5 Things I Did When I Started My Money Journey

No matter what the topic, issue or problem is, we all start somewhere. I grew up in a household where my parents were spenders. They had both grown up very frugally and moved to Australia for a better life. They also wanted the best for me, so we went on holidays and bought “stuff”.

I sensed that spending like they did wasn’t good, so I became a saver. That in itself isn’t enough though, and it also meant that I hadn’t actually learned how to manage my money overall.
This became VERY evident when I started to earn better money in my late 20s – I started to spend. More than I earned, and before I knew it, I had credit card debt, which I’d never had before!

I realised then that I needed to get better at managing my money. I was also miserable in the career I’d chosen, plus I was single and watching my friends start to get married and have children. Needless to say I was pretty down.

After talking with some friends and reading lots of books, I started to turn things around. Studying something that I loved turned into a new job opportunity, which sent me down a completely different path from the one I thought I would be on!

When I first started to get my finances in order, there were a few key things I did that really helped me turn things around. Here are the top five things I did that made the biggest difference:

1. Salary sacrificing into superannuation: One of the first things I did was start salary sacrificing a portion of my income into my superannuation. This allowed me to save for retirement while also receiving some tax benefits. It was a simple and easy way to start building my nest egg.
2. Micro-investing: I started micro-investing, which is a great way to start investing with small amounts of money. I continue to micro-invest, as it supplements everything else that I do. It allows me to invest in a variety of different assets and watch my portfolio grow over time. Click here to download my FREE micro-investing guide.
3. Estate Planning: Another important step I took was getting my estate plan in order. I sought the help of a lawyer to make sure that my assets and loved ones were protected in case something happened to me. This was a great way to ensure that my loved ones were taken care of and that my assets were distributed according to my wishes. This becomes even more important after you have kids. Check also on the requirements in your State for when relationships form or dissolve. Sometimes it can mean that your current Will is no longer valid. Best to get a lawyer’s help with this.
4. Money Buckets: I call this “Money Pie” and set up bank accounts to save into: I took the time to figure out my money pie by understanding my income, expenses, and savings. Then, I set up bank accounts specifically for saving and budgeting my money. This helped me to keep my spending in check and make sure I was saving enough for my goals.
5. Paid off credit card debt: Finally, I paid off my credit card debt by using a 0% interest balance transfer. This allowed me to pay off my debt without accruing any additional interest. It was a great way to get out of debt and start building my finances.

Getting on track financially is a great feeling. After all, money is a tool we use to live our lives, and yet it seems to consume so much of our thoughts, emotions and behaviours.
I want to enjoy life, and I’m sure you do too. Money provides choices, and once you have the power of choice, a level of freedom comes along with it. Freedom to work part time, if that’s what you want.

Freedom to travel more. Freedom to leave a relationship that isn’t working. So many choices!

I can tell you from experience that having the freedom of choice is a wonderful feeling. I’d love for you to have that feeling also!