Wise Girls Money Magazine Issue 2

Making Money Work For You The Cost Of

Looking After Your Health Rebecca Pritchard:

How Millennials Can Build Wealth

S TA R T I N G O V E R A F T E R 5 0

Contents 6

Kim McKosker: A Business Success Story

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What To Consider Before Joining Bank Accounts With A Partner

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Rebecca Pritchard: How Millennials Can Build Wealth

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Questions To Ask Yourself About Your Super In 2020

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Shelley Marsh: Making Money Work For You

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What To Do After Receiving Your First Full-Time Paycheque

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On Your Own Again: Starting Over After 50

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The Cost Of Looking After Your Health

money Wise Girls

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Contibutors KIM McKOSKER 4 Ingredients author and entrepreneur Kim McCosker loves to inspire readers and audiences with her simple, hard-working and determined recipe for success. A busy wife and mum, Kim puts into practice her mantra of ‘Family First’, a concept which created the most successful book title in Australian - 4 Ingredients - with cookbook sales now spanning three continents, 26 countries, six foreign languages and collective sales of a whopping 9,000,000 copies. As the highest self-published author in Australian history, Kim’s continued aim with 4 Ingredients is to SIMPLIFY all forms of cooking by creating quick, easy and delicious recipes.

4ingredients.com.au REBECCA PRITCHARD As a school girl, Rebecca diligently read the Dollarmite Club guidebook to figure out how to max her savings. At just eight she set a car fund in motion, and honed her financial fitness blitzing her friends at Monopoly.

So it’s no surprise that Rebecca is now a passionate and driven personal financial coach, bursting to help others to build wealth and live their best life. Rebecca solidified her passion for finances with a Commerce degree at the University of Melbourne, followed by a few years in the corporate finance world at KPMG as a Chartered Accountant. During that time, she was motivated to do more with her money, so she engaged a financial adviser. The philosophy of ‘Get Rich Slow’ struck such a chord that she jumped the fence to become a financial adviser and coach. rebeccapritchard.com.au SHELLEY MARSH In 2015, Shelley made the move to Financial Planning as a way of using the extensive financial skills she had developed over an 18-year stock market career Combining a serious passion for money with the ability to help others - Marsh Financial Advice was born. Having a family of her own, Shelley understands the financial challenges that families, in particular women face. marshfinancialadvice.com.au

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From The P H I L I P PA H U N T

Editor

Welcome to Wise Girls Money magazine! I am so excited to share our second issue with you! The aim of this magazine is to educate and inspire you along your journey to financial freedom.

In this issue, we tackle the money issues that matter most to you.

Read about how to keep motivated and on track to building wealth with Rebecca Pritchard. Then find out how to make your money work for you with Shelley Marsh.

We’ve also included: • • • •

Questions To Ask Yourself About Your Super In 2020 How to have the money conversation in a new relationship What keeps you up at night? Women’s biggest stressors Mums who are juggling it all

As you can see, Wise Girls Money magazine is filled with information to help you manage your money and secure your future. Our goal is to support you to become independent and savvy with your finances and grow your wealth.

Thanks for taking the time to read it!

Philippa w i s eg i r l smo n e ya c a d e my. c o m.a u

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A Business Success Story Many a family dinner has been saved by the simplicity and ease of 4 Ingredients.

Across the country, busy, tired parents, professionals and retirees alike rejoice at the idea of a fast feed that fills bellies, tastes great and is easy on the budget every day.

What began as a simple green cookbook is now an empire of 37 cookbooks, three TV series, a range of quality kitchenware, apps and ambassadorship roles for IGA, BETTA Home Living and Coeliac Australia and several prominent awards – to name just a few achievements. Global cookbook sales have reached nearly 9 million copies, and founder Kim McCosker now estimates that one in every seven Australian households owns at least one 4 Ingredients cookbook!

There is no doubt it is Kim’s hard work, tenacity and incredible business savvy that have cemented 4 Ingredients in the cookery history books as a philosophy that will live on through the generations. She successfully owned her space as the go-to for easy, everyday cooking that supports families across the diversity of Australian life, ever-expanding to help more people eat well, easily.

“I have now written cookbooks for autoimmune diseases, allergies, pets, babies and retirees. Literally, there is a 4 Ingredients cookbook for all diets, all stages of life and all are super easy,” Kim said.

