Pay-Later Debts reach $903M in Australia

Did you see the report in LinkedIn Daily Rundown today that Australians collectively owe $903 Million in Buy-Now, Pay-Later debts?

An ASIC report found 1 in 6 customers who use payment methods like Afterpay and Zip Pay were in financial trouble like being overdrawn, delaying bill payments or borrowing money to pay off debts.

Of those people struggling, 60% were aged between 18 and 34.

Your Spending Plan can help you Take Control Of Your Money

It gives you a clear path; know exactly what you have to spend, and watch your savings grow.

Create www.yourspendingplan.com.au in an easy-to-follow course format.

Its cheaper than 4 cups of coffee.

#financialgoals #savings #linkedin #shopping #payments #financialfreedom #financialplanning #personalfinance #afterpay #zippay

When is Too Early to Start Your Christmas Shopping?

Are you ready to start Christmas shopping yet? Is it too early? Are you emotionally ready yet?

Can you imagine buying whatever you want: An iWatch, or even a new iPhone, that handbag you keep eyeing off as you walk past the store, a new jacket, or the latest sports shoes. Put it on your credit card, or split it over two credit cards, then it won’t seem as bad when you look at the statement.

We’ve all done it and it feels good. Coming home with bags of goodies, trying them on in secret, then when quizzed weeks later “When did you get that?” you retort “This old thing”. Haha, they’ll never know. Surely you’ve heard the old saying that “You live up to your income”, as your paycheque or income rises, so does your lifestyle. There’s nothing wrong with living well.

But, and there is always a But… that one-off spending spree is very rarely a “one-off”. It is addictive and gets the pleasure endorphins pumping. “Why not do it again, next week, it was fun and there’s still credit available on the card” And on top of all that the airlines are giving you reward points! Why wouldn’t you use your card?

Did you know that Australians owe approximately $33 billion in credit card debt. Here’s an easier number: Thirty-Three Billion Dollars. Personal debt per credit card holder is $4301.00 with an average of $723.45 in interest per annum. Yikes!

For many of us refusing to use a credit card is simply not an option. Without one it’s difficult to pay bills and even make reoccurring payments. So use it for that and not for shopping. What should you use for shopping and spending I hear you murmur sarcastically, Use a debit card. You can’t spend more than you have in the bank that way. You’ll find you will spend less and when you next look at your bank statement you’ll even question what you are buying and maybe start to budget.

While you’re at it, have a look at your monthly credit card statement. It shows how long it will take you to pay off your balance and how much interest you’ll pay if you only pay the minimum each month. (The short answers are “forever” and “heaps.”)

So overspending once in awhile is good for you; hopefully it shows you how addictive it can be and gets you to review the financial consequences of that binge. Although a “once-off” may not impact you that much now, think about those endorphins that are working to create a monster, and there’s nothing more destructive than a spending monster.

What about all that money you are spending on short term pleasure, and could be using toward the car, or house, renovation, holiday: the big ticket items that need saving for. Shame as those would be long term memories, not just a day of short term pleasure, even if it is in the name of Christmas.

What can you do to resist the “spending-money-I-just-don’t-have” urge?

Firstly use your debit card more than your credit card. Secondly put a simple budget in place, and then you’ll know what you have to spend, and what you don’t. We like to call a budget ‘Your Spending Plan’ as that is what we are all working around: Spending.

Here’s a helpful downloadable guide to control your spending and build your savings. 6-steps to Financial Security, a Free e-book from Your Money Sense. It’s a good starting point to get you in the right mindset to manage your money.

So next time you go for a bender at the shopping centre, take a few deep breaths before walking in, and think about the long term financial goal.

__________________________________________________________________________________________

Arc Wealth Financial Adviser - Karen Vickers

Suite 20 / 6-8 Herbert Street, St Leonards, NSW 2065

7 Steps to Make a Household or Personal Budget

When you get your pay cheque, whether that’s weekly, fortnightly, or monthly, check the instructions.

What? You didn’t get instructions with your pay-cheque!

Instructions seem to be included with everything these days, yet with something as important as your money, you don’t get instructions. You’re just left to figure it out.

How much should you spend to make it through to your next pay-cheque? How much can you save? How much do you need for groceries, bills, kids and so on?

No one is born with money management skills, it is a learned skill. And those that do learn it DO manage their money better. They have more to spend, more to save, and more to go around in general.

If you can build a personal, family or household budget, you’ll manage your money effectively and have more money in your pocket.

