Having cash flow confidence this Christmas
You don’t have to go far to find people who are stressed about money, especially in the lead up to Christmas.
But the even bigger stress for most of us is right now: how to juggle bills, pay this and that, and keep it all together.
So how do you get on top of it all?
While the obvious answer is to earn more, that is not always an option. So, with what you have, here are some ways to mentally get around the challenge of money-related stress and focus on more positive areas of your life.
- Start thinking about what you can do differently. Obviously, the big bills have to be paid to live, but what about things you don’t have to spend money on? For example, this year for Christmas agree not to give gifts to the adults and just buy for the kids. None of us needs anything, and it is a big saving not to spend money on gifts. Focus on being together and making merry. Having these conversations with family can do wonders for lowering your stress.
- Understand your true situation. Exactly how much debt do you have? What are all your monthly payments? Then you can do a true assessment of your financial situation. Many of us don’t know the true figure, as we are not taking into account bills that arrive quarterly and things that are bought annually (like presents). Take everything into account — you can use a budget calculator. This gives you the power to make decisions about your life beyond 2021. Can you live somewhere less expensive? Take public transport? Whatever the decision, at least you have the power to make them and lower your stress by being informed and thinking of a plan, instead of just worrying.
- Invest time relooking at what you own. What don’t you need anymore? What can you sell that could give you cash in hand? Taking care of some bills, or even better, stockpiling a nest egg can really make you feel less pressure knowing that you have some safety net if things get harder.
- Being mindful can help — and for a good reason. If you take five minutes each day to focus on clearing your mind of stress and worries, it can certainly help you take that attitude into your day. Money stress is debilitating, and when you are in it, sometimes it’s hard to get out. So take the time to find ways to stay calm.
Carrick Aland’s Wealth Planning team can also help. For an initial consultation with us please book an appointment on our new phone number 1300 466 998 or contact us via our website.
Disclaimer: This information has been prepared by the IOOF Research team for Millennium3 Financial Services Pty Ltd ABN 61 094 529 987, AFSL 244252. Millennium3 Financial Services Pty Ltd is a company within the IOOF group of companies consisting of IOOF Holdings Limited ABN 49 100 103 722 and its related bodies corporate. This report is current as at the date of issue but may be superseded by future publications. The information in the report may not be reproduced, distributed or published by any recipient for any purpose without the prior written consent of Millennium3 Financial Services Pty Ltd. This report may be used on the express condition that you have obtained a copy of the Millennium3 Financial Services Pty Ltd Financial Services Guide (FSG) from the website. Millennium3 Financial Services Pty Ltd and/or its associated entities, directors and/or its employees may have a material interest in, and may earn brokerage from, any securities or other financial products referred to in this report, or may provide services to the companies referred to in this report. This report is not available for distribution outside Australia and may not be passed on to any third person without the prior written consent of Millennium3 Financial Services Pty Ltd. Millennium3 Financial Services Pty Ltd and associated persons (including persons from whom information in this report is sourced) may do business or seek to do business with companies covered in its research reports. As a result, investors should be aware that the firms or other such persons may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as a single factor in making an investment decision. This report has been prepared in good faith and with reasonable care. Neither Millennium3 Financial Services Pty Ltd nor any other person makes any representation or warranty, express or implied, as to the accuracy, reliability, reasonableness or completeness of the contents of this document (including any projections, forecasts, estimates, prospects and returns and any omissions from this document). To the maximum extent permitted by law Millennium3 Financial Services Pty Ltd, its related bodies corporate and their respective officers, employees, representatives and associates disclaim and exclude all liability for any loss or damage (whether foreseeable or not foreseeable) suffered or incurred by any person acting on any information (including any projections, forecasts, estimates, prospects and returns) provided in, or omitted from this report. General Advice Disclaimer: The information in this report is general advice only and does not take into account your financial circumstances, needs and objectives. Before making any decision based on this report, you should assess your own circumstances or seek advice from a financial adviser. Where applicable, you should obtain and consider a copy of the Product Disclosure Statement, prospectus or other disclosure material relevant to the financial product before you acquire a financial product. It is important to note that investments may go up and down and past performance is not an indicator of future performance. For information regarding any potential conflicts of interest and analyst holdings; IOOF Research Team’s coverage criteria, methodology and spread of ratings; and summary information about the qualifications and experience of the IOOF Research Team visit https://www.ioof.com.au/adviser/investment_funds/ioof_advice_research_process.