The Benefits of ‘Owning’ Your Money

Happy Saturday!

As discussed in A Financial Reset | EOFY, I’m working over the next few months to put my own personal financials together, as well as assist the lucky winners from the Facebook Giveaway with putting financials together for them, in preparation for the new financial year.

So why do I spend time putting these together for myself? These are the benefits to both myself and others:

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A Financial Reset + Giveaway

Afternoon All,

In Australia – our financial year runs July to June and I LOVE it! This gives me a chance to have a financial reset. It’s an opportunity to reassess my situation and have a ‘fresh’ start for the new financial year.

This year I have decided, I want to treat my personal finances like a business. I found myself wondering if we were to be more aware of our own relationship with money, and choose to ‘own’ it, would we be more successful with our finances?

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Minimalist Budget

Afternoon All,

When it comes to money, everyone has their particular ways to stay on track, even if simply that means just to survive. If it works for you, that’s fantastic. I can only speak on how I manage my own finances. I would say I hold a pretty Minimalist Approach overall. Why do I say this? In the simplest explanation, I minimise spending and maximise cash flow.

I will be very honest, I don’t follow the Dave Ramsey Process, or even the Barefoot Investor process. In order for myself to stick to something, it needs to be relevant and show that it works in a relatively short time period. I can’t claim ‘I paid $XX,XXX in 6 months’. I am still very content with the progress made. I haven’t had to make extreme sacrifices. However, I have learnt the benefit of becoming aware.

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No Spend Challenge | Weekend Edition

Afternoon All,

I challenged myself to a no spend weekend. And here’s how it went…

I started Thursday evening, telling myself I could spend again Monday. I was relatively confident, with fuel in the car, groceries in the fridge and no plans involving money.

Friday was easy – as working took up majority of the day. For the evening, I stopped by at my parents for the weekly catch-up over a drink and nibbles (supplied by them, thank you!) Once I was home, I decided I’d do what I could to make the evening go quick to avoid me thinking of ways to spend money over the weekend. I put on some washing, cleaned my bedroom, worked on some new content for the upcoming week.

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My Personal Finance Process

My personal finance journey started at eighteen, when I applied for my first personal loan to help fund fixing my teeth. Prior to this, I had worked part time for four years, with nothing to show. I have now accumulated larger amounts of debt including Credit Card, Mortgage, Car Loan and a HECS debt.

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