so you have some­thing to work to­wards. Where do you want to be in five, 10 or even 50 years? Use the Aus­tralian Se­cu­ri­ties and In­vest­ments Com­mis­sion (ASIC) cal­cu­la­tor at mon­eysmart.gov.au to work out how to make this dream a re­al­ity.

STOP BE­ING MA­TE­RI­AL­IS­TIC

When peo­ple come to re­alise how much money they need to save, of­ten they’ll feel like it’s im­pos­si­ble. How­ever, by be­ing con­scious of the in­stinct of de­sire and lim­it­ing the amount spent on items, which have no long-term in­trin­sic value (such as de­signer clothes), the sav­ing process fas­tens dra­mat­i­cally.

TAKE AC­TION

The hard­est thing to com­mit to is ac­tu­ally do­ing some­thing to change your sit­u­a­tion. Most peo­ple de­lay ac­tion be­cause they fear how it will change their day-to-day lives, but it doesn’t have to be this com­pli­cated. The big­gest thing I did to im­prove my fi­nan­cial fu­ture was pick the right fi­nan­cial ad­viser – it was that sim­ple.

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