How Well Are You Keeping Track of Your Money?

Financial planners on the Sunshine Coast are urging everyone to take better care of their finances. A recent report revealed that one of the Queensland’s oldest financial institutions hit a major snag with duplicate transactions showing up in their customer’s accounts.

Even though the bank was aware of the issue, they could not provide their customers with any details and were not able to confirm when their money would be returned. While the issue has since been resolved, customers were temporarily unable to use their bank accounts or credit cards, with the technology failure affecting their access to funds.

When something like a bank error happens, it’s often quite surprising how unprepared most people are and how few people have a solid back up plan when issues that are beyond their control arise. For example, one woman said she needed the money from her duplicate payments to pay for her wedding dress the next day and one woman said that she couldn’t use her credit card.

With proper financial planning, unexpected situations like this could be handled much differently. Many people do not have a ‘plan B’ whatsoever and are literally living day to day on no budget whatsoever. A lot of times, people don’t even know what’s happening in their own bank accounts. It’s definitely clear that the financial times have changed and priorities have shifted.

Here are 3 reasons why people aren’t saving money:

  1. We are constantly upgrading our lifestyles.

 One of the main reasons people are living paycheck to paycheck is because they are constantly seeking status symbols and lifestyle upgrades. Many people look like they have money, but a lot of those people actually don’t, and if something like money disappearing from their account happens, they are literally up the creek without a paddle.

  1. We are procrastinators.

It’s really important to master paying yourself first. When you do this, you can build up a nice amount of savings over time, yet most people constantly put it off until something goes wrong—like money disappearing from their bank account with no idea of when it will get returned—then they have no way of taking care of their basic daily needs without borrowing, if that is even an option.

  1. Many of us think saving is a waste of time. 

It might sound strange, but the spending habits of bad savers prove this point. Bad savers want to live in the “now,” or in the present and have fun. How can anyone have fun when they’re constantly broke and running out of money? When a bank error or another issue beyond their control happens, bad savers panic because they have no plan in place to help them manage their daily expenses in the interim.

Are you looking for ways to plan for a more secure financial future? One of our financial advisors on the Sunshine Coast may be able to help you get a better handle on your finances today.