- Small Business Coaching
- Are We Headed for GFC 2?
- 5 questions Business Owners should ask themselves
- Compound Interest is King
- Lessons from failed companies for SME
- Podcast with Jodie Nolan by Angela Counsel
- Lessons for the alternative investor
- Financial tips from the council
- 11 ways to afford your new baby
- 7 Ways to get out of Debt Fast on SheSaid
Surviving the Storm
Thriving in Uncertainty
Download article from Your Trading Edge Magazine. Are We Headed for GFC 2?
Attention BUSINESS OWNERS
Five questions to ask yourself about your business. Your answers will determine how successful you plan to be this year.
- Would you rehire your key staff/executives?
For your company to do well, you need the right people doing the right jobs well. You don’t have to settle for mediocre leaders in your business. Do your leaders regularly wow your team with crucial insights? Would you rehire them?
- Can you state your business strategy simply?
Like an elevator pitch, can you articulate what your business does clearly and concisely? If you can’t explain what you do in a quick, powerful way, don’t expect your employees or the market to get it either.
- What’s your cash cycle?
Your cash flow should be running faster than your investments in the business. If it isn’t, you risk failing. Basically the cash conversion cycle is how many days it takes a company to pay for and generate cash from the sales of its inventory. Crucial for retailers to know and understand how many days it takes for a dollar invested in growth to flow back into your business. The shorter the cycle, the less time capital is tied up in the business process, and therefore better for your bottom line.
- What 25 relationships do you need to nurture?
Business success depends on powerful gatekeepers and ‘key center of influence’ people. Make a list of the top 25 people who will help you double the size of your business—including the next five major customers you need. Figure out how to cultivate and deepen these relationships before you ask for any favours. Then pitch it to them with an established strategy – basically, ‘how you can create a mutually beneficial relationship’.
- What could threaten your industry?
What could threaten your very existence? Know your competitors. What are they doing? Keep abreast of changes to your industry. What are the new initiatives, technologies or developments in your industry? Should you be implementing, adapting or making changes to your business to mitigate your risk of a potential future problem?
(amended excerpt from Fortune Mag, Dec 2014)
Compound Interest is King
The MAGIC Rule of 72
Compound interest helps you build wealth faster. Interest is paid on previously earned interest as well as on the original deposit or investment you made. So if you deposited $5000 into a bank account at 6 per cent interest for 12 months you earn $308. If the interest is being compounded monthly in just five years your $5000 will grow to $6744.
On the flip side, this is how interest is also charged to your credit cards and mortgages.
The Rule of 72 – the nature of compound interest – is a brilliant way for you to roughly estimate how your investment will grow over time. Simply divide the number 72 by your investment’s expected rate of return to find out how many approximate years it will take for your investment to double in value. So if you invest $5000 today at 8 per cent, your investment will double every nine years (72/8 = 9).
The Rule of 72 is a great way to quickly estimate the effect of any growth rate, from quick financial calculations to population estimates. Here’s the magic formula:
Years to double = 72/interest rate
This formula is useful for financial estimates and understanding the nature of compound interest.
Some further examples:
• At 6 per cent interest, your money takes 12 years to double (72/6 = 12).
• Then, to double your money in 10 years, you need an interest rate of 72/10 or 7.2 per cent.
• If your country’s GDP grows at 3 per cent a year, the economy doubles in 24 years (72/3 = 24).
• If your growth slips to 2 per cent, it will double in 36 years. If growth increases to 4 per cent, the economy doubles in 18 years. Given the speed at which technology advances, it is important to consider how quickly an economy is growing.
You can also use the rule of 72 for expenses, like inflation or interest:
• If inflation rates go from 2 per cent to 3 per cent, your money will lose half its value in 36 or 24 years.
• If you pay 15 per cent interest on your credit cards, the amount you owe will double in only 72/15 or 4.8 years!
