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Although I was an accountant by trade and spent my career in banking, I’m not such a great manager of my money these days. I blame being busy and having lots of babies. Our family has gone from one child……..
to 6 (oh and there’s a grandma in there too, well she’s always been there and still going strong).
And I have to confess that I haven’t stayed up to date with everything, I’ve been trying to work from home and keep the blog up and running. Oh and when I’m not doing those things then I’m always doing things around the house or in my van driving everyone to where they need to be. And I know what money is coming in and out but tend to lose sight of the bigger financial things that I should deal with. And then there’s that little thing called shopping. I’m a spender rather than a saver. Are you?
I started writing this post and having a little think about where I should be better with my money and realised how many things I’ve let slip. Things I’ve been meaning to do but just haven’t gotten around to. Combining my Super into one and making contributions, paid parental leave, look into setting up a disability trust, insurance for myself and so on. Oops. When I was working and just looking after myself it was much easier. I had shares in the bank I worked for, income protection, super, savings and on top of it. But it’s been baby after baby and I leave the bills and financial stuff to hubby to sort out who is busy enough.
Women’s Money Toolkit is a great new tool developed by ASIC where you can find information for whatever stage of life you are at.
You simply answer a few simple questions like whether you are planning to have a baby, buy a house, care for someone with an illness or disability and so on. And by so on I mean loss of job, a partner, starting or running a small business. There are so many options depending on your circumstances. Based on those answers there will be a selection of areas for you to read up on and tools to help you like a budget, spending tracker, link to Centrelink to check your entitlements and more. You can select individual items and add them to your ‘To do’ list and who doesn’t love a ‘To do’ list to keep you honest! There are also 2 new calculators on the website which are a Career Break Super calculator and a Parental Leave Calculator.
And for me personally I know that my readers are finding out that their children have special needs. I urge you if you have a child with a disability that you make sure you are receiving the Carers payment and/or allowance. The carers payment is means tested and the allowance is not. I can’t tell you how many people don’t apply or don’t know about the Supplement paid in July each year. If you are without funding for your child this money becomes so helpful in covering the cost of therapies. I put it off for a year because of the paperwork and I just put it in the too hard basket but it now goes towards the cost of therapies before school.
I found the Women’s Money Toolkit super easy to use, helpful and am going to use the budget to start some good habits at home and get on to my super and insurance as well. I also loved the things to talk to your partner about finances. Not a problem when you are married to an accountant. They LOVE to talk about the finances and money situation. LOVE. And in my case the shopping that arrives at the doorstep. If you’re married to someone in finance then you know what I’m talking about. I married the saver and he married the spender. He can’t build a deck at our house but he does a great spreadsheet. But for all of his knowledge and love of finance I do know that I should step up and take more of a role.
How does it work in your house? Are you the spender or saver?
I know some of you run a tight ship and would have all of your finances in ship shape but even if you do check out the Women’s Money Toolkit and see if there is anything missing or that you need to do.