Christmas is notoriously a time when people spend tons of money and rack up debt buying Christmas gifts for their loved ones. However, by creating a Christmas budget and savings plan, you can have a great holiday without overspending. So, let's discuss how to save money for Christmas to make sure you get through the holidays financially sound! 1. Make a list of who you are buying gifts for and how much you need to save: Also, add any travel you may anticipate or expenses that may pop up, like food for a holiday meal. Once you have the total amount you need to save, give yourself a deadline to reach that number before you start your Christmas shopping. It's also a good idea to save a little more than your target number in case you forget to add someone to the list. 2. Open up a designated Christmas savings account to use as a sinking fund: Sinking funds are savings accounts you can designate for your Christmas or holiday savings. To simplify saving, you can automate deposits to your sinking fund. 3. Build saving for Christmas into your budget: Now that you know how much you need to save to prepare for Christmas, you'll want to incorporate this amount into your budget. Depending on how much you need to purchase your gifts, you'll want to divide that dollar amount by the number of weeks you have between now and when you want to start shopping. This will give you a weekly savings goal. 4. Plan your Christmas shopping ahead and shop smart: November is the beginning of the sale season, so it can be easy to be side-tracked. Shopping online can help you get your gift buying out of the way early. If you decide to go to a store, then plan ahead. Map out what days you'll be shopping, what stores you'll visit, and what you'll buy. Remember to use coupons or cash-back apps, like Rakuten for deals and savings. 5. Stay motivated to save money for Christmas: It's a good idea to get a savings partner (AKA an accountability partner), so you can keep tabs on each other and help one another succeed. Think of someone interested in joining you as you save for the holidays and plan weekly check-ins with them! 6. Get creative with your Christmas gift-giving: Another creative way to save money on Christmas gifts is to make gifts yourself. It could be physical items like clothing, trinkets, or home-baked goods like cookies and cakes. Focus on creating memories, and staying within your budget will be easier. --- With these tips, you should be able to put a solid plan in place to avoid holiday debt and come out on the other side of the Christmas season with your financial goals intact. Here's to a happy and financially sound holiday season from Clever girl finance and Volare Home Loans! This article is bought to you by Clever girl finance. www.clevergirlfinance.com/
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A budget puts you in control of your money, and the great part about them is you can adjust them to your needs. That said, here are 7 best budgeting practices to help you better manage your money! by Clever Girl Finance 1. Set clear goals: When you set clear financial goals, you can stay on track and better understand your spending. Goalsetting is a great way to know how much money you need to save or put towards your debt. For setting clear goals, we recommend the SMART Goal Method. It stands for:
In any budget, you have two types of expenses: non-variable and variable. Non-variable expenses are payments that never change, like your rent. Variable expenses fluctuate, such as gas, groceries, and clothing. By including non-variable and variable expenses in your budget, you can build your budget based on realistic numbers. 3. Find a system for budgeting that works for you: When choosing a budgeting style, consider what might work best for you. For instance, the cash envelope method works well if you are more of a visual person and want to focus on saving money. Fortunately, there are many different systems to choose from. Some more popular budgets include zero-based, 50-30-20, or the reverse budgeting method. Experiment with different budgets until you find the right one for your current life stage and personality. 4. Remember to pay yourself first: You should always practice paying yourself first, no matter the system you choose. For example, paying yourself first ensures you contribute to your 401(K) at work before deciding anything else. It can also look like ensuring you have an adequate emergency fund set aside or making a credit card payment when you receive your paycheck. 5. Create space in your budget for miscellaneous expenses: We cannot predict the future; as much as we try to, unexpected things will happen. This is why you should create a miscellaneous category in your budget. It will help you put aside extra money when life throws a surprise or two at you. 6. Do regular check-ins with your budget as often as needed: When you start budgeting, you may get overwhelmed with tracking your expenses. This is why checking in as often as necessary to see where your money is going is essential. Evaluating your spending in real-time can relieve you from end-of-the-month stress. 7. Adjust your budget when your life or income changes: If you decide to pivot the direction of your life, it makes sense that your old budget won’t fit your new needs. You could also get a pay raise or a new job that affects your income; this could also cause a budget change. Your budget will evolve over time, and it'll help keep you on track with whatever you want or need to achieve. ... Finding the best budgeting practices that work will help you gain financial wellness (and stability). Try different methods, adjust categories, or make more income to help when you can’t cut back anymore. Budgeting can help you you can live a life you love. Call Catherine on 0411 849 804 to see how much you will need to save to buy your own home. Stay-at-home parents are often almost entirely reliant on their spouse for financial support. So, when a separation occurs, not only are they losing a relationship but they are potentially losing their financial lifeline.
