I came across a good article by Mauren Jordan called ‘The Cinderella complex’ that recounts her superannuation experiences and references some great advice by Peter Switzer. She describes the ‘Cinderella Complex’ – when a woman makes sure her husband/partner is super secure and thinks his wealth will look after her happily ever after. If you are guilty of this, the article may prompt you to think twice.
The crux of the matter is that women need to spend more time on financially educating themselves and ensuring that they have long term financial plans to see them into a comfortable future. Too many of us spend and consume beyond our means, with little thought for the future. Consuming less has so many benefits – not only on our finances, it helps the environment and also generates a sense of achievement when you can see see your money grow rather than go out the door.
I like the tip by Peter Switzer that suggests look at how you spend your money and cut back by 10%, he calls this GST’ing your life. Well worth doing. Another tip that I find helps kick start your savings is to have your employer pay your salary into two accounts with a minimum of 10% of your salary going into an interest bearing account, as discussed in my post ‘An easy way to earn more money! Salary management!’
As the article by Maureen concludes “it’s up to us women to choose our own financial adventure.”
Please share any great money management tips you have.
Note: today I was sent this great article by Terry Barnes, ‘Consumption at all costs‘ which expands upon the need for all of us to reconsider how we spend and save our money. It quotes “according to the Reserve Bank, for the first time Australians now owe more in household debt – on mortgages, credit cards and personal loans – than our entire economy earns in a year. That’s $1.2 trillion of debt, or about $56,000 for every Australian man, woman and child.”
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