We all have an area of our finances that we know could do with some attention but let’s face it – most of us would rather think about something else. The problem is that by doing that, we’re costing ourselves money – and more than likely causing ourselves unnecessary stress.
For instance, if you have several superannuation accounts, you are probably paying account and management fees across all of them, rather than having that money working for you and building your retirement savings.
Similarly, if you have a credit card debt of $3,000 and you only make the minimum repayments, this could cost you up to $6,000 in interest charges alone.
None of us like to cost ourselves money but the task of fixing the situation can seem like too much hassle: “Where do I start? Who do I ask? Am I making a mistake?” These are the questions we ask ourselves and without easy answers, we often opt to do nothing.
MoneySmart Week understands these are common challenges and aims to do something about them. Running from 1 – 7 September, MoneySmart Week is an independent, not-for-profit initiative designed to raise awareness of the importance of financial literacy and to encourage all Australians to take action on their finances. The initiative was founded in 2012 by members of the Australian Government’s Financial Literacy Board, led by Paul Clitheroe AM.
This year, they’re running the MoneySmart Week Challenge. The MoneySmart Week Challenge asks people to pick one financial challenge to address and provides a free, step-by-step guide to completing the challenge with a range of great resources that can help answer any questions you have along the way.
People can sign-up online and pick from the following Challenges:
- Ditch Your Debt – credit and debt
- Sort Your Super – superannuation
- Manage Your Money – budgeting
- Protect What’s Precious – insurances
- Build Your Worth – saving and investing
- Plan Ahead – estate planning
- Female Financial Fitness
There’s even a savings Challenge for secondary school-aged students: Start Early.
The best way to deal with money stress is to become financially resilient and we all know that resilience is built from facing up to our challenges. By taking simple steps to improve your money health, you will save yourself money and build your resilience.
Take the first step today by signing up for the MoneySmart Week Challenge at www.moneysmartweek.org.au/take-the-challenge