But there are some things a stay-at-home parent can do to protect themselves in this situation, both before and after separation. Article by Josephine Sergi and Natalie Stella and can be found at https://www.moneymag.com.au/stay-at-home-parents-separation Before separation 1. Maintain individual bank accounts Too often, couples only have joint accounts into which income is paid, bills are paid from and savings are accumulated. While this can be convenient as a couple, after a separation, it can give one spouse the opportunity to restrict the other's access to funds. Maintaining individual bank accounts is a good way to minimise the risk of potentially being "cut off" financially. 2. Make sure you know your family's financial position It is common for one party to assume control of the family finances. However, not being actively involved and aware of the details of your family's financial circumstances (including the location of assets/liabilities, contacts, logins and passwords) can create a difficult pathway to obtain and determine what assets are held and where funds are kept. Be sure to protect yourself by maintaining access to all financial records, including historical records. 3. Hold assets in joint names Where assets are held in joint names, they can't be disposed of or dealt with, without both parties' consent. Where an asset is held in the sole name of the stay-at-home parent, that is even better. After separation 1. Ensure your assets and funds are protected Banks will often quickly lock down joint accounts when advised of a separation, to prevent one party from withdrawing significant joint funds. Accounts holding significant funds, such as savings accounts, offset and loan redraw accounts, should be immediately restricted to require both parties' authority to transact. If you're a stay-at-home parent with no other access to funds, it's a good idea to secure a reasonable amount of funds to ensure self-sufficiency, at least in the short term and until financial matters are resolved. In many family law matters a party who is not the registered owner of a property will attempt to lodge a caveat to protect their interest. However, legally, a family law claim to a property does not create a caveatable interest. Instead, you'll need to seek out specialised family law advice to determine how best to lawfully protect your joint assets. 2. Child support and children's expenses Generally, the sole income-earning spouse will continue paying children's expenses after separation without issue, to minimise disruption to children. However, this is not always the case. There are two kinds of financial support you may be entitled to, for your children
In addition to child support, as a stay-at-home parent you may be entitled to receive spousal maintenance from your former spouse. An entitlement to spousal maintenance is assessed on a number of factors, including the stay-at-home parent's reasonable expenses, their capacity to earn income, and the income-earning spouse's capacity to pay spousal maintenance, after taking into account their own reasonable expenses, and child support payable. 4. Make sure you secure accommodation Deciding where parties will live is often one of the first steps following a separation. There may be a battle about who remains in the family home. But a property registered solely in the name of one spouse does not automatically entitle that party to remain living there. This is a common mistake. Before moving out, a stay-at-home parent should secure financial support from the income-earning spouse to cover accommodation and living costs. Financial support for accommodation will be considered a spousal maintenance payment. 5. Remain amicable, co-operative and reasonable where possible Working together with your former spouse to reach an agreement about interim financial support, children's arrangements and a final property settlement, provided it is safe to do so, is obviously the ideal, and most cost-effective situation. Often, pursuing financial support can cost a lot more than what a party ultimately gains, so it is important to have reasonable and realistic expectations. Where one income previously supported one household, but now needs to be stretched to cover two, this may result in necessary lifestyle changes and a lowering of expectations. Family dispute resolution with experienced and reputable practitioners can be an inexpensive way to assist parties who simply need an independent, impartial person to help sort out the financial arrangements in the wake of separation. 6. Understand your rights and entitlements Seeking specialised family law advice early in the piece is key to strategically preparing for and managing the financial arrangements arising from separation. If parties seek legal advice too late (after things have turned sour, and the opportunity to take steps to be financially protected has passed), this will likely result in escalated costs and conflict. Need to talk to someone? Beyond Blue: 1300 22 4636 National Debt Helpline: 1800 007 007 Family Relationships Advice Line: 1800 050 321 I am also here to talk to regarding buying out your partners share of the property or purchasing another property to live in. You do need some form of income but there are many options. Call Catherine on 0411 849 804By Josephine Sergi, Natalie StellaSeptember 6, 2023 The holiday season is upon us, and the economic impact of the last few years may mean you need to save money on gifts this year. If you have been impacted, here are some great ideas to save money on gifts so you can keep the holiday spirit without breaking the bank.
