As a mortgage broker, I am increasingly encountering clients struggling to save. Sometimes it’s a lack of discipline, but equally a lack of know how.

I don’t completely blame the individual for this, I think the government has a lot to answer for, with the lack of focus on financial literacy in our schooling curriculum, and secondly evolving technology which is constantly identifying new ways to erode your bank balance without you noticing.

How many of you have some or all of the following accounts: music subscription, credit cards, interest free store cards, insurance, retail memberships or gym memberships? some of these charge you a minimal weekly, monthly or annual fee that is small enough for you not to notice, but big enough to make these companies significant profits with enough subscribers.

I recently heard a story that 24-hour gyms over subscribe by about 55% because the number say only 45% of the subscription base will actually turn up regularly. The theory is that they hand out memberships to 155% of actual capacity, knowing they will never come close to overcrowding. I cannot speak to the authenticity of this information, and this is not intended as a swipe at 24-hour gyms by any means, just an example. I have had multiple gym memberships in the past, that I didn’t use to the best of my availability!

So I feel increasingly placed in the position where I want to protect the money I earn, before I am coerced into giving it away to a worthy cause or a subscription that “really isn’t that much to pay each week”. I’m no different to you, I struggle to commit to these things, so I use tools that will help me commit, and see it through to the end!

I want to share those tools with you. If it’s not your cup of tea, that’s fine. My intention here is to make you more conscious of your spending, and you will find in due course, your relationship with your money will change for the better! Check out these videos.

******PLEASE NOTE******

The following does not constitute financial advice in any way. We are not accredited financial planners or advisors. We encourage you to seek financial advice from the appropriate professionals before investing. We are merely sharing information we and our clients have found useful in educating ourselves, and changing our relationship with money.

Pocketbook – Budgeting Application

RAIZ (previously Acorn) – Savings and Investing

Selfwealth – Assists you to understand a share portfolio, performance, cheap trading options etc.

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