Ideas for your employees on how to put themselves in charge and take control of their finances:
- Making a shopping list for groceries and stick to a limit.
- When preparing a budget, be careful not to set unrealistic goals. For example, if you plan on cutting out all your extras, chances are that you won't stick to your budget.
- Leave your credit card at home.
- Take your lunch to work. If you saved $5 per day by taking your lunch to work, at the end of a year you would have up to $1,200 to invest or pay off debt.
- Managing your money well sets a good example for your kids. Encourage your kids to save as much and as regularly as possible. Make 'saving' fun by letting them choose a savings goal.
- Put your savings in a separate account that doesn't have ATM access.
- Try to save any pay rises, bonuses or tax refunds.
- The power of compound interest means that if you start saving now, over a longer period your savings will build up even more because you will earn interest on your interest. Over a long time it can make a big difference!
- Check that your home and contents insurance covers the full replacement cost - you don't want to have a nasty surprise if you need to make a claim.
- Keep your superannuation fund up to date with your contact details and make sure you read your superannuation statements. Call your fund if you don't understand your statement. When preparing a budget, be careful not to set unrealistic goals. For example, if you plan on cutting out all your extras, chances are that you won't stick to your budget.
- There are more tips available in the Understanding Money Handbook or have a look at other resources and websites listed on our website for further ideas.