February 14th is said to be the most romantic day of the year. Whether you’re in a loved-up relationship or hoping to score a surprise from a secret admirer, love is most certainly in the air on Valentine’s Day. And this year, we’re challenging you to fall head over heels in love with… your finances!
Taking control of your money shouldn’t be a drag. In fact, mastering your finances is one of the most empowering things you can do for yourself (both now and into the future). Ready to learn how to rekindle the spark with your finances? Keep reading to find out more!
Create SMART goals
Do you avoid checking your bank balance at all costs? Are you putting off consolidating your super accounts? Not sure how to tackle that pesky credit card debt you can’t seem to shake? Whatever situation you find yourself in, the first step to falling in love with your financials is to set clear, strategic goals.
Our tip? Set yourself up for success by following the SMART goal-setting method. In a nutshell, this framework is all about creating goals that are Specific, Measurable, Attainable, Relevant and Time-bound. Rather than creating broad goals like “start saving”, try drilling down into exactly you’re trying to achieve by setting goals such as “save $100 per week into a high-interest savings account to reach $5,000 by December”. This goal-setting method helps to clarify exactly what success looks like and creates a roadmap for the steps you need to take each week to get you there.
Take control of your cashflow
Mastering your day-to-day spending will alleviate financial stress and boost your capacity to build wealth to help out your future self. The best bit? The formula for cashflow management is as simple as 1-2-3. Simply spend less than you earn, set up an achievable savings plan and invest regularly.
Say yes to investing
Speaking of long-term wealth, nothing is more empowering that securing a bright financial future. One of the most effective ways to do so is by diving into the world of investing (and trust us, it’s not as intimidating as you might think).
From purchasing shares to setting up a high interest savings account, there’s a type of investment to suit every level of risk tolerance. Plus, the sooner you start the better off you’ll be in the long term. Why? Check out our video on compounding to discover how interest can supercharge your long-term wealth.
Share your financial story
Every healthy relationship is built on open communication, and the same is true for your finances. But for many of us, talking about money with our friends, family and partner can be oh-so-intimidating.
So, why is it important to talk about money? The more we talk about money, and the financial questions we have, the more likely we are to learn something new and improve our financial literary. Plus, normalising money chats is essential to improving outcomes for everyone when it comes to understanding everything from tax and investing to benchmarking salaries and super contributions.
Want to learn more about why we need to smash the final taboo of money?