The Financial AA

Happy International Women's Day!

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The Friday before payday is definitely some what like the chart below.

The only way to deal with a financial emergency is to be prepared for it.
You have to save and build up your emergency fund to survive unexpected financial obligations.
This could be major repairs, illness, job loss etc.
So the first step in your financial journey is to set up an emergency fund.

Wednesday wisdom

Start early ... however, it is never too late to try and fix your financial situation.

Why do kids always imagine there is money for everything? 😂😂 Especially during those supermarket visits. They want to put everything in the basket and sulk if you refuse. Of course as they get older they begin to realise money is actually scarce. When you visit the supermarket, give them an amount e.g. 200 bob and tell them that is all they can spend. So whatever items they pick must be within the allocated resources (200).. See how that goes 😆.

Saying 'NO' to purchases can create situations in which you teach them valuable money lessons.
We want them to grow up making better financial decisions.
Some of the lessons they can learn from NO are:

1. Dealing with disappointment. We do not always get what we want. Sometimes there isn't the money for it and other times it is important to exercise delayed gratification
2. Learning to make hard choices. Being able to prioritise is an important life skill. Deciding between 2 items will have them considering what really is most important? What can wait ?
3. Planning ahead and working for it. Just because it is NO right now doesn't mean it is NO forever. Maybe all it takes is long term saving.

Happy Friday!!!

It is never too early to introduce children to financial literacy. Teaching them the value of saving using a piggy bank at a young age will promote a culture of saving even as they get older.