Do you worry a lot about your finances? A large number of Australians lack the confidence to manage and take control of their finances. Our research reveals that 2.86 million Australians are feeling financially stressed1.
The good news is there are some basic steps you and your partner can take to help you worry less about money, live the life you want and achieve your goals.
How to reduce financial stress
Here are some other suggestions to consider:
Talk about your strategy, expectations and goals together
Have an honest conversation with your partner about your current financial situation, priorities and goals to make sure you’re both on the same page.
Do a budget and start a savings plan
Understand your different attitudes to spending and saving and find out exactly how much money you need to meet your expenses and how you’re going to get there.
Don’t be a secret spender
Many of us fritter around $2,700 a year on purchases that we don’t tell our partner about2. So be honest with your partner about your spending if you want your savings plans to work.
Unclutter your paperwork
Have your statements delivered online and only keep important original documents, such as home loan papers and insurance policies. Have a printed copy of your budget and saving plans on the wall or the fridge.
Take advantage of joint finances
If you and your partner share a bank account (or even if you don’t), make sure you shop around to leverage your combined buying power. Compare the best deals being offered on credit cards, savings accounts, energy bills, technology and insurance, to name a few.
Know what you’re worth
Make sure you have a clear picture of all of your finances. If you’re an AMP customer, you can register with My AMP to view all of your AMP, and non-AMP, accounts at a glance.
Automate your finances
Consider setting up ways to put your money tasks on autopilot and take the stress out of doing it yourself – but make sure you have enough funds in your account to cover the bills; otherwise you’ll incur dishonour or late payment fees.
Get an AMP Bett3r bank account
This will help you manage your finances, put funds aside for bills, put money towards your goals and help you spend more wisely. Find out more at Bett3r.
What else can you do?
- Log in to your account often – so you’ll always know what’s happening with your bank balance.
- Talk to your partner regularly – to track your progress, raise issues and discuss new ideas for savings.
- Explore your goals – so you can make plans together to achieve them.
Need more help?
If you’d like to know more about how to simplify your family finances, speak to your financial adviser to help you decide what’s right for you. If you need help finding an adviser, call us on 131 267 or find more details here.
Managing your money
Find out how you can make a big difference to the opportunities and lifestyle you enjoy today and tomorrow with our online module.
Explore your goals
Try our online tool to explore, prioritise and create your own goals timeline.
Check out these five hallmarks of a money-smart life.