Take smaller closer-to-home holidays The holiday season will likely be much more streamlined and smaller than in most years. Embrace this, and use it to your advantage. Many friends and family members may not be expecting gifts at all, or will certainly understand if they do not receive one. You should not feel bad about minimising the number of gifts you give and the number of people to whom you give gifts. You could substitute the gift you would normally give with a simple card or phone call, which will probably mean more to some loved ones, especially those you have not gotten to see very much because of the pandemic. Invest in time together (even if being together can only happen virtually), rather than presents, whenever possible. Repurpose Other Budget Items This budgeting trick might help you have enough money for gifts without taking on any debt to do so. Compare this holiday season to a normal holiday season, and write down the expenses you are not paying for this year. Do you normally cook a large meal for guests, but they aren’t coming this year? That may mean significant savings on your grocery bill. Or, do you normally travel out of town? That may mean saving on plane tickets or other transportation costs. You get the idea. The point is that you might be saving some money compared to last year. You could put some of these savings toward your gift budget. This doesn’t mean your gift budget needs to be bigger than usual, but this might give you some extra cushion. Check Discount Sites and a Multitude of Retailers Before you purchase anything be sure to shop around. Thankfully, this can be done from the comfort of home online. Simply look for what you plan to purchase and compare the price across multiple stores. Include brick-and-mortar stores and online retailers in your search, unless waiting for an item to ship is not an option. If you are still looking for gift ideas and want to find good deals, the Slick deal is a great resource, and most of the sites it links to offer fast shipping. Consider Giving Gifts after the Holidays Australia is famous for its after-Christmas sales, like Boxing Day. Huge savings can be achieved by simply waiting pot Christmas to do your shopping. In fact, there are a growing number of Australians doing just that, Christmas is set aside for lunch and the ‘Christmas’ celebration is a set date after Boxing Day. You don’t even have to delay your Christmas, gifts are purchased on the Boxing Day sales and then mailed to relatives. Buy or Give Second-hand Gifts Second-hand gifts have three benefits. First, they are cheap or free. Second, you can put them together in a hurry. And third, they can be very thoughtful. These gifts include hand-me-downs and family heirlooms or second-hand items you purchase used from storage. This has gotten much easier in recent years with the popularity of sites like Facebook Marketplace. You can shop for all ages and should be able to pick up gifts quickly, maybe even on the same day. Go Handmade Everyone loves a thoughtful handmade gift. These aren’t entirely free, since you need to get materials, but they are typically much cheaper than store-bought gifts. You can make gifts in a time crunch, too. There are some great guides to help you generate ideas. From bath bombs to painted coasters, this guide for last-minute handmade gifts covers a lot of options for virtually any gift recipient. If that list doesn’t cover it, here is another list of great gift ideas. Happy Holidays! Remember, don’t go into debt buying gifts, it could take years to pay off. This article is bought to you by Credit Mediation Services. The most important investment you can make is in yourself. Here are nine different ways to do just that so you can feel great, be successful and live your best life!