Often people don’t attempt to make a budget because they don’t want to face the realisation of frustration, guilt, envy, anger, shame or disappointment.

If this sounds like you, Get Over It!

It’s never too late to start managing your money. Create a budget, or Spending Plan, now and the benefits will show immediately.

If you budget well, you don’t have to make more money, but you will have more money available.

I’m about you to give you the 7 Steps you need to get on top before you build Your Spending Plan, but don’t be put off as there is an easy to way to implement all of this. You’ll get a link to a shortcut and easy way to create Your Spending Plan at the end of this article.

1. Setting Goals – What do you want and when do you want it? Make realistic goals to work toward.
2. Identifying Income and Expenses – Put your hands on your bills and expenses. “Garbage In = Garbage Out”. Get it right the first time.
3. Separating Needs From Wants: You have to prioritise what your money will be spent on. You can’t have everything.
4. Designing Your Budget: You must work out what current and future spending is required. This needs planning.
5. Putting your Spending Plan into Action: You need to check and make regular updates for Your Spending Plan to work. It is not a once off exercise.
6. Managing seasonal expenses: Your expenses are not always the same. You need the tools to make this as easy as possible.
7. Look ahead: How will your personal circumstances change in the future? What could happen in a year, 5 years, 10 years?

If you put a Spending Plan in place, you’ll always live within your means. You’ll know at a glance what expenses are coming up, what you’ve been spending, and how much you have to splurge on life’s little luxuries.

You’ll avoid the anxiety of not knowing what’s next.

Money can be a great thing to have but a dangerous thing if you don’t know how to manage it.

Your money should give you a sense of happiness and freedom, not fear, anxiety and uncertainty.

The basis of happy money is knowledge, and it’s not that hard to get. Your Spending Plan is designed to make you get the most from the money you have.

I’m gathering if you don’t already have a household or personal budget, it’s because you don’t know where to start.

Online spreadsheets and budget are a challenge, for anyone. Where do you start, what does that mean, what does this mean? What goes here, what goes there.

So here is the link to the shortcut I told you about. Your Spending Plan as built by a Sydney based company, Your Wealth Vault, educates people through the process of setting up a personal budget.

They have built an easy to use course which guides you through the 7 Steps to making a budget, and half way through you’ll have your fully functioning Spending Plan, just by way of following through the quick and easy course.

You’re probably thinking that all sounds too easy, there must be a catch.

There is no “catch”, but there is a charge to use this ground-breaking money-saving software. Good thing is, it’s no more than the cost of few cups of coffee a month, or a bottle of wine, and way less than a few hours parking at a Sydney beach.

If you are serious about getting your finances organised, and making your money “happy”, then start the Course and create Your Spending Plan. You can always easily cancel if you feel it’s all too hard and life can “just go on”.

SO start here >> Your Spending Plan

The #1 Cause Your Spending Gets Out Of Control?

Sometimes it just doesn't take much for something to trigger an out of control wobble, right? Could be the kids, could be work, could be your partner, or a multitude of other reasons.

Do you know what the number one cause of losing control is? What gets us anxious?

It's Money.

Do you control your money or does it control you?

Whether you are starting your financial journey out of Uni, getting your first job, climbing the career ladder, jumping into, or out of a relationship, buying property, or even starting a business, you need to take control of your financial future.

There are a heap of 'Manage Your Money' APPs and Software Platforms out there now.

They're a fantastic start for anyone that doesn't have control over their money.

They scrape your bank accounts and show you what you are spending and categorise that spending, so you roughly know what you are spending your money on.

Better to know than not to know, right?

These Apps aren't really going to let you get ahead, or save, they just help you to not overspend.

Now if you are really serious about getting on top of your money, you need to be preparing a budget of your cash-flow.

But no-one wants to create a budget. That's way too hard. Unless . . .

Your Spending Plan from Your Money Sense is a budget planning tool, stepping further into managing your spending categories than the account scraping APPs, in order to save you real money, and put more in your pocket, and even get you saving for those bigger purchases or life-event needs.

It's a step-by-step module course showing you how to gather, categorise and act on your expenses and make real savings.

Your Spending Plan is not an automated scraping tool, like the multitude of APPs out there, as the information needs to be accurate and detailed.

I won't sugar-coat it, there is manual entry required to get it started so you will need to gather your bills and expenses together.

One of the great things about the Your Money Sense course is that it guides you through each step like an easy course, so you know what to do and have plenty of time to do it.

Once your money flow is categorised you can model your expenses to see what a slight adjustment can do to affect your savings in the short, mid or long term.



