BLOG – Should your boss help you manage your money? (2 minute read)

Last week mainstream media reported that 75% of Australians are in financial stress. 51% haven’t asked for help. The statistics are similar in the UK and USA.

Debt counsellors say that more and more people are spending hours at work worrying about their personal finances.

Should the boss – or employers – help staff to manage their money?

Many employers pays for an ergonomic chair, gym membership, social functions and fresh fruit at the workplace. So, should they provide structured personal finance assistance too? Is that a step too far? Or is it much needed support?

I was curious. So, I took a small group of Human Resources staff out for coffee and cake last week to ask them what they thought. They said that money is the biggest cause of stress and anxiety at their workplaces. They said that their staff tell them that they feel overwhelmed about their financial situation and that they don’t know where to start. What do you think?

85% of us don’t know how much money we spend. So here’s my best tip for anyone who is feeling overwhelmed and who doesn’t know how or where to start. It’s something that I do. It’s what my parents do.

Forget the Apps, Excel spreadsheets and online tools. Instead, for one week, write down everything – absolutely EVERYTHING – that your spend on a piece of A4 paper. Include money that’s going in and out of your bank account, credit card transactions, direct debits, standing orders, loan repayments, bank fees, AfterPay transactions, cash purchases and PayPal transfers. Include everything from a $4 coffee to a $900 mortgage repayment. I do this. My Mum and Dad do this. We use Purchase Ledger Books. It works. It means that you have 100% transparency of absolutely ALL of your incomings and outgoings. By the of the week you will know exactly how much money is coming in and exactly how much is going out. It might be a nice surprise. It might be a huge shock. Many professional women have found that this 7 day task was THE catalyst that completely changed their attitude to money and which resulted in them changing and transforming their financial life. Will you give it a go?

WORKSHOP – Join me and Caroline Jean-Baptiste ‪on Thursday 8th November at 6pm‬. We are Inspiring and Empowering Women to take control of their Money and Mortgage. Book your place at. https://www.eventbrite.com.au/e/inspiring-and-empowering-women-to-take-control-of-their-money-and-mortgage-tickets-51007239025?utm-medium=discovery&utm-campaign=social&utm-content=attendeeshare&aff=esli&utm-source=li&utm-term=listing.

BUY the Underspent book. Available in e-book, iBook & kindle formats ($2.99) or paperback ($12.99) here ‪https://amzn.to/2uGHYJh‬ or get a signed paperback copy from via my website ‪www.cyclingrachelsmith.com‬

SPECIAL OFFER. 100 Underspent books for $1,000 (plus P&P if outside Brisbane). Email me to place your order Rachel@cyclingrachelsmith.com

Until next week…