1. Manage your money You know what they say - money makes the world go ‘round! The fact is that we all (obviously) need a certain amount of money to live. Money is a personal thing and we’d do well not to compare to others on the financial front. That said, you do need to know your numbers. To be financially successful, it’s important to know what’s coming in every month and what’s going out every month. And get over the mindset that a budget is limiting. It’s not! A budget is your way to tell your money what to do, not the other way around. 2. Get a side hustle (if you feel inclined to) Side hustles are an awesome way of generating more income! Everyone likes more money and multiple income streams are the way to get it. Side hustles don’t have to be super time-consuming and can even be mostly passive, once the foundation is set. There are so many different possibilities out there. You need to think about what you like to do and what might work with your schedule, then go for it! 3. Invest in your education Knowledge is power! You can never know too much and you’ll never be sorry that you’ve dedicated yourself to learning more. In addition to formal education, there’s no shortage of informal courses and classes you can take to broaden your knowledge in all kinds of subjects. It’s safe to say that if you’re interested in a particular area of study, you can find a course on it online. Plus our 30+ courses here at Clever Girl Finance are completely free. 4. Get a life coach or business coach Did you know that almost every successful person has a mentor or a coach? It’s true! You can’t possibly do it all or know it all. Invest in yourself with a business coach or mentor. While having a coach is not a requirement for success, working with a one can help you zero in on what’s important to you. Whether that means mapping out your career goals, working through a difficult issue at work, or figuring out a new career, coaches can tailor their coaching sessions to your exact needs. 5. Save money for your future We never know what the future holds so it’s important to be prepared! You’ll especially want to be prepared financially in case any unforeseen circumstances cause you to not be employed for a while. 6. Read! There’s almost nothing you can do as easily and that is as beneficial as reading. It’s mind-blowing that something as simple as reading can pay off tenfold! Reading is the absolute best way to expose yourself to new trends and new ways of thinking so it’s well worth it to invest in yourself by reading! 7. Invest in your mental & physical health Another great way to invest in yourself is physically. You only get one body, make the most of it! We’ve all read the countless health studies that promote exercise and good nutrition. It just makes sense to invest in yourself with the best healthy habits you can. 8. Build relationships People need people to be happy and successful. We can’t do this life thing alone. It’s super important to invest in building and maintaining close relationships in your life. Spending time with loved ones should be high on your list of important things to do. And make sure the people in your life are good for you! Did you know it’s often said that you are a combination of the 5 people you spend the most time with?! If this phrase makes you gasp, then maybe it’s time to replace some of the negative people in your life with people that bring you joy! 9. Try new things Growth happens most often when we do new things and have new experiences. Get out of your comfort zone and try something new! Some overachievers try something new every day! That might be a little aggressive, but I think everyone can try something new at least weekly. It doesn’t have to be a monumental thing like learning a foreign language or giving a speech to a packed room, but little things count too. So consider trying a new recipe, tackling a crossword puzzle, or hitting up the new coffee shop - anything new is good! This article is from Clever girl finance. For more information Check out their 30+ free courses, 40+ free worksheets & more! Managing your personal finances is an important task. However, lifestyle inflation can make it more difficult to keep your finances on track.
Luckily, there are ways to work against lifestyle creep through intentional decision making. But what is lifestyle inflation and how can you avoid it in the first place? Lifestyle inflation happens when you allow your spending to gradually increase over time as you desire a more luxurious lifestyle. It usually happens when your income increases over time and you increase your spending to keep pace with that rising income. With that, your income is growing but your savings rate never increases substantially. Unfortunately, lifestyle inflation can easily sneak up on you if you let it. It might start with a simple lifestyle upgrade like the convenience of a takeout meal or the luxury of a brand new car. But it could quickly spiral into an expensive lifestyle that you can barely afford. In the long term, lifestyle creep leads to stagnant savings and difficulty reaching big financial goals. You might struggle to save for what truly matters to you while enjoying the convenience of things that don’t truly make you happy. An example of lifestyle inflation is you might not have the savings to fund your dreams because your budget is saturated with items that you don’t necessarily need. Most of us will fall into the trap of lifestyle inflation without careful decision making surrounding our spending. It is natural to crave convenience and comfort. But don’t let it come at the expense of your long-term goals. How to avoid lifestyle inflation aka lifestyle creep Now that you've answered the, "what is lifestyle inflation" question, let’s talk about how