Best created on a desktop, the smart dashboard shows you what your ideal target expenses should be and once you have made some realistic changes, what your expenses target looks like.

Your Spending Plan is a living breathing document that you can, and will want to, adjust every month, if not more regularly.

If you really want to get on top of your money – control it rather than letting it control you – then you should use Your Spending Plan. It should end up saving you considerably more than it costs each month.

Do you control your money or does it control you?

Whether you are starting your financial journey out of Uni, getting your first job, climbing the career ladder, jumping into, or out of a relationship, buying property, or even starting a business, you need to take control of your financial future.

There are a heap of 'Manage Your Money' APPs and Software Platforms out there now.

They're a fantastic start for anyone that doesn't have control over their money.

They scrape your bank accounts and show you what you are spending and categorise that spending, so you roughly know what you are spending your money on.

Better to know than not to know, right?

These Apps aren't really going to let you get ahead, or save, they just help you to not overspend.

Now if you are really serious about getting on top of your money, you need to be preparing a budget of your cash-flow.

But no-one wants to create a budget. That's way too hard. Unless . . .

Your Spending Plan from Your Money Sense is a budget planning tool, stepping further into managing your spending categories than the account scraping APPs, in order to save you real money, and put more in your pocket, and even get you saving for those bigger purchases or life-event needs.

It's a step-by-step module course showing you how to gather, categorise and act on your expenses and make real savings.

Your Spending Plan is not an automated scraping tool, like the multitude of APPs out there, as the information needs to be accurate and detailed.

I won't sugar-coat it, there is manual entry required to get it started so you will need to gather your bills and expenses together.

One of the great things about the Your Money Sense course is that it guides you through each step like an easy course, so you know what to do and have plenty of time to do it.

Once your money flow is categorised you can model your expenses to see what a slight adjustment can do to affect your savings in the short, mid or long term.

Best created on a desktop, the smart dashboard shows you what your ideal target expenses should be and once you have made some realistic changes, what your expenses target looks like.

Your Spending Plan is a living breathing document that you can, and will want to, adjust every month, if not more regularly.

If you really want to get on top of your money – control it rather than letting it control you – then you should use Your Spending Plan. It should end up saving you considerably more than it costs each month.

START HERE >> www.yourwealthvault.com.au

The Best Way To Put More Money In Your Pocket

There are a heap of ‘Manage-My-Money’ APPs and Software Platforms out there now.

They are a fantastic start for anyone that doesn’t have control over their money.

They scrape your bank accounts and show you what you are spending and categorise that spending, however without too much detail, so you roughly know what you are spending your money on.

Better to know than not to know.

These Apps aren’t really going to let you get ahead, or save, they just help you to not overspend.

Now, if you want more than just a summary of what you have and what you've spent, you need to be preparing a budget of your cash-flow – where your money comes in from and where it goes out to.

But no-one wants to create a budget. That’s way too hard, right?

Agreed. So we've built Your Spending Plan which is an easy to use budget planning tool, stepping further into managing your spending categories than the account scraping APPs, in order to save you real money, and put more in your pocket, and even get you saving for those bigger purchases or life-event needs.

Your Spending Plan is not an automated scraping tool, like the multitude of APPs out there, as the information needs to be accurate and detailed. And driven by you, not an algorithm.

It’s a step-by-step module course showing you how to gather, categorise and act on your expenses and make real savings.

I won’t sugar-coat it, there is manual entry required to get it started so you will need to gather your bills and expenses together. One of the great things about the Your Money Sense course is that it guides you through each step so you know what to do and have plenty of time to do it.

Once your money flow is categorised you can model your expenses to see what a slight adjustment can do to affect your savings in the short, mid or long term.

Best created on a desktop, the proprietary smart dashboard shows you what your ideal target expenses should be and once you have made some realistic changes, what your expenses target looks like.

Your Spending Plan is a living breathing document that you can, and will want to, adjust every month, if not more regularly.

If you really want to get on top of your money – control it rather than letting it control you – then you should use Your Spending Plan. It should end up saving you considerably more than the $14.99 it costs to use each month.

___________________________________________________________________________

Don't forget to take our FREE Your Money Personality Quiz to determine what money means to you and how you react to it. It's enlightening!

What Does Your Spending Plan Look Like?

Whether you are starting your financial journey out of Uni, getting your first job, climbing the career ladder, jumping into, or out of a relationship, buying property, or even starting a business, you need to take control of your financial future.

There are a heap of ‘manage your money’ APPs and Software Platforms out there now.