The rule of 72 shows why even a small 1 per cent difference in inflation or GDP has a huge effect in forecasting models and applies to anything that grows, including population.
Can you see why a population growth rate of 3 per cent Vs 2 per cent could be a huge problem for planning? Instead of needing to double your capacity in 36 years, you only have 24. Twelve years were shaved off your schedule with one percentage point – amazing stuff to know and understand!
Practical examples of the Rule of 72 in action
Q: Mary S. Investor needs to double her money in seven years to reach her financial goals. What rate of return must she earn to do this successfully?
A: Mary would take 72 divided by 7; and the answer is 10.2857 per cent – so 10.29 per cent is the amount she will need to earn on an after-tax basis to successfully reach her goal.
Q: Bill M. Investor is earning a 9 per cent after-tax return on his investments. How long will it take him to double his money?
A: To calculate the number of years necessary to double his money using the Rule of 72, Bill would divide 72 by 9; the answer, 8, is the number of years it will take for his investment to double after taxes.
Generally, investment portfolios generate income and capital growth. If you reinvest the income payable (instead of taking it to spend) and leave the investments to compound you will gain more income and growth on that original amount and your overall total wealth or investment balance will therefore increase at an astonishingly fast rate.
It is the magic of compounding interest and time in the market. Interestingly, if you were to invest $1000 in Australian shares 50 years ago, it would now be worth approx $150,000, earning the same as the All Ordinaries Index with returns being reinvested. If you took into account inflation, that $1000 should really only be approx $32,000 after 50 years, so the additional $118,000 is the effect from compound interest and capital growth.
As a result, you really need to start sooner rather than later as the best support to compounding interest is time.
Lessons from failed companies for SME
An excerpt from ‘Surviving the Storm’ by Jodie Nolan.
“This excellent book is a much needed how-to-guide for all investors, large & small. The no-nonsense approach tells you how it really is from someone who has been on both sides of the fence.” Ken Wright, Former Head of Westpac Investments & Insurances and Award winning author of ‘The People Pill’
Out of every failed business, corporate collapse or bankruptcy there are some bold and valuable lessons for the business owner to take away. Picking over the remains of a company, hindsight is a wonderful tool to shed light on what went wrong and what you can do differently in your company to ensure you don’t meet that same fate.
Your business model must be robust
I’ve often heard that a business is a reflection of its owner. How would you like your business to be perceived? Do you have solid fundamentals, history and values? What perception are you creating to the world?
Your business model, strategies and procedures must be strong enough to survive unprecedented business cycles and not leave you exposed to changes in markets, client buying patterns or technology.
Identify a worst case scenario for your customers, suppliers and staff. What is the worst thing that could go wrong? Plan for that.
Being in the financial/investment world, the worst case for me was the Global Financial Crisis in 2008. Having lived and advised through nearly 20 years of financial markets (tech wrecks, 911, dot com bubbles, subprime markets etc), I never thought the world markets could fall as far as they did in 2008 (in 16 month period the ASX fell over 50%), it meant the whole world would need to be collapsing financially – but it did, and experience is now a lesson.
Something to consider early in your business life is how and when you intend on getting out of your business. This process is called succession planning, and while you may feel you will have your business for many years, it is important to still consider at what point you believe you will sell or step out.
In my experience, many small business owners find themselves trapped in an unsellable business because the owner is so personally involved in both the customer service and administration that it makes it almost impossible to find a new owner to replicate the set-up. Ideally, if you are able to build your business to a level that you are not the only person involved a few things happen:
1. You are in a much stronger position to either create a better work/life balance.
2. You are able to instigate a succession plan to allow you to sell the business, realise any profits and move on either to another venture/retirement or potentially step out and draw said profits/dividends/income as the business continues without you.
If you aren’t synonymous with your company, then potential buyers can be confident that your business will run without you. You also need to consider how you market and sell your products or services. Can you hire a sales team? Can you work in a joint venture type agreement with another like-minded firm, cross promoting your products?
