As an adult you’ll learn a lot about the art of balancing work and your home life. As more and more people are trying to “have it all”, we’re getting pretty good at work/life balance in many ways however our money management can always be improved. Read on for our top tips for maximising your time and money so you can focus on the things that really matter to you.
1. Lists are your friend
When trying to remember all your appointments, everything you need to do and your grocery list, we might accidentally forget something. Also, trying to remember too much can lead to stress and insomnia. Instead, write everything down. What are your debt reduction goals? Write them down. Take 10 minutes each day to write down everything you need to remember in quick bullet point lists and try to review it at the same time each day. It will make you more organised, help you achieve your financial goals and save you time in the long run.
2. Meal planning is a lifesaver
Once used exclusively by fitness junkies and those on weight-loss diets, meal planning is making its way into the mainstream. By planning your meals in advance you will minimise food wastage and therefore keep your costs down. You’ll also be able to plan your family meals to meet your budgetary goals. Plan all of your meals and snacks for a week in advance so you can complete your grocery shopping in one big shop and save time dashing back and forth throughout the week. You could also cook your meals in advance and freeze them if you wish. This is also an excellent money saver as you’ll be able to buy some items in bulk which works out cheaper.
3. Use time saving services where possible
As a society we are working harder and putting in longer hours to get ahead. Unfortunately the cost is our time and it can lead to impulsive purchases you didn’t really need or plan for. Always consider your time and consider what the best use of your time really is. While trying to eliminate your debt, look for ways to save on your household expenses. Also look for opportunities to save time to free you up to work over-time if it’s available to you. For example having your dry cleaning picked up and delivered will save you time and if there is no additional cost, it’s a no-brainer.
4. Review your finances
You should annually review your insurances, credit cards and any loans you have such as mortgages. There may be better options available to you. Even if there isn’t a better deal, by reviewing your finances you’ll become more aware of your financial position and likely to make better financial decisions. It may also be worthwhile reviewing your Superfunds from time to time to ensure they are performing well for your goals. Reviewing your budget on a regular basis will set you on the right path to financial freedom. If you need help setting one up, read our article on how to set up your very own budget in 6 simple steps.
5. Set aside time for you
Finally, don’t neglect time for yourself. Put aside an hour every week where you do something that is just for you. Whether that’s having a long bath, reading your book with a cup of tea or going for a walk, you need to turn off your phone, de-stress and reset for the week. If you don’t take care of yourself, you’ll get run down, which will mean missing work and cost you and your family in the long run.
Hopefully you’ve found these tips helpful, and remember, to maximise your debt reduction, you need to free up your time so you can invest it wisely! If you’re seeking professional assistance with managing debt, we’re here to help! Call us today on 1300 368 322 or fill in the contact form below.