They are a fantastic start for anyone that doesn’t have control over their money. They scrape your bank accounts and show you what you are spending and categorise that spending (however without too much detail), so you roughly know what you are spending your money on. Better to know than not to know.

These Apps aren’t really going to let you get ahead, or save, they just help you to not overspend.

Now if you are really serious about getting on top of your money, you need to be preparing a budget of your cash-flow – where your money comes in from and where it goes out to.

But no-one wants to create a budget. That’s way too hard. Unless . . .

Your Spending Plan from Your Money Sense is a budget planning tool, stepping further into managing your spending categories than the account scraping APPs, in order to save you real money, and put more in your pocket, and even get you saving for those bigger purchases or life-event needs.

It’s a step-by-step module course showing you how to gather, categorise and act on your expenses and make real savings.

Your Spending Plan is not an automated scraping tool, like the multitude of APPs out there, as the information needs to be accurate and detailed. I won’t sugar-coat it, there is manual entry required to get it started so you will need to gather your bills and expenses together. One of the great things about the Your Money Sense course is that it guides you through each step so you know what to do and have plenty of time to do it.

Once your money flow is categorised you can model your expenses to see what a slight adjustment can do to affect your savings in the short, mid or long term.

Best created on a desktop, the proprietary smart dashboard shows you what your ideal target expenses should be and once you have made some realistic changes, what your expenses target looks like.

Your Spending Plan is a living breathing document that you can, and will want to, adjust every month, if not more regularly.

If you really want to get on top of your money – control it rather than letting it control you – then you should use Your Spending Plan. It should end up saving you considerably more than the $14.99 it costs to use each month.

LEARN MORE

When is Too Early to Start Christmas Shopping?

Are you ready to start Christmas shopping yet? Is it too early? Are you emotionally ready yet? Can you imagine buying whatever you want: An iWatch, or even a new iPhone, that handbag you keep eyeing off as you walk past the store, a new jacket, or the latest sports shoes. Put it on your credit card, or split it over two credit cards, then it won’t seem as bad when you look at the statement.

We’ve all done it and it feels good. Coming home with bags of goodies, trying them on in secret, then when quizzed weeks later “When did you get that?” you retort “This old thing”.

Haha, they’ll never know. Surely you’ve heard the old saying that “You live up to your income”, as your pay-cheque or income rises, so does your lifestyle. There’s nothing wrong with living well.

But, and there is always a But… that one-off spending spree is very rarely a “one-off”. It is addictive and gets the pleasure endorphins pumping. “Why not do it again, next week, it was fun and there’s still credit available on the card” And on top of all that the airlines are giving you reward points! Why wouldn’t you use your card?

Did you know that Australians owe approximately $33 billion in credit card debt. Here’s an easier number: Thirty-Three Billion Dollars. Personal debt per credit card holder is $4301.00 with an average of $723.45 in interest per annum. Yikes!

For many of us refusing to use a credit card is simply not an option. Without one it’s difficult to pay bills and even make reccurring payments. So use it for that and not for shopping. What should you use for shopping and spending I hear you murmur sarcastically, Use a debit card. You can’t spend more than you have in the bank that way. You’ll find you will spend less and when you next look at your bank statement you’ll even question what you are buying and maybe start to budget.

While you’re at it, have a look at your monthly credit card statement. It shows how long it will take you to pay off your balance and how much interest you’ll pay if you only pay the minimum each month. (The short answers are “forever” and “heaps.”)

So overspending once in awhile is good for you; hopefully it shows you how addictive it can be and gets you to review the financial consequences of that binge. Although a “once-off” may not impact you that much now, think about those endorphins that are working to create a monster, and there’s nothing more destructive than a spending monster. What about all that money you are spending on short term pleasure, and could be using toward the car, or house, renovation, holiday: the big ticket items that need saving for. Shame as those would be long term memories, not just a day of short term pleasure, even if it is in the name of Christmas.

What can you do to resist the “spending-money-I-just-don’t-have” urge?

Firstly use your debit card more than your credit card. Secondly put a simple budget in place, and then you’ll know what you have to spend, and what you don’t. We like to call a budget ‘Your Spending Plan’ as that is what we are all working around: Spending.

Here’s a helpful downloadable guide to control your spending and build your savings. 6-steps to Financial Security, a Free e-book from Your Money Sense. It’s a good starting point to get you in the right mindset to manage your money.

So next time you go for a bender at the shopping centre, take a few deep breaths before walking in, and think about the long term financial goal.