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“Although the series has expanded, what has stayed the same, and what I have built the business on is a strong consistent message of easy. 4 Ingredients will save you time and money in the kitchen, it really is the EASIEST cookbook you will ever own!”

Over the years, Kim has developed the essential business skills of confidently taking ownership of her business decisions and claiming her space within the market.

She knows exactly where she is and where she is going and is thus in the perfect position to steer her company towards the ultimate long-term success.

“Repetition is your reputation, it is imperative to know your story and repeat it, over and over again. Confidence is believing in yourself even when nobody else does (and few do in the beginning).”

Kim’s 4 Ingredients to business success 1. Be in control of your business finances With a background in finance a considerable advantage for Kim, she urges every business owner to be accountable for their own finances.

“It’s absolutely crucial to have a team of smart minds around you; bankers, accountants, lawyers, financial planners etc. but at the end of the day no-one looks after your financial affairs better than you... Sure consult, debate, push-back and challenge, but always have the final say,” Kim said.

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2. Risk vs research “As a business owner, having the confidence to take risks is a constant, but risk must be mitigated with research,” Kim said.

In the case of 4 Ingredients, Kim can tap into the vast following she has gained through social media and events. She has never been afraid to ask people what they want and – importantly – listen to what they say. With that information on board, Kim can take the next leap in her business, whether that is investing time and money in another book or hosting an event or workshop. In business, taking risks is essential and can pay dividends – providing there is some research to back them up.

3. Don’t focus on your competitors – own your space A great indication that Kim’s company has achieved success is the number of competitors releasing similar titles!

This does not worry her in the slightest, she is comfortable and confident in her messaging and knows what 4 Ingredients fans want.

“If there was one word I could use to summarise 4 Ingredients and what it stands for, it would be EASY! The ‘quick and easy’ space is ours, we own that space, and we know we are market leaders because my biggest competitors have all written very similar titles,” she said.

“As a business owner, having the confidence to take risks is a constant.”

“What I have never done is focused on what my competitors are doing. Of course, I have a general understanding, but I chose to focus on my customers, believing that if I know what will help them, and if I can write a book that will be the easiest of its kind ever and will help them, then it will sell - regardless of what my competitors are doing.”

She takes on feedback and ensures she is available to keep the 4 Ingredients spark alive in her followers.

Similarly, Kim is very mindful of her connections with corporate partners such as IGA, and always strives to uphold her obligations with heart and continually work to strengthen ties for mutual benefit.

Kim’s final piece of advice

4. Building a strong connection with followers and customers Kim credits this ingredient as one of the key factors to her company’s long-term success. Alongside her team, she nurtures her followers through regular emails, social media campaigns and special deals.

At the end of the day, while you do your best to keep your finances, customer relations and marketing en pointe, the only two things you have complete control over are your effort and your attitude.

“What I have come to learn over the years, is that there are two things in life you have complete control over; your effort and your attitude, and both are great indicators

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of interest. Don’t get me wrong, we all have our hard and challenging days, but on those days, have patience because everything is difficult before it is easy.

“However, if on a regular basis you aren’t inspired, you aren’t putting in 100 per cent, giving it your all to improve and grow, maybe it’s time for a reset or a change?

Life is too short to do something you aren’t passionate about. We spend a significant amount of our waking hours at work – at a minimum – you must ENJOY WHAT YOU DO!” Kim has just launched a new book commemorating the milestone of being in business for a decade and what she has learnt along the way. TEN YEARS IN,

Kim’s Satay Chicken 1 tablespoon GF red curry paste 500 grams skinless chicken breast chopped into bite-size pieces.

2 tbsp. (50g) GF crunchy peanut butter 400g coconut milk In a non-stick frying pan over a medium heat, lightly fry the curry paste for 30 seconds. Add the chicken and toss to coat. Add the peanut butter and stir.

Reduce heat, add coconut milk, stirring to combine. Simmer for 12 to 15 minutes, allowing the delicious flavours to develop.

Optional: Just before adding the coconut milk, add in a cup of mixed veggies. Serve sprinkled with fresh coriander and 1/2 cup (75g) cooked Jasmine Rice (140 calories).

This recipe is from 4 Ingredients More Gluten Free Lactose Free.

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shares her start-up experience and how she quickly transitioned from an Author to a Marketer. It also explores how she finally had brand awareness in the market, she realised maintaining brand relevance and integrity was the real challenge.

