Be MoneyBrilliant – Managing your Money Step 1

Published on October 15, 2015 12:41 pm, by

Step 1 – just think about it

Our goal at MoneyBrilliant is to help people on their journey of financial well-being or as we sometimes call it “money wellness”.  As a result we talk a lot about things like budgets and goals.  The reason why we talk about these things is that they are huge contributors to growing your net wealth.  And net wealth is the end game.  Net wealth is what leads us in to a comfortable retirement, and in the mean time it’s the outcome of doing things that keep seeing our finances grow, like buying a house, increasing our share portfolio or contributing extra to our Superannuation.

To do all of those things we need the money to contribute.  And to do that we need to know how much we are earning, how much we are spending and do something productive with any excess that we have or can make.

Before leading in to too much budget speak (you can see where I’m going right?) let’s take a step back and be mindful.  Take the time to think about where you are and where you want to be.  Think about what you could do with your money that you’re not.

There is very little value in starting a journey when your head is not in the right space.  Think about going on a diet – you want to lose weight, but you’re not willing to give up your 3 nights a week eating and drinking at the pub, or your afternoon chocolate hit.  Think body fitness – you want to get fit, but you’re not willing to sacrifice an hours sleep in the morning, or to shift your daily schedule around to fit some time in.  Take the time to think about what financial success looks like, and what you are willing to do to achieve it.

Step 1 in the Be MoneyBrilliant money journey is to create the space to just think.  Think about what you have, what you want and what you’re willing to do to get it.  Do some reading; try The Smart Shopper, Ten tips to being MoneyBrilliant and Knowing your Super.  Our blog has lots of handy articles and practical tips, and you may engage with one or more of them to help give you the motivation you are searching for.

Once you are ready to commit some time, some energy and potentially give up a few good things, then you are ready for Step 2 – which is all about understanding what you are doing right now.  Before we go too far in to the money stuff, we want to take a look at our money psyche or more simply the spending habits that are costing us too much.

I’d invite you to come along on the Be MoneyBrilliant journey with me.

Related Articles –
Step 2 – be honest about what you do
Step 3 – where does your money really go?
Step 4 – Dreams and goals
Step 5 – turning insights in to action
Step 6 – getting rid of bad debt
Step 7 – review, commit & automate
Conspicuous Consumption

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Jen is an experienced banking professional who loves wine, coffee, finding a bargain and of course her three beautiful children. Since Jen's first budget led her to buy a home at 20, Jen has passionately helped others to make better decisions with their money.

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