There’s a new TV ad out for UBank showing people who ignore their budget.
Many of us prefer to keep up appearances than to openly save money. Spending more on credit card repayments, more on car loan repayments, more on car insurance, more on clothing, more on pampering, then paying higher rent. This is what many young Australians do. They don’t understand debt. They don’t know how to spell MORTGAGE. They don’t know what long term investment is, or about superannuation co-contribution or simple bank savings accounts. Just because your credit rating allows you to rack up a few tens of thousands on a car loan, three mobile phone contracts, biggest internet plan available, an expensive pallet, half your wages locked up on rent, expensive gym membership, pricey alcohol consumption habits. Once you’ve maxed out your credit cards, you probably won’t be able to pay it back.
Image by: {link:http://www.flickr.com/photos/srboisvert/728444428/sizes/o/}http://www.flickr.com/photos/srboisvert/{/link}
You will find yourself growing less rich compared to those around you. Don’t get stuck by financing your cost of living. My advice is to review your expenses over at least a 6 month period. Look at your pitfalls and your good periods. Decide on a goal budget where you may halve dining expenses, halve sundry clothing, jewellery, hobby or travel expenses. Put pen to paper first, then try to reach your goals. If you have been good and you’re saving money, you can splurge a little as a reward.
Enjoy life.
Header image: clspeace
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Tags: debt, Girlfriend, loan, Mortgage, Property, save, wife
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