October has officially arrived, but will you make it out alive? For very few make it through the creepy place in which fear lies.
You might scoff at goblins, ghouls and ghosts, but it’s your deepest thoughts that haunt you the most. Make-believe monsters bark, they don’t bite. But guilt and money regrets will keep you up at night.
Admitting to your faults will set you free, to become the person you ought to be. So keep this checklist by your side and from your financial fears, you’ll no longer hide.
1. Watch out for werewolves of Wall Street
So, you’re a solid saver by day, but a serial spender by night. Could it have something to do with the people you hang around? We’re not saying to blame your mates for your money mistakes, but if they encourage you to spend beyond your means then it might be time to find a new wolfpack.
At the very least, you should consider setting yourself a withdrawal limit on your bank account so you can avoid any wolf-like rampages the next time you’re out with any Wall Street werewolves!
2. Don’t become Frankenstein’s bride
Let’s be frank, no one likes a bridezilla. So if you’re a demanding bride-to-be on a mission to give the Royals a run for their money in the wedding-planning department, then here’s a reality check. Believe it or not but you actually can plan your dream wedding without racking up a nightmare bill!
A Vera Wang custom dress and designer decor are nice, but they’re not the make or break of your big day… Then again, keep unleashing your inner Frankenstein’s bride and breaking the budget and they could be (the break part at least).
3. Quit being a balance transfer zombie
So, you moved your credit card debt to a balance transfer card so you could pay it off without copping ultra-high interest charges? Not a bad plan. That is unless you zone like a zombie and forget to pay it off before the balance transfer period ends and wind up copping even higher interest charges when the revert rate kicks in.
Moral of the story: don’t become a balance transfer zombie. Aim to pay your debt off before the balance transfer period ends so you don’t get smacked with astronomical interest charges once the revert rate kicks in
4. Seal your savings in a term deposit tomb
If there’s one great thing that the internet has brought to banking, it’s convenience. But what’s a blessing to some is a curse for others. If having instant access to your cash in a flash sends you into a self-sabotaging spiral of dipping into your savings, then repeat after me: out of sight, out of mind.
Seal your savings in a term deposit tomb so you can let your money grow over a set period of time without temptation getting in the way. On top of that, you could potentially earn a little extra bang for your buck in interest.
5. Don’t let convenience keep you in a swamp
Swamps are for ogres - and you’re not an ogre, right? Didn’t think so. So don’t let yourself get stuck living in a swamp because it’s easier than making a move.
What saying is don’t drop your standards out of convenience when you could be getting a better deal elsewhere. Stuck with the same crumby interest rate you got when you first took out your home loan? Do a refinance home loan comparison check to see what’s out there and then switch to a better rate!
Have a very happy Halloween, folks! Check out our life & money hub for more freaky finance tips, otherwise, we’ll see you back here next month for your November 2020 Financial Checklist!