Financial White Ants

Just like those pesky insects that can slowly destroy your home without you realising it, sometimes we humans white ant our own financial security without realising it either.

  • You speak to a friend who has owed you money for a long time, but again you are too embarrassed to ask him to pay it back.
  • You buy your lunch again because you ran out of time to make your own and bring it to work.
  • You see something you like, but can’t afford to buy and certainly don’t need, and you book it up on your credit card knowing it will take several months to pay off.
  • You pay the minimum payment off your credit card (you are still paying off last years holiday!)
  • You get your super statement and stick it in a drawer without checking to see that all of your and your employer contributions have been added, that you have chosen the best investment option for you, and that you are not paying excessive fees.
  • Five years ago, you refinanced your house to a ‘line of credit’ so that you would pay it off faster. Thanks to the pool and new car, you now owe just as much as you did then. However, you do intend to start saving as soon as the loan is paid off….
  • You see an article about dividend re-investment and promptly ignore it and scroll to the sports page.
  • You have an opportunity to increase your income by doing some study, but you haven’t got around to starting it yet.
  • You have no plan to buy income-producing assets such as shares or investment property because you think you have to have money to make money.
  • Your employer allows you to salary sacrifice your super contributions – you don’t because you make no super contributions.
  • You save 10% of your income – into your xmas club and holiday account which you spend every year.
  • You seem to run short of money just before pay day but can’t say no to drinks after work a couple of times a week.
  • After dinner, you spend 3 hours planning next years holiday with your partner. You have never spent 3 hours, ever, talking about your finances with your partner.

What can you do today to stop white anting your financial well-being?