If you are in business or want to go into business, TEN YEARS IN, is a fabulous read. The rest of the book is a thoughtful collection of Kim’s favourite quotes, those that have sustained and inspired and throughout her life.

Check out Kim’s super simple recipes and grab a copy of her new book at 4ingredients.com.au

What To Consider Before Joining Bank Accounts With A Partner

Confidence in the relationship When you’re loved up with a partner and looking towards the future with them, it’s natural to think about joining bank accounts at some point. While this most often happens when couples get married, these days, more and more pairs are opting for joint accounts once they start living together or get engaged.

Firstly, examine exactly how confident you are in the relationship. Once you have joint bank accounts, it can be much harder to extricate yourself from a relationship and especially to split your finances again.

As such, you need to feel as confident as possible that the love is going to last and that you won’t regret giving up your financial separation in this way.

If you’re ready to put all your money together, it pays to pause and think about it carefully for a little while before you take the plunge. Here’s what you need to consider before you combine finances.

Also, pay attention to the way you and your partner talk about money – or don’t. You need to be comfortable delving into the subject and having open, frank discussions so you know you’re both on the same page. w i s eg i r l smo n e ya c a d e my. c o m.a u

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However, do remember that you can create a joint bank account to pay for certain expenses, such as living costs, without having to have all your money lumped in together. Many couples now choose to have one joint account but still keep their own separate accounts, too. This makes it easier to retain some independence.

Income A top reason why many couples join bank accounts is when one of the parties is going to be without income for a time or the foreseeable future, and they therefore need access to joint funds. For example, this often happens if a woman is pregnant and going on long, unpaid maternity leave or opting out of the workforce until the baby is a certain age.

Similarly, for older couples, one of the parties may decide to retire, leaving a couple to live on a single income. Another scenario is when one person in a couple is starting their own business and won’t be bringing in any salary for a while.

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If you or your partner appear to be likely to lose or give up an income soon, it may be worth considering joining bank accounts, depending on your personal situation. Note, though, that in the event of a breakup, one person may end up doing better out of this financial arrangement long term, unless the party who is without an income contributes in other ways to the relationship, such as through child-rearing, other familial commitments, looking after the home, or through unpaid work in the partner’s business, etc.

Shared goals Do you and your partner want to save up together for a property purchase, wedding, new car, big holiday, or to go into business together? Or do you have some other shared goal(s) that you’re working towards? If so, it’s often helpful to create a single account you can both put savings into to help you reach your goal(s).

Remember that there’s not much good to be had from combining finances if you have different goals, though. If one person wants to save money for one expense and the other for something different, you may be better off sticking with separate accounts for the time being.

Impact on credit ratings Something else to consider is credit history. If your partner has a bad credit rating, joining funds can cause you to be negatively impacted by this low credit score. As such, this is something you need to discuss and feel okay about before taking further steps.

When couples apply for joint accounts and joint mortgages or other loans in the future, the outcomes they receive will be dependent upon the credit reports of both parties. You’re linked in the eyes of lenders and may stay linked in this way, even if you split up down the track.

As such, if you have an excellent credit rating but your partner does not, you may be better off submitting applications to lenders on your own. Keep in mind, too, that in the case of joint loans and other debts, you will likely be equally liable if an

account becomes overdrawn or a mortgage isn’t paid, even if you’ve contributed your share without fail. This is a risk to be aware of.

Spending habits Finally, if you plan to open up a joint bank account with your partner, make sure you have a good idea of each other’s spending habits. To avoid issues, it’s best if your ways are compatible and if you have similar ideas of what to spend your money on (or at least, what the money in the new joint account can go towards).

If one person keeps a very close eye on every cent while the other is carefree with their spending, this can lead to lots of fights. Avoid this situation by talking about your compatibility and, at the very least, laying some ground rules about what each person is responsible for financially, and how much each person is allowed to spend from the account.

Combining finances is a big step that can raise many questions. As such, take your time deciding, and be sure to talk about all the ins and outs before you sign on any dotted lines. w i s eg i r l smo n e ya c a d e my. c o m.a u

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RebeccaPritchard:

How Millennials Can Build Wealth

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Financial adviser and coach, Rebecca Pritchard specialises in working with millennials to make the most of the unique opportunity of having time and flexibility on their side. She believes that building wealth should always be connected to a goal to keep people motivated and on track.