I know of two businesswomen, one who had a successful creative design firm, and the other a successful marketing company. They kept their companies separate, but worked together on seminars, workshops, large clients and utilised each other’s database. It created a pipeline of workflow that was first-rate, cemented relationships with their ideal clients and the collaboration allowed their customers to feel there was a huge team looking after all their needs.
In addition, you need to manage perception with all your customers. People only want to align themselves with winners, so ensure all correspondence and communications have a positive, successful tone.
You might also consider becoming an expert in your field in one particular area, rather than spreading yourself too thin across many endeavours or projects. In this case, you don’t want to be known as a mediocre “Jack of all trades, master of none”. So, don’t generalise, specialise! Focus on doing one or two things really well and you will definitely stand out from your competitors.
Put your money into things that matter
As outlined in earlier Smart Small Business chapters, one of the first things you need to enhance is cash flow, not just for business viability but also for sustainability and ultimately saleability. Creating a positive cash flow cycle will not only allow you to grow the business accordingly, to free you up or replace you as sole proprietor, but also allows any potential acquirer to pay more for your business because they don’t have to commit funds to working capital. It is a win/win.
Consider ways to improve cash flow. Can you ask your customers to pay half-yearly or yearly in advance for your service like a magazine subscription? This would ensure you get to use the money upfront, rather than providing the service and then waiting for payment. Once you have standardised your service then consider charging upfront or use progress billing to create a positive cash flow.
Expansion is gold, but not at the cost of your company
I’ve taken some time to research the many reasons why companies seem to go into liquidation and often it is a result of too much, too soon.
Don’t let your company end up on the cutting room floor. Understand your financials, figure out how many pipeline prospects and leads will likely convert to sales. Not only is this figure important to know when you go to sell (or borrow etc), as it allows a potential buyer (lender) to estimate the size of their market opportunity, but it also allows you to adequately plan for periods of slow sales. (You’ll find the details in understand your four key financial statements and performance ratios in the next chapter).
When do your sales typically drop, is it cyclical or seasonal? Plan to have enough cash flow to support and sustain your business through these slow periods. This is particularly important for those who rely on sales or commission based incomes. Do not become a spendthrift when money becomes available, it is important to grow your business steadily and always ensure you have cash buffers available to meet all your expenses regardless of what the economy, buying patterns and consumer confidence is depicting.
Don’t be arrogant in business
It has been my experience that many business owners believe they are the only ones who can do a good job. They find it hard to delegate responsibilities and tasks and believe it nearly impossible to find good, reliable staff. While this can be the case, and many small-to-medium business owners say staff issues is one of their biggest headaches. Consider job share if you can only afford one position. Finding naturally competitive people ensures they will try to outdo each other.
Hire character and train skill. Only hire sales people who are good at selling products, not services. It is about making the product meet the client’s needs at the outset, rather than trying to change the product to fit the customer which is time consuming, costly and fraught with problems. There is a quote by Anthony Robbins which I love: “People are motivated to change either by desperation or inspiration”. This is so true – instead of waiting until you become desperate, find inspiration around you. Locate successful business owners who are keen to mentor you and help you discover, implement and prosper with change.
Be prepared to learn new things. Our world is moving at such a rapid rate, don’t be afraid to change and accommodate new technology, new trends and new ideas. Try not to be arrogant or cynical about business as this can end up shaping your thoughts and dialogue when times are tough. Staff and customers pick up on your negativity/outlook so try to remain positive, focused, ready to change and adapt, regardless of the business weather.
Work/life balance – what’s that?
If you are like many business owners, you went into business for yourself because you thought it would give you a work/life balance, the freedom to spend your time how you chose, work around school hours or sporting commitments. What you have probably found is that you have never been more busy, never been more stressed and are not sure what happened to your life, let alone your work/life balance!
Most business owners find it hard to step out of the picture for a minute and reflect on their business. Does your business rely too heavily on you? Are you everything to that business, can it operate well without you?
