Imagine playing a game of footy where you weren’t allowed to know the score. Coming down to the last few minutes, you have no idea who is winning or how close the scores are. Do you play conservatively? Do you play aggressively? Should you go for a goal, or a try, or just defend with all your might?
Reality is that that without knowing the score, you really don’t know how to play. It might be easy to think that you are playing your best, but without the certainty of where you currently sit in the game, there is no motivation to really give it everything you’ve got. You might take it easy, only to find out that you are twenty points behind. Conversely, you might try so hard you hurt yourself, but you’re twenty points in front.
The same principle applies to your money management. Unless you are up to date with where you sit in the game, how can you possibly decide where and how to spend your money. Just the same as football, you could overspend and come away with a bad debt or not enough money to pay critical expenses, or you could unnecessarily scrimp like crazy and deprive yourself of a comfortable lifestyle, and end up the richest person in the cemetery.
Remember to always keep an eye on your financial scoreboard. That way you will always know where you stand in the game. You can determine when you need to put in a bit more effort, and when you are able to take the pedal off the gas and enjoy the game.
For advice on your money management needs, give Steve May Financial Services a call and start a conversation today.
You need to consider with your financial planner (or adviser), your objectives, financial situation and your particular needs prior to making an investment decision. Sensibly Pty Ltd and its authorised representatives (or credit representatives) do not accept liability for any errors or omissions of information supplied on this website
Nick Shanley, Steve May, Luke Styles and Shanley Financial Planning T/A Steve May Financial Services are Authorised Representatives / Corporate Authorised Representative of Sensibly Pty Ltd, AFSL 533923. Please refer to our website at www.stevemayfs.com.au to reference our Financial Services Guides.
