Finance Expert tips
The Investment Series creator VANESSA STOYKOV reveals how you can beef up your bank account
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.
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.
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.