Wise Girls Money chats to Rebecca about money, and how people can make the best of their finances.

What did you do with your first “real” paycheque?

Getting your first real paycheque is a surreal experience. Chances are, you’re not waiting for it to hit your bank account before considering what you’re going to do. If you’re a bit of a nerd like me, you’ve likely already been on a website like Pay Calculator to work out exactly how much you can expect to clear. Then the planning begins in earnest! Perhaps it’s clearing an accumulation of debts or bills you’ve been stalling on, maybe boosting your savings or perhaps you’re going shopping.

When my first pay cheque came through in my early 20s, starting my career in corporate finance, I was so excited. I had always loved saving money, and now this juicy pay was going to accelerate things so much faster than my part time job at the pharmacy. I didn’t believe in saving a set percentage, but I did work backwards from knowing I needed roughly $150 a week (I was still living at home) to spend, and therefore the rest all went to savings. It took me quite a few months of working full time before I relaxed a little bit and started to spend a smidge more and improve my quality of life (and buy some new work clothes).

When do you think young women should start saving for a new car/house/holiday?

When it comes to saving for our futures, there are no “shoulds”. We shouldn’t save for a car, we shouldn’t save for a house and we shouldn’t save for anything else that isn’t important to us. If you really want to buy a car, or a house, or go on adventures, absolutely start saving and ensure you’re making purchases with cash instead of debt. But no sentence involving your money and your financial health needs to start with “should”. Millennials have different and exciting opportunities than previous generations. Therefore the “shoulds” of our parents and grandparents need not apply. We’re more in tune with our values and have countless opportunities to pursue our goals with intention.

Instead of asking when we should start saving for a house, let’s instead ask when is it a good time to get financially fit? And that time is almost always right now. If you’re working full time, then the time to start is today. Like most things, there will always seem like there’s a better time, but the reality is that starting today with whatever you can will make things easier and better in the long run.

What does financial fitness mean? It’s not about rolling around in piles of money, instead it’s about creating options for yourself and giving yourself the financial means to live an intentional and purposeful w i s eg i r l smo n e ya c a d e my. c o m.a u

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life. The reality of the modern world is that for most lifestyles, we need money in some way, shape or form. So being financially fit and healthy means we can have money available for our goals, whilst also protecting ourselves in case of emergencies out of our control.

Do you encourage young women to travel? How do they save for that and still be responsible with their savings?

It can be overwhelming to think about where to start when focusing on your financial wellbeing. The good news is that there’s a way to make it easy, and less about numbers, dollars and cents.

We need to start with our goals and values. Understanding what you value as an individual (and perhaps as a couple or a family) will help provide you guidance when making decisions.

I recommend setting goals for a basic lifestyle - what do you really need to survive? Perhaps this is having some emergency cash saved, clearing any toxic debt and insuring yourself against life throwing a curveball. Once your basics are taken care of, you can focus your energy on a more comfortable lifestyle. Perhaps this involves travel, living somewhere nice, studying, starting a business, a family? Lastly, it’s fun and important to dream bigger! Aspirations for your future are healthy and it’s great to write them down too. Maybe instead of travelling once a year, you’d like to spend a couple of months travelling each year, or flying business class, or being able to take your family with you.

Understanding your goals, and whether they are basic, comfortable or aspirational will help you then allocate your financial resources accordingly. If you don’t have 16

your basics covered, then investing for a grand future might be foolish. Likewise, once you’ve got a decent buffer saved and your bad debts cleared, it’s great to start using your money to live your life (rather than saving cash for the sake of saving).

Diversity of goals and diversity of resources will be important for you. We want to ensure we’re working towards goals over different timelines (not everything in the next 12 months). We also want to ensure we’re saving or investing for more than one goal at a time. It may seem like it takes a little longer to get to where you want to go, but it creates a more sustainable future whereby you never feel like you’ve reached a goal and then have to start all over again. I call this “bypassing zero”.

When I bought my first house at 23, I had been saving for years (pretty much since my first part time job at age 14). It was an amazing feeling to reach that goal, but it was also surprisingly sad to see my money drop right down, and I felt really uncertain about what to do next. After obsessing over one goal for so long, it really rattled me to feel so adrift.