you can avoid it. 1. Be aware of your spending choices The first step is understanding that lifestyle inflation is a real threat. Unfortunately, it is very easy for lifestyle inflation to sneak up on you because it often starts with small choices. With time, small spending choices can add up to a very expensive lifestyle. As you make decisions surrounding your budget, consider the threat of lifestyle inflation. When you are thinking about adding a new expense to your life, think about the reasons behind the expense. Is it an essential item? Or will it contribute to lifestyle creep without adding a significant amount of happiness to your life? 2. Do the math of your raise When you get a raise of any size or a job promotion, your first impulse is likely to celebrate with a splurge. After all, you’ve earned it! Before you decide to upgrade your lifestyle, take a closer look at your raise. Sometimes a modest raise might not give a dramatic boost to the cash you have available to spend. Take a minute to calculate the increase in your take-home pay with the raise. Some quick math will reveal exactly how much extra income you’ll be working with in your monthly budget. To help, here's a simple pay raise calculator. 3. Treat yourself - within reason Everyone deserves a treat now and then! But don’t go overboard and then have to deal with lifestyle inflation. Although short-term treats can be fun, don’t let them derail your long-term goals. For example, a spa day now and then might be a fun splurge. But a regular spa appointment could be cutting into your earnings too far. 4. Set aside a percentage of your income for splurging You should absolutely spend enough on what really matters to you. However, consider the reality of your budget before taking your purchases too far. If you get a raise, decide how much you are willing to spend on “fun”. As you think about your increased lifestyle spending, take some time to determine how you want to use this new money to reach your long-term financial goals. Find a balance between the two that works for your lifestyle and your wallet. 5. Add big changes to your budget gradually When you finally get a raise, it can be tempting to upgrade several areas of your life at once. Which is especially true if you’ve been waiting on this higher income for a while. But it is a good idea to avoid jumping into several new lifestyle expenses at once. Instead, add in new expenses one at a time to test things out and avoid lifestyle inflation. If something truly improves your happiness or quality of life, then keep it up. If you find that a new expense doesn’t elevate your happiness, then slash it. 6. Find friends with the same goals Our friends do influence our buying habits. That means that keeping up with the Joneses is a real phenomenon! You can be easily tempted to spend extra money if all of your friends are. The best way to combat this is to find friends that don’t make you feel like you have to spend more just to keep up. Of course, you shouldn’t cut out people you care about over their spending habits. But consider having a frank conversation about your financial goals and why they won’t see you stretching your budget to ‘keep up’. It is possible to enjoy friends' company without blowing your budget. A few fun ideas include going for a walk, heading to a free museum, or hosting a dinner party. 7. Set up automatic savings The easiest way to save is to automate it. With that, you won’t have to make the decision to save on a regular basis. Instead, you just have to make the decision to save once and the power of automation will take care of the rest. Once you have the take-home amount of your pay calculated, consider your savings goals. If you want to make progress easily, then have your intended savings transferred directly into a separate account. Then you can spend the extra portion that is leftover in your checking account without having to consider your savings goals. You’ll know that the savings are being taken care of and you'll completely avoid lifestyle inflation. With that peace of mind, you’ll be able to enjoy your extra splurges without worry. 8. Don’t take out any debt If you find yourself taking out debt to afford a new luxury, then you’ve likely taken your spending too far and are experiencing lifestyle creep. Although you might be able to afford the monthly payments, that doesn’t mean that you can truly afford something. Consider this carefully before taking on new debt. You don’t want to trap yourself in a paycheck-to-paycheck cycle due to new debts. In fact, you might want to put your extra income towards paying off old debts! 9. Set up a budget A budget can help you monitor your spending and help you stay on track. If you want to avoid lifestyle inflation, implementing a budget is the most effective option. By tracking your expenses and sticking to a budget, you are less likely to allow your spending to get off track. Take advantage of our many budgeting resources when you are first learning how to build a budget that works for you. Not all budgeting strategies will be ideal, so explore your options before getting started. You don't have to fall for lifestyle inflation! Lifestyle inflation can easily derail your long-term goals. The trap of short-term gratification in the form of luxury convenience can delay your plans to get out of debt, save for a down payment, or retire. When you are adding new luxuries to your life, weigh your standard of living against the benefits of your long-term goals. In most cases, you’ll choose to pass up the convenience of a new lifestyle upgrade in favor of your long-term financial stability. PETER LYNCH from 'Really Simple Money', MAY 3, 2022 The recent Reserve Bank’s rate rise to 0.35 per cent is expected to hit home loans hardest.
