in the press
Woman's Day: Smart Money, July 2010
Take Control of Your Finances
Don’t stick your head in the sand. There's a way out of debt.
Financial advisors and working mums Jill Wilberforce and Nicky Boustred show you how to take control of your finances.
Closet? Or house deposit?
Instead of splurging on the latest trend, set aside $50 or $100 a month and start a savings program. “It’s like blowing up a balloon – it takes a while but eventually it becomes effortless, and then one day you wake up and you have a sizable amount.” Says Jill.
Don’t blow it, grow it.
Natuarally, the basics of finances is spending less than you earn. Rein in your spending and look at the areas of your budget you can afford to cut. Do you really need to buy a coffe each morning or can you make your own? Do you need the movie channels on pay TV if you’re watching the basic channels?
The first step to taking control is being aware of where your money is going. “go line by line on what you spend and look at ways you can reduce it.”says Jill. “if it’s insurance, get quotes to see if you can get a better deal. Unfortunately there is no magic wand if you’re stretched, but you can work through each line of what you’re spending and become aware of it.”
Size doesn’t matter
It’s not how much you earn, it’s what you do with it that counts. “Educate yourself,”says Jill. “The principles of financial security are very simple. They’re much less complex than raising a child. Put in 10 per cent of the effort you made when you were reading parenting manuals, and you’ll be equipped to understand financial decisions.”
You don’t need a huge amount of money to start investing in the stockmarket either. In fact, all you need to get started with most managed funds is $1000.
Simple steps…to make your money grow
- Set a goal. Create a picture of what you want your life to look like and start to work towards it.
- Get your paperwork in order. Chaos causes confusion.
- Streamline your banking. Have one transaction account, one credit card, and one high-interest savings account.
- Reduce your personal debt as much as possible.
- Build a buffer account for unexpected expenses.
- Prepare a budget, but don’t let it rule your life.
His & Hers
Q: Why do you think women and men often clash over money, and what can be done about it?
A: Women have different life journeys from men.” says Jill. “We step out of the workforce and tend to defer more to men than we would if we were working. That changes the relationship, and while a lot of women deal with the families day-today finances, often it’s their husbands who take care of their investments. But in the same way that we’re learning to share raising the children, we need to learn to share when it comes to dealing with the money.”