The keys to making your business truly successful are this:
- The product or service is teachable and valuable.
- You can repeat it consistently and others can too.
- You have a full understanding of the business financials, ratios and performance.
- How you do anything, is how you do everything.
- Everything is automated where possible and recorded by way of policy and procedure manuals.
- You think big and plan in the beginning, with the end in mind.
- You understand how your pipeline prospects convert to sales and strategize accordingly.
Everyone is different when it comes to work/life balance. But when you can ultimately take time away from your business, be it an hour, a week or a month, and it all runs smoothly regardless – you are free to focus on the things that make your life fun.
When things are tough or going pear-shaped
The best place to begin preparing for a downturn in business is to work towards where you want to be when things pick up again.
- Are there better ways to structure the business?
- What type of customers do you want to work with?
- How will you market/sell your product or service?
- What resources will you need to deliver products and services and how will you deliver them?
- Where will you operate your business from?
- What price and cost structure will exist?
- How will your business be funded? Will external funding be required or will it be self-funding?
When times are good most business owners spend little time worrying about every cent. However, when sales start to fall or leads dry up, this is the best place to start as it allows you to tighten the purse strings so to speak, to assist in cash flow and inevitability find ways to stop unnecessary outgoings.
Look at direct costs incurred each week, such as cost of products for sale and labour costs. Are there alternatives or better methods of delivering your product or service? Do some research here, what are your successful competitors doing?
It is also good money management when times are tough to work your way through every line item on the profit and loss Statement. Time put aside to focus on this issue can be some of the most profitable time you will spend in your business. It may seem tedious, but when every cent is coming out of your pocket as a business owner, it’s worthwhile. Consider how can you everything ‘better’, more efficiently and more cost effectively? Lots of self-discipline is necessary and a little shrewd ruthlessness as well.
It is important to remember that in relation to cost savings, every dollar saved is a dollar straight onto your bottom line. Whereas every dollar of extra sales may only be a matter of cents onto the bottom line, because every sale typically carries with it direct costs and overheads. In tough economic times, cash flow also needs serious attention – especially those businesses which hold stock. This area needs to be closely managed to ensure the purchasing standards are astute, perceptive and proactive. Ensure only the stock which is required is purchased. If you are purchasing stock on credit terms you could get a double whammy of reduced sales and collections at the same time as paying for stock that is taking longer to sell. You need to know your ratios and make sure you don’t have inventory sitting on your shelves longer than it needs to be, otherwise it will be costing you money. If you can measure it, you can manage it.
Make hay while the sun shines and when the weather turns nasty you have properly proofed your business ready for the storm. Your business will also be in a far stronger position than competitors who haven’t properly managed and prepared for downturns. Then, when the upturn arrives, which it always will, your business could be in a stronger position than ever before!
Focus on what really matters:
- Set time aside to work on your business not just in it.
- Think outside the square – what can you do differently to your competitors?
- Be innovative.
- Decisions + actions = results.
- Implement and maintain business budgets.
- Understand what your profit drivers are.
- Understand and monitor your key performance indicators (KPIs).
- Link crucial KPIs to team performance and remuneration.
- Constantly revisit business and marketing plans, your existing suppliers and also the policy and procedures manual.
- Nurture and respect your customers and clients consistently.
There have always been professionals associated with brokerage firms that make their living from trading, but it wasn't until the last decade, with significant advancements in technology, that the average investor had direct access to the markets. Live data feeds and extensive global news coverage fans the flames for the novice trader and allows almost anyone to take advantage of the alternative investments arena such as commodities and foreign exchange.
The only real problem with the information superhighway is the masses of irrelevant data, which can distract and distort the judgement of even the best professional traders. Trying to remove the 'noise' and not overload your sensory system is an essential skill of the master trader. Ideally a skilled trader will learn to pay attention to what is important, filter the signals from the noise and appreciate that patience is virtue. Learning to remove all emotion from your trade decisions is also essential.