When I first started actively managing my financial health, I did a combination of things. I paid my mortgage, I paid for insurance, I put some extra money towards the house to accelerate my mortgage. I also put a bit of money towards saving for ongoing travel as well as investing into both a small share portfolio and an insurance bond for my medium and long term goals. At the time, it seemed a bit silly, $100 here and $200 there. But over time, watching my resources build up meant that I had so many options available and I have never had that lost feeling about what to do again. I’m a big advocate for ‘slow and steady’ winning the race. rebeccapritchard.com.au

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Money Personality Quiz

There are three different money personalities that describe values that influence the way you spend, save and manage your money. To discover your money personality Click Here

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Questions To Ask Yourself About Your Super In 2020 For most of us, thinking about superannuation is fairly low down on our to-do list, particularly when there are all sorts of urgent things needing attention from week to week. However, if you want to be a money-smart woman and have enough money to live comfortably in later years, it’s a topic that deserves attention.

Women need to take control of their finances from every angle, with superannuation being just one. Keep in mind, too, that women typically live longer than men yet have smaller superannuation savings, so you don’t want to end up caught out in your retirement years with too few funds to live on.

While you need to discuss all the detailed ins and outs with professional advisors, such as accountants and financial planners, here are some questions to consider as you make plans for your future and think about what financial freedom for women means to you.

How much money will I need to retire?

Everyone has very different life goals and makes different lifestyle choices, which means that the amount one person needs to retire on can be in stark contrast to what another requires. However, the Association of Superannuation Funds of

Australia (ASFA) researched this topic and came up with some numbers for people to use as a guide.

To comfortably live, ASFA studies noted that, on average, a single person of around 65 years of age would need about $44,000 per year to spend, while a similarly-aged couple should be okay on about $60,000.

This equates to having around $545,000 saved up for a single and $640,000 for a couple, assuming superannuation withdrawal as a lump sum, and you can receive a part Age Pension. This kind of budget should let you afford to buy household goods, travel occasionally, participate in various recreational pursuits, pay for decent health insurance, and have a mid-range car.

Do note, though, that these calculations don’t take inflation into account, which can lead to big changes in values of money over the long term. The numbers also don’t factor in funds for significant retirement purchases, such as a caravan or boat.

To work out what money you need saved by the time you retire to have the lifestyle you hope for, decide on your ideal annual amount, then work backward from there.

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still need to go, savings wise, and you can make a more concrete plan of attack to grow your superannuation.

Is all my superannuation in the one spot?

Another important thing to check is, if all your superannuation money is consolidated into one account, or if it’s spread around in different funds, from various jobs you’ve had over the years. It’s wise to have it all together in a single fund, so you reduce the fees you pay to super funds for management.

If you’re not sure what superannuation funds you have or how much is in each of them, head to the Australian Tax Office’s (ATO’s) website for more details.

There are links you can follow to have relevant information found for you, through a search service linked with the Government’s MyGov platform. Lost or unclaimed super may be held by super funds or supervised by the tax office as ATO-held super.

Does my super fund invest my money in ways I agree with?

Something not enough people consider when it comes to superannuation is where and how super funds invest client money.

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While you want to pay attention to the overall results your fund gets for its clients over time, it also pays to investigate which avenues and specific companies your super fund puts money into to get your returns.

Many women are shocked to discover that a lot of the country’s super funds actually get invested in fossil fuels, as well as companies that don’t have very good track records in things like sustainability, workplace safety, worker rights, the treatment of animals, and other key issues.

As such, if you want your super invested in ways that align to your values rather than in opposition to them, start by finding out how your current fund works. If you can’t find the information easily, contact your super fund for all the details – this is the information you have every right to know.

Also, note that these days there are super funds set up specifically to invest money in a way that helps the planet, people, and animals, using client funds as a force for good. They do, though, vary in how they choose to operate and what they see as “good” or “bad”, so again, make sure you do your research to find the best fit for both your beliefs and your financial needs.

SHELLEY MARSH:

Making Money Work For You

Shelley Marsh is one of those people who lights up when the word ‘money’ is mentioned. Not because she can’t get enough of it, but because she understands the power and the possibilities it holds.

No matter how much you earn, you have the opportunity to make every cent count towards building your ideal future. You don’t have to just work for money – money must also work for you.

Shelley has always been fascinated by all things finance, even as a child, and went on to study economics and applied finance and investment after graduating high school. She began her career on the Japanese stock market in 1996 as a stock market analyst, before moving through to analysing the Australian stock market by 2002.

