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Launch of the BiG investing Guides

Now that the BiG 30 Day Challenge has finished, we’re into our next phase of making BiG THE go to place for you to find:

Given that many of you will be filling out your tax returns and have boxes of receipts and your finances on your mind! – here’s some research by the Financial Literacy Foundation Financial Literacy Australians understanding money. It finds that:

• 48% of respondents don’t budget regularly for their day to day finances;
• 27% have difficulty setting money aside for big purchases or spending;
• 17% don’t think about ways to reduce spending, 17% could not get by for some time in case of a financial emergency and 16% are not easily able to keep track of their everyday spending;
• 22% claim not to save;
• 21% get into debt by buying things they can’t afford;
• 17% usually pay back only the minimum amount required on their loans;
• 17% don’t feel comfortable with their level of debt; and
• 13% usually pay only the minimum amount owing on their credit card.
And
• Australians are less confident when it comes to dealing with more complex money management issues, but keen to learn more about these issues;
• despite generally high levels of confidence in their ability to manage money, some Australians do not have good money management habits, particularly in areas where they are less confident, such as investing;
• a significant proportion of Australians have attitudes, beliefs or behaviours that may adversely affect their motivation to learn more about managing their money better and take action;
• ability does not necessarily translate into action;
• where ability is lacking, people can be assisted to progressively build their confidence and competence; and
• regardless of their ability, people need to be aware of the personal relevance and importance of better money management and motivated by the prospect of greater choices and opportunities, security and other quality of life benefits that better money skills can provide.”

So rather than you get to the end of this financial year and still:

  • live from pay check to pay check, or be facing a financial crisis
  • not have had that overseas trip or bought that investment because you hadn’t budgeted for it, or
  • have a pile of receipts and expenses that will take you days sorting through to get your tax done

… we know that a great way to help you is to start with our first BiG investing Guide:

Big Guide #1.1 Wealth Creation How to Assess your financial position, Budget and Manage your money

It has lots of ideas, calculators and tools from MoneySmart (ASIC), Noel Whittaker, Scott Pape and others so you can quickly and easily work out where you’re at – and going!

We’ll add more Guides as we consolidate the best people, research, tools and tips available.

If you make the effort, then as Paul Clithero suggests:

It really doesn’t take much to get going and by making the most of our money, we have greater control, less stress and a better chance at having more choice in our lives. Little things really can make a big difference when it comes to money, and a little bit of effort is well and truly worth it.

Paul Clithero Chairman Financial Literacy Advisory Board Sep 2007
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