If you are serious about becoming a trader and accessing the alternative market space, trade for a living or simply diversifying your portfolio, then you really need to hone your skills from an educator who can show you the essentials.
It wants residents interested in obtaining tips to improve personal finances to join Jodie Nolan -- author of Surviving the Storm; how to start with nothing and make millions -- for an educational talk and book signing on March 5, 2012 at Caloundra Library.
Whether you are looking for solutions to personal finance issues or need to maximize your business presence, each section of Ms Nolan's book demonstrates step-by-step how easily you can recover and advance your financial situation.
Be inspired by this financial adviser's personal story of how she started with nothing and went on to be a self-made millionaire by the age of 29, lost her wealth and is now rebuilding it back again.
Book your place today by calling Caloundra Library on (07) 5499 5444 to attend this not to be missed finance roadmap that covers all there is to know about increasing your financial position.
For more information and to learn about the wide range of upcoming events at your library visit www.library.sunshinecoast.qld.gov.au.
Deciding to start a family can be the biggest decision you will ever make. When is the right time? Can we afford to live on one wage? Will we be good parents? It is a huge responsibility and life changing to say the least!
I am a mother of two adorable toddlers (if I do say so myself) and it wasn't until I became a mum that I truly understood why people say 'you can never prepare enough for a baby'.
In my case, we prepared financially very well. In fact, I had decided not to return to work and we knew we could afford our lifestyle on the income and assets we had at the time. Only problem was, six weeks after our daughter was born, we lost nearly everything due to a corporate collapse and the global financial crisis! So the best laid plans can often go astray and I'm living proof, I spent the next three years with two toddlers, working and running a business! So much for my plans of long mothers' group lunches and play dates at the park!
For most people, finance is far from their mind when they first learn they are having a baby, but at some stage you will need to address time off work and how you are going to afford a baby and young family? The first place to start is to get an idea of how much your new bundle of joy will add to the family budget in the first year. There are so many costs, both before and after the baby is born. According to a study by the Australian Institute of Family Studies, your first child costs between $3,000 and $13,000 in the first year alone!
Construct your original budget for the next 12-24 months (if you are already pregnant), depending on when you think you will need or want to return to work. Calculate a rough idea of all the medical expenses, maternity clothes, baby clothes, nursery furniture, car seat, prams etc – this list can be endless, but for the most part it will give you a rough idea on what you can spend on each item. It all adds up very quickly and can be quite daunting but don't let it get to you, there is exciting changes ahead and you know you can make it work!
Then, decide how much time you can afford to take off. This will generally be the amount of time you can survive on one wage, your savings or on Centrelink benefits or when you feel you would like to return to work. This loss of income forms a crucial part of your considerations as most new mothers don't have the luxury of choosing to stay at home for long periods of time as the choice to return to work is made for them with unyielding expenses and high costs of living.
When you are pregnant, getting your debt levels down becomes a priority, remember the gift you are giving to your new family is financial stability. The more control you have over your finances, the better decisions you are able to make in relation to work, housing and living costs.
Most new couples baulk at the cost of a new baby and all the expense that comes with it. Please be reassured that many people bring their new babies into the world without huge expense.
Some ideas to make it a little easier and more affordable could be to:
- Ask family and friends who would normally buy you a baby present to contribute to the large ticket items (such as cots and prams).
- If your friends organise a baby shower for your, suggest a list of little items you are yet to buy that they can provide as gifts – baby wraps, wipes, singlets and bath products are all fantastic gifts for a new parent. Perhaps creating a register at your local baby store too.
- Get the best possible bargains on baby clothing and equipment. Shop around and take your time because the big department stores have baby sales numerous times a year and you can find a lot of nearly new items on websites such as Ebay or Gumtree. Alternatively, you can be creative and make a baby change table out of an old chest of draws or table, as long as you have the non-roll changing mattress you can save hundreds on a specialised change table. I know genius new mums who scoured garage sales and found antique cots and furniture, scrubbed them and gave them a coat of non-toxic paint and set up the most amazing nursery – and all without breaking the bank!
