1. Schedule time for complex tasks
It’s only natural that we put off tasks that are complicated, we often don’t have the mental energy for them in our day-to-day lives. That’s why scheduling time for complex decisions is worthwhile. When you’re considering changing super funds, or reviewing your insurances, there’s a lot of reading you need to do, and if you have more mental space, you’ll be more likely to make a good decision.
2. Set up good money habits
Think about setting a regular time to review your finances and forward plan, then reward yourself for doing so. Our research finds that money habits such as being organised with spending, forward planning and being organised with every day spending is closely tied with high financial wellbeing.
Rewarding yourself for taking the time can make habits you find daunting into ones that are more enjoyable. This also means you’re more likely to take the time to plan ahead or review spending.
3. Get a second opinion
Sharing complex decisions with trusted friends or family members is another way to lighten the mental load. You may even want to make time to see a financial counsellor or financial planner, depending where you are at financially. Financial counsellors can help you prioritise debt, work on a budget and help you see what options you have.
4. Automate your finances
To save yourself time for money decisions that really matter, it’s worth seeing how much of your finances you can automate. Setting up recurring payments into your savings can help you save money without having to think about it. And setting up scheduled payments for your bills and other committed expenses can help you cover what you need to on time.
If you’re with CommBank, consider using Bill Sense, which predicts upcoming bills in the CommBank app. And if you have a GoalSaver or NetBank Saver account, try using Goal Tracker to automate your savings.