On the heels of the holiday season, Conscious Money’s Karam Singh explores why the ‘Insta-life’ hinders rather than helps one’s personal debts and how getting in control of your finances can help with your holiday plans.
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With the holiday season coming to an end, it’s important to sit down, review your finances, and plan ahead for the year.
A lot of it is due to consumer behaviour and the emergence of the ‘Insta-life’.
When I sit and reflect, many new clients that meet with me have the idea that what they see online is what is ideal for them – the lavish resort on a Greek island, the business class trips on short-haul flights, the fantastic shopping, and the fine dining experiences.
Unfortunately, many of those who promote this do not share how the spending is being financed. Don’t be surprised if it is all mostly on credit cards, personal loans, and Afterpay.
As an adviser, it is alarming that we are seeing an increasing number of people coming to us for assistance with their debt situation.
We give them tools to help them manage their cash flow using resources available through websites like Money Smart. In most cases, it is about changing their mindset.
While we can offer practical strategies to help you manage your debt and to try and speed up repayments, if you don’t change your mindset, it’s not going to work.
Now is the best time for you to review your current position and to reach out for assistance.
This information is of a general nature only, and neither represents nor is intended to be specific advice on any particular matter. We strongly suggest that you seek professional financial advice before action. The information in this document reflects our understanding of existing legislation, proposed legislation, rulings etc. as at the date of issue.