- While you are on the internet, sell items you no longer want or need to create that much needed cash to purchase baby items – garage sales, eBay, consignment shops etc.
- Ensure you are receiving all the government benefits, rebates and subsidies you are entitled to as a new parent. The baby bonus is now made up of 13 fortnightly instalments (totalling $5,100 approximately) or maternity leave instead of the baby bonus if you worked in the 10 months prior to your child's birth.
- Perhaps hiring a capsule from your local baby store or Ambulance Station and waiting until your baby is old enough for a car seat, that way you can save on buying two different car seats (or an expensive dual seat) and the capsule lets your sleeping baby stay resting.
- Babies grow out of their clothes quickly so consider buying for comfort rather than the expensive fashionable baby clothes. You can never go wrong with Bonds Wondersuits!
- Consider breastfeeding (if you are able) rather than expensive baby formula
- Consider your insurance needs, especially life and private health insurance which all change when you become a parent. While we are on the paperwork side of things, make sure you update your Wills and Powers of Attorney – it is crucial you put in writing your instructions on who is to be the guardian to your precious baby should something unfortunately happen to the parents.
- Resist the urge to buy a bigger car or home, as long as you have a reliable vehicle and good back seat you good to go!
- As your baby gets older, consider making your own baby food – buying fresh fruit and veges from the local markets, cooking and then blending – you can freeze the blended mix in ice-cube trays and pop a few out at each meal.
While many things are out of your control (like when you will actually fall pregnant and what sex your baby will be), other aspects like your personal finance can be easy to control when planning for your new arrival, the trick is to start early!
As with all good planning, it is a matter of ensuring you are not spending more than you are earning, and in the case of preparing for a baby, you need to include saving in the mix too!
One of the early benefits to being pregnant is a few of life's luxuries get put on hold such as coffee, wine and fancy cheese! For some, this poses a great saving each week and even your daily coffee run can save you up to $35 a week! Eating at home, watching DVDs instead of the movie theatre are all great opportunities to save. In addition, many women find they save money on regular nail and hair appointments as they choose to refrain from chemicals or have truly beautiful nails and hair during pregnancy so no need for professionals.
In tackling the issue of how to afford a baby, here are my FIVE top tips for new and impending parents:
- Budget for life with a baby. It's easiest to start with an excel spread-sheet budget planner (available at www.equisgroup.com.au or www.moneysmart.gov.au). Get out your last three credit card and saving account statements to work out where the money is going (spending). Add in the incidentals you don't record on statements (cash withdrawals etc) and tally how much you think you spend each month. If you have a surplus, then you should either have a bank account with savings, or you can see where that surplus money goes (ie. your mortgage). If you don't have a surplus, you need to start now to reduce your expenditure, reduce your debts and budget for your future.
- Pay off your credit cards while you have two incomes. Try and pay down your credit cards whilst you still have a reasonable income, it is too hard when you are meeting the demands of motherhood and surviving on one wage. Consolidate debts if you need to, speak to the banks about your loans and see if they can provide some advice on how best to tackle your situation. Sometimes your lenders will suggest switching your mortgage to interest only for a year two to assist with cash flow. This is a great idea in leaner times (such as when you are on one income) but it is always recommended to be paying principal and interest on your mortgage over time to get that debt paid off.
- Live on one wage as a test before bub arrives. Live on one wage for a while (or whatever income you will have when bub comes) for a month or two as a trial. Great lessons can be learnt from this act alone and provide great insight into how you will cope in the future with bub in arms.
- Start a savings account for baby. You can put a few dollars each week, and these funds can be put towards a longer goal (such as children's education etc) or you may find yourself dipping into this money during leaner months ahead.
- Becoming a savvy spender. Learn to be