• Start saving – no matter how small the amount, having a regular savings program or having money automatically deducted from your account can make a real difference. Just saving $35 a week ($5 per day) will grow to more than $5,700 after 3 years (assuming an interest rate of around 3%). If you could save $100 a week, you would have more than $16,000 after 3 years.
• Have achievable goals – Think of something you’d really like to change in your life and work as a team with your family to make it happen. It may be a weekend away, a holiday or a new piece of furniture but help the goal come to life by making it something specific. You may even decide to reward yourselves when you achieve particular milestones. It might be a dinner out when you reach a particular target. Just don’t be tempted to reward yourselves before you’ve done the hard work!
• Schedule a regular household meeting. Successful businesses have regular team meetings to track their progress. This is no less important in the home. Have a regular conversation (ideally weekly) with your husband/wife/ partners and children to look at what money has come in and what money has gone out so far for the month. You could call it something like your ‘money in, money out meeting’.
There are some things in life that we have little control over so it’s liberating to make a conscious decision to change the things you can for the better. Today could be the beginning of a new financial life for you and your family! Or if you want to rely on luck – buy a Tattslotto ticket.
We think the best strategy is to take control. We’d give that the tick of approval!