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In 2010, Shelley and her husband welcomed their baby girl into the world, opening the door to a refreshing change in her career direction towards a more family-centred, grassroots approach.

With her years of experience and passion in abundance, Shelley began a blog to help other people navigate the oftencomplicated world of money management.

From there, she worked with the charity ‘The Benevolent Society’, teaching money skills to social workers who could then pass on the valuable information to clients.

In 2018, Shelley branched out on her own with Marsh Financial Advice, buoyed with a focus on financial planning for women and families to help them reach their goals, set up a secure future, and understand how their money can work for them.

“I love helping women and families understand their money and achieve their financial goals. I believe financial advice changes lives,” she said.

“The variety of goals is endless and unique to each client, and I love seeing the impact my advice has on my clients from helping them to buy a home, start a family, begin their investing journey, prepare for retirement or whatever their goal might be.”

Shelley’s money management tips As a working mum herself, Shelley truly understands the demands modern families face when it comes to managing their money. Life is expensive and often unpredictable, but with the right plan and advice under your belt, you can achieve anything you set your mind to. Here are her top four tips to take control of your finances.

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1. Start saving Shelley’s top tip for her daughter as she grows up is to save more than she earns – and this is one tip she strongly advocates for her clients as well. A healthy saving habit will go a long way to a solid financial plan and achieving your goals, as well as providing a backup if the unfortunate happens.

“Savings are the fundamental building block of any financial plan,” she said.

“Of course, I am not advocating you save everything, it is important to have fun and enjoy your life, but having a good savings habit will give you the flexibility to achieve the things you want for your life.”

2. Don’t put off investing in your superannuation When we are young, it is easy to forget about retirement and coast along, living day-to-day. However, statistics clearly show that not only do women generally have a lower superannuation balance come the end of our working lives, but we are living longer too.

“I encourage you to take action now.

Make sure your money is in the right superannuation fund for you, that you understand where your money is invested and figure out how much you might need for the retirement you desire. Do the work now; get advice and a plan in place,” Shelley advises.

3. Get insured Forking out for insurance can feel like wasted money, but Shelley’s advice is to never be without it.

“The value of my insurance is the peace of mind that my family is protected should something happen to us.�

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“I am a big believer in insurance and have seen the value that being properly insured has brought to my clients’ lives when the unexpected happens,” she said.

“Many clients wish to get ‘value for money from their insurance’, I tell them straight away that no one wants value for money from their insurance as this means that something bad has happened. I want to pay my premiums and never use it. The value of my insurance is the peace of mind that my family is protected should something happen to us.”

4. Step up and face your finances head-on Shelley’s final piece of advice is to get involved in your money matters and educate yourself on how you can achieve your goals through sound financial management.. Read books and blogs on the subject, talk to an expert and spend

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the time setting up your systems so you can be confident your money will work for you.

“Put yourself in the driver’s seat, define some goals and get working on them. Your money is a resource; put it to good use to help support what you would like from your life.”

Marsh Financial Advice is a Corporate Authorised Representative of Madison Financial Group Pty Ltd AFSL No. 246679 ABN 36 002 459 001 The information contained within this article, unless specified otherwise, is of a general nature and does not take into affect your personal goals, objectives and circumstances. You should not act on this information without seeking personal financial advice from a licensed financial adviser. marshfinancialadvice.com.au

What To Do After Receiving Your First Full-Time Paycheque

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find the following strategies helpful when deciding what to do after receiving your first main wage deposit this year.

Calculate Your Regular Living Expenses If you haven’t already done it, start by sitting down and working out exactly what your main living costs will be each month. Rent is usually the biggest expense for most people, but apart from that, you’ll need to allow money for things like food, utilities, phone and internet, car registration, public transport, and insurances.

Leaving home and becoming an independent person has its highs and lows.

There’s the excitement and freedom of living outside of your parents’ place and doing things on your own terms, paired with the challenges associated with having to do more “adulting” for yourself.

When you get your first paycheck from your first full-time job, it’s wise to temper your spending enthusiasm, so you don’t end up having to move back home if you don’t want to. Financial management may not be the most glamorous of topics, but if you want to become a money-smart woman or man, it pays to learn the basics sooner rather than later.