The Australian property market is coming out of a housing boom, in which prices are up around 25 per cent. The rate rise is expected to put around 300,000 borrowers at risk of default, mostly first time homeowners. According to a 7News Australia interview with Hal Pawson of UNSW City Futures Research Centre, the areas most at risk of mortgage stress are the following:
The Central Bank hasn’t raised rates since December 2010, and with the inflation rate at 5.1, experts believe the RBA has to act. So there’s a big possibility that the rates will increase, and to protect yourself from the looming crunch, here are ten things to do: 1. Factor in the rate rise in your mortgage Ideally, you should have a plan in place that you can follow if rates suddenly increase. This will help you manage your budget to cover higher mortgage repayments. If you are in the early stages of taking out a mortgage, you should ask your lender or mortgage broker to help you risk-proof your home loan. Otherwise, you’ll surely suffer from even a small increase. 2. Ask for a rate review and see a mortgage broker Once the rate hike is confirmed, you should contact your lender or broker and request a rate review. Lenders are still in tight competition, so you’ll likely get rate reductions if you submit a reassessment. Take this opportunity also to consult your mortgage broker or lender on how you can safeguard your mortgage against future increases. Call Catherine (me) at Volare Home Loans on 0411 849 804 and I will do my best to help you. 3. Look for another lender If your current lender declines to reduce your rates, you can apply for refinancing through a new lender. Mortgage refinancing may take some time, and you may have to undergo some processes, but it can be worthwhile if you can secure lower rates. 4. Switch from variable to fixed rates Another way to protect yourself from the sudden increase is to consider fixed-rate mortgage loans. This option will lock in your repayments for a specific period to help you better manage your cash flow. But you need to be aware that a fixed rate mortgage has its pros and cons, depending on the movement of interest rates. So be sure to consult your mortgage advisor before you decide to switch. 5. Overpay when possible The looming rate increase could be just the first in a series of credit crunch in the next few years, considering the inflation and the struggling economy. So if you are capable, it is best to make higher repayments than the minimum amount. This method will help you save thousands of dollars on interest and reduce the duration of your loan. Plus, this will get you in the habit of paying more, so when the interest rate rises again, your cash flow will not be heavily affected. 6. Fix your cash flow You’ll surely feel the effects of rising rates if your finances are in a mess. Use this uncontrollable event as a wake-up call to reassess your budget. Are you earning enough to cover your expenses? Are you spending too much above your means? Taking time to review how you earn and spend money can help you avoid mortgage default. 7. Find a part-time job With the rise of the gig economy, there are many opportunities to work even in the comforts of your home. Many Australians are now earning through online work such as writing, digital marketing, graphics design, translation, language tutorials, arts and crafts, and many more. Many websites can help you connect with people looking for skilled part-timers. You can use your additional earnings to cover your mortgage and other bills. 8. Use your home as a source of income Check if you can use your home to generate some income. Maybe you can rent a room to a uni student or offer your storage space for rent. Some homeowners also use online platforms like Airbnb to rent out their spare bedrooms to travellers. Just make sure you do your homework and check your local business regulations before becoming a host. 9. Avoid other forms of debt Even without rates rising, it is still ideal to stay away from unnecessary debt. This includes credit card purchases or deferred payments. There’s a recent boom in fintech platforms offering buy now pay later plans, making it easier for people to buy expensive gadgets on instalment plans. You can take advantage of these offers if you need to acquire things you need, but if it’s an item of luxury, it’s better to avoid them. 10. Don’t panic While a higher mortgage repayment can strain your budget and certainly cause concern, it’s not an endgame. Rising rates, high inflation, and oil price hike are part of the economy, and there are many ways to survive and thrive. We have listed here some of the ways you can try to get by, and you’ll surely get a good plan if you consult a financial planner or mortgage advisor to help you out. Financial Counselling Australia runs a service, the National Debt Helpline Australia, which has lots of information to help you manage your debt and they also have a telephone number (1800 007 007) that you can call if you’d like personalised advice. “If you’re thinking about that, talk to a financial counsellor. It’s free, non-judgemental and all the financial counsellors are trained.” We all have that one friend, one colleague, or one person we know in our life who always seems to get things done, whether it's an hour-long task or simply a 20-minute one. These people exist and roam among us with their maximum efficiency while some of us still struggle to meet deadlines. Do you think they have secrets to their successes? Of course, they do. To become a productive person - the correct term to describe our friends, you should install some small foundational habits. 1. Consistent morning routine: A morning routine does not always entail getting up at 4 a.m. and going straight to the gym, unless you are The Rock, of course. Everyone's morning routine is different, so it's crucial to figure out what works best for you. For example, you can get up at 6 or 7 am, slam down a deliciously nutritious smoothie before heading to the gym, then treat yourself to a big breakfast while catching up on news or emails. The options are varied, as long as you do it consistently, and you'll be ready to tackle each day. Remember that ideas are easy. Execution is hard. Consistency is harder. 