There is probably a very long list of things that the world’s millionaires do regularly that most of us only dream about, like holiday at luxury 6 Star resorts, fly first class and eat at the world’s best restaurants.
But there is another thing they do, and unlike the luxury holidays this is something we could all easily do each day but don’t.
Unlike most of us, rich people watch their money very closely. According to American wealth guru Tom Corely 94% of the rich balance their checkbook every month, compared with just 32% of the poor.
Most of us wouldn’t classify ourselves as poor, but off the top of your head could you say how much money was in your bank account right now?
Getting into the daily habit of tracking your money will also make you better off. Not only will you have a better understanding of where you are spending your money and how much you are (or aren’t) saving, you will also be able to react quicker if things start to unexpectedly veer off track.
Roy Morgan research recently revealed that only half of all Australians aged 14 and over feel confident in managing their finances and investments. And that confidence in managing finances was lower for people with less money.
It doesn’t have to be this way. There are plenty of free resources, even apps available to help you get started on your road to richness. To make it even easier for you to get started, here’s a list of some of our favourite freebies:
For money saving ideas and banking comparisons
Mozo – our award winning comparison tools help you find the best deal for your needs, whether its a low rate credit card, a fixed rate home loan or travel insurance. Plus lots of great how-to info on our blog.
Savings guide – an awesome site full of great tips and advice to help you save money on everything from groceries, heating bills to halloween costumes.
MoneyCircle – a community for women to share their wisdom on money and how to make the most of it.
MoneySmart – the ASIC website with helpful articles, videos and information on all things money related.
For help with money tracking and budgeting
TrackMySpend – Developed by ASIC the app helps you to track your spending. Includes a cool wants versus needs tool to help you identify ways to save. Available for iPhone or Android.
MoneySoft – a free budget planning and budget management tool that allows you to view all your financial information in the one place and help you to make more informed financial decisions.
Pocketbook – the personal assistant for your money.
MoneyTracker – comes free with NAB’s online banking platform.
Watching every cent isn’t about being a scrooge, it’s about being in control of your finances. And if you are in control you can make better money decisions.
So get to it and start acting like a millionaire!