While each person’s financial choices vary according to their goals, personality, and lifestyle wants and needs, there are some general tips to keep in mind. You may

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Once you have a clear idea about what you’ll need to pay for, calculate how much of your monthly (or fortnightly or weekly) paycheck you’ll need to budget for the essentials. When you get each payment from your employer, it’s a good idea to set aside these funds right away, or even pay the bills first thing when possible.

Set Up Bank Accounts You will already have at least one bank account in place, as this is going to be what your paycheck gets deposited into.

However, it’s wise to also create one or more savings accounts. Talk to your employer and your bank about having automatic transfers set up so that a percentage of your paycheck goes straight into your savings account(s).

You might like to have one savings account for your regular living expenses, so this money is kept aside and you don’t accidentally spend it; plus a second savings account for you to use to accumulate longer-term savings funds. For instance, you might save up for a holiday, a car, or a house deposit. It also pays to

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create an emergency fund so you have some short-term savings to dip into if a large, unexpected expense arises, like the need for a new fridge.

By having set amounts go directly into these separate accounts, you won’t be tempted to spend the money on wants rather than needs. These boundaries are particularly useful when you’re new to budgeting and living independently, and don’t have a lot of practise at being restrained or seeing how far money does (or rather doesn’t) stretch.

Pay Off Debts Once you start earning a full-time wage, it’s also smart to set aside some funds each payday to start reducing any debts you may have. You could have student loans from university, car loans, personal loans, credit card debt, or even owe your family members some money. The sooner you start chipping away at these outstanding amounts, the sooner you will be free of them and the less interest you will accrue and be liable for over the long term.

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Treat Yourself Once you have taken all the sensible steps listed above, feel free to treat yourself!

You’ll only get your first full-time paycheck once, so if you have the available funds, it’s nice to spend a little money on a special keepsake, event, or outing that you’ll be able to remember forever and feel proud of having earned.

For example, people often go on a shopping spree (perhaps buying a new suit or handbag for the office or getting a tech upgrade), or they buy tickets to a special concert or another event. You might decide to treat yourself with a new haircut or a relaxing massage or facial after your hard work or buy something to give your home or car a freshen up. Whatever you choose to do, try to think of something that will make you feel good and that will be memorable.

How you spend your hard-earned dollars comes down to your circumstances, personality, and money management style, but by following the tips listed above, you should set yourself up for a more financially savvy and lower stress future.

On Your Own Again:

StartingOver After 50 You have made it to 50 only to find yourself on your own, once again. After sharing bank accounts and household bills with your partner, you now have to fend for yourself. Whether it is from divorce or the loss of your partner, this is a difficult time for you and thinking about finances is probably the last thing you want to do, right?

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When the time is right, you will have to grapple the thoughts that may be starting to niggle at you. Now, what do you do?

How do you get yourself back on top of things on your own?

According to the Holmes and Rahe Stress Scale, divorce is one of the most stressful events people go through in a lifetime, second only to the death of a spouse. On top of your loss, the thought of starting over can cause anxiety and feelings of frustration.

From the time we hear those words, “I want a divorce,” we have to figure out how to keep ourselves functioning emotionally and physically during this overwhelming and exhausting time. Many of us are barely getting out of bed everyday.

Initially, it may seem overwhelming, but it is so important to get on stable financial footing or it is very hard to recover in other ways. Depending on how much financial security you had before your circumstances changed, you may have to continue working for much longer than you planned. You may need to leave your family home and find an apartment or downsize to a much smaller house for yourself and any children still at home.

Some women end up with little retirement safety net. That’s especially true if the woman spent most of her married life staying home and taking care of the kids and things at home.

But, know this - many women have done remarkable things when forced to start from scratch. You just never know—it could be the best thing that ever happened to you.

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Firstly, You Must Choose To Thrive Again.

Against all odds, you will survive this. In fact, there will come a time, where you will feel like yourself again and depending on your situation, you may feel as though you have really come to life for the first time in decades. Mindset is vital. You can thrive again, if you choose to push through the initial setbacks.

Back To Work It’s time to either focus on your career or go back to work. If you’ve been out of work for a while, take what you can for starters, and then, start thinking about a job you will really love. This is far more important than you think. Starting over means working longer in life, so if you find work you truly love, you will never work a day in your life. Think about the things you enjoy doing so much that you lose track of time. That’s a great indication of your passion. Take the steps towards work that is aligned with your passion.