2. Prioritize tasks: Productive people are aware of the distinction between essential and less critical tasks. When you only focus on checking items off your to-do list, you'll mix up the two, and it will also increase your procrastination level. It's all too tempting to spend the entire day checking off easier, less significant tasks rather than tackling complex tasks that require your immediate attention. Instead, take a few minutes at the beginning of each day to choose 1 to 3 most important tasks you must complete by the end of the day, no matter what. 3. Eisenhower Matrix to the rescue: The Eisenhower Matrix, which was named after Dwight D. Eisenhower, the 34th US President, and widely popularised by Stephen Covey in his best-selling book, "The 7 Habits of Highly Effective People”, is a simple decision-making tool that can help you distinguish between important, not important, urgent, and non-urgent tasks. According to Slab Blog, it divides jobs into four boxes, indicating which should be prioritized first and which should be delegated or deleted. 4. Do not multitask:
If you think multitasking can save you time and energy, it doesn’t. Research shows that multitasking can result in consuming more time and causing more errors than focusing on one task at a time. When you try to multitask, you're rotating your focus between two things rather than accomplishing two things at once. You must refocus on the new task each time you switch. These "switching costs" make multitasking exceedingly inefficient because every time you switch, you lose a few minutes to catch up with speed on the assignment at hand. 5. Keep your distractions at bay: Distractions are the plague of productivity, whether you're attempting to focus on significant work or merely dealing with smaller tasks. It's difficult to maintain productive work when there are so many distractions. Making a "distraction list" is one effective way to reduce distractions. Whenever a distracting idea enters your mind, jot it down on the list and return to your task. You can either tackle them or add them to your broader to-do list once you reach a break in your job. 6. Sharpen your ax: There's a classic Abraham Lincoln quote that goes like this: “Give me six hours to chop down a tree, and I will spend the first four sharpening the ax.” To be productive, you need to stay sharp, and for that to happen, read a book, listen to a podcast, go on a field trip, visit the museum or learn a new subject. You'll be able to respond more quickly to a range of scenarios if you devote time to developing yourself. 7. Carry a notebook: Who knows when a great idea can emerge, whether you are in a delivery room when your wife is in labor or in the shower (most people claim they produce the best ideas while taking a bath or a shower). Carrying a notebook (either physical or digital) wherever you go to and jot down every excellent idea will help you free your mind, keep track of your to-dos and never miss a single million-dollar idea. 8. Take a break: Nobody, not even the most productive people, can concentrate for more than eight hours at a time. It's scientifically impossible. You can't keep distraction-free focus for a long time, no matter how many effective habits you develop. Taking breaks is essential because they make people more productive, research shows. Even short intervals of a few minutes can help you rejuvenate and generate new ideas. However, we can easily mistake distractions as "taking a break." Therefore, it's essential to schedule your break time in advance. Methods like the Pomodoro Technique can be beneficial. The Pomodoro Technique recommends working in 25-minute intervals with 5-minute breaks in between, which will keep your mind fresh and productive for the whole day. 9. Maximize your free time: Besides taking short 5-minute breaks from your tasks, taking some time off from work is also crucial. It allows us to refocus and refresh our batteries. However, do not let these times go to waste by binging Netflix series or hanging at some overcharged coffee shops all afternoon. Instead, attempt to spend your free time reading, learning new skills, meditating, or doing things to improve yourself. 10. Learn from successes as well as failures: Learning from your own accomplishments is vital. Highly productive people capitalize on their achievements by figuring out how to duplicate them. What went well, and why? What should you remember and apply from this experience? Are there any aspects of a successful project that could be eliminated because they weren't as effective? Asking these questions will aid you in a more intuitive understanding of your accomplishments, saving you time to start on a new project. And you can say the same about failures. We all make mistakes and have struggled at work. The ability to not let yourself (or your team) get bogged down in mistakes is a forcing function for moving things forward. The important thing is how you react and learn from it. Understanding the errors and figuring out how to avoid them is a hugely beneficial learning experience. Think of it as “failing forward”. There you go, 10 things to do everything to become productive like those friends or colleagues we admire. Start small and repeatedly, you’ll get there. Supplied by Finance and Coffee Do you sometimes have a negative perception of money? Changing your perception of money to always have a positive outlook can help you maintain your financial wellness.
Not only that, having the right perception about money with open up opportunities for you and improve your life! A big thank you to Clever Girl Finace for these tips. Here are 8 steps to guide you:
Ultimately, changing your perception of money comes down to choosing happiness rather than resistance. And if you want to discuss how you can work towards getting a home loan down the track, give me a call. We can work together to help you achieve that goal. |
Message from CAtherineOccasionally I come across an interesting article to do with Home Loans. I thought I'd share some of these with you here. Archives
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