Sort My Money founder and personal budgeting specialist David Rankin and two of his children, Lucas and Layla, caught up with Channel 9 Today Extra’s David Campbell and Sonia Kruger to discuss how to get kids into great financial habits for life. SONIA KRUGER: 66 per cent of Aussie parents are worried their kids don’t understand the value of money, and according to experts the rise of online banking and credit cards is to blame. DAVID CAMPBELL: Joining us with more is finance expert and father of three David Rankin and two of his kids Layla and Lucas – good […]
David’s number one Budgeting Tip | Personal Budgeting
I often get ask what my number one budgeting tip is. My answer is not the oft-quoted budgeting tip of paying yourself first. Nor is it saving ten per cent of your earnings. My top budgeting tip is actually consistency. By, for example, consistently spending the same amounts each week on living expenses (food, drink, petrol and other day-to-day spending). Left to its own devices, this part of your outgoings can fluctuate wildly – hence the importance of making sure it is under control. Consistent debt repayments are a key ingredient of this budgeting tip. Going hard at that credit card or home loan might feel good […]
Mandatory Comprehensive Credit Reporting and what it means for you…
Mandatory Comprehensive Credit Reporting and what it means for you… The Australian Government has proposed a change that mandates Comprehensive Credit Reporting (CCR) from 1st July 2018. Also known as positive credit reporting, the proposed CCR legislation mandates the reporting of positive, as well as negative, credit history – from Australia’s largest financial institutions. So what does this change mean for you? Today your credit history includes credit enquiries (such as applications for consumer credit and credit contracts) and negative information (such as significantly overdue accounts, defaults, serious credit infringements and public record information). Essentially, previously your credit reports only […]
Teaching children good financial habits
The best way that parents can pass on good financial habits to their children is to be in good financial habits themselves. Children pick things up from their parents by osmosis. If a child grows up in a family where finances are a drama because money keeps running out, the chances are that they will continue that financial roller coaster ride into adulthood. If they experience a childhood in which energy does not get wasted on day-to-day financial transactions because everything just flows, this ease and flow is likely to be reflected in their own finances later on. It’s a […]
Why people hire Financial Coaches | Financial Coaching
You’d hire a personal trainer if you wanted to lose weight… You’d hire a cleaner if you wanted someone professional to have your house sparkly-clean (or simply, because you didn’t have the time to do so yourself!) If you wanted your teeth cleaned, you’d go to a dental hygienist.. If you were struggling with your furry friend’s bad behaviour, you’d find a dog trainer… And if your backyard needed a face lift, you’d get a landscaper in sort it out. Why? Because these people are professionals in their field. Hopefully, (if you picked the right one!) accredited by the governing […]
Expecting some extra cash? Don’t let it go to waste! | Budgeting Advice
One big mistake people often make when budgeting for their personal expenses is spending up big when a increase in payment comes along. Expecting a pay rise? Perhaps you have a bonus coming up, a large tax return on the horizon or you’re about to increase your income with a second job… A valuable piece of budgeting advice that everyone (no matter their income) should consider, is when you’re expecting extra income, not to spend it before it arrives – instead, consider putting some away. It sounds obvious. But it’s a trap that often sees people spend money before they […]