Tighten Plan to live happily on less money and keep your required expenses right down.

You need to save as much as you can as quickly as possible. Let go of the things that cost you money and replace them with affordable options. Get the economy car, locate low-cost living options, ditch underutilized subscription or membership services and cook at home instead of eating out. Shop around for utility services, revise you grocery list and get savvy with making your money work for you.

Tightening the budget can feel rotten, so it’s important to add things to your week,

such as, walks on the beach with friends (great for your health and mental health) picnics are a cheap moral booster or movie nights at home.

Once the dust has settled and things are looking up, it’s a good idea to contact a financial advisor to point you in the right direction.

Consider Buying a House

In the middle of all of this mess, you will ask yourselves, “Will I ever get over this?”

“Will I ever really be happy again?” “Is surviving starting over after 50 possible?”

The answer is yes! Absolutely! But, your recovery is up to you.

If and when you are ready to consider investing, buying a house can protect you from rising rents. If you are able to buy, keep your mortgage payment affordable, leaving you enough money left over to continue saving and cover ongoing upkeep costs. Consider looking for easy maintenance properties, easy access (avoid loads of stairs) and be aware of body corporate fees.

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The Cost Of Looking After Your Health

Let’s face it, healthcare is expensive.

Whether you go the private insurance or public system route, the fact is, all Australian women spend a pretty penny on their health care related expenses. It’s no surprise that many women skip a regular dental check up or put off a visit to the doctor because the monthly finances are a bit tight.

The fact is, although it might be a shortterm solution to skip going to the physio

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or miss a routine skin check, this is not the journey that young women should be on as it can have some pretty serious long-term consequences.

Short-term solutions very rarely equate to long-term gain and when it comes to your health, this is definitely not the area to cut costs.

Planning for and being fiscally responsible in terms of health care needs to be a priority.

Here are some reasons why investing in your health is so important: Early detection will help to prevent and fight disease. Don’t put off yearly examinations, these are meant for early detection of the onset of diseases and illnesses. Many can be prevented, treated and stopped if caught in time. It is more affordable to pay for preventative checks than it is to fund potentially expensive treatments down the track. It is also really important for your own mental health and emotional assurance to know that your body is healthy.

Protect your future earnings. If your life expectancy is reduced due to sickness, so too might your productive work span and income generating years. If you are healthy

and active you are able to work hard and smart and keep the income flowing well into the future.

To live a happy and long life. Do not wait until something goes wrong to make your health a priority. The younger you start looking after yourself, investing in your health and wellbeing, the greater chance that you have to live a happier and longer life. Making healthy habits a priority will keep you in good stead in the long term.

For your family. Whether it’s your current family or future family, you do not want your health care issues down the track to become a burden for your loved ones. Your family needs you and they need you to be healthy, so if you need further convincing that investing in your health care should be a priority.

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Here are some things you can do to look after your health that won’t bust the budget:

who bulk bill. If you do need to pay a gap then do your homework and find the most competitive practitioners.

Crunch the numbers and shop around: If you have health insurance, make sure you compare all the different providers available and consider what policy you should have. It is possible to reduce your premiums by cutting out extras that are unlikely to relate to you. Spend time comparing policies and prices to make sure that you are getting the best value for money.

Make healthy lifestyle choices: One of the best and most inexpensive ways that you can look after your health is by making healthy lifestyle choices. Simple things like not smoking and limiting your alcohol, sugar and dairy intake will help to promote better health and reduce the risk of disease. Regular exercise, keeping wellhydrated, eating well and practicing yoga or mindfulness techniques will also all play a part in positive health care.

Create a “health care kitty”: It is a really sensible idea to put a small amount of money aside each week for health care costs. If you create a “health care kitty” it will reduce the stress when unexpected costs come up and even reduce the burden of regular and expected health related expenses.

Work the system: There are many ways that you can get regular health care checks and even see specialists by working the system. The key here is to do your research and be organised. The Internet is a great way to find local service providers

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Consistent care: One of the most important things when it comes to your own individual health care is consistency.

Whether this be in the lifestyle choices you make in regards to diet and exercise or scheduling regular check ups you will find that consistency is key. Looking after your health is a long-term commitment – so consistency and follow through are essential.

Remember… “What you do today determines your tomorrow” so don’t neglect making your investment in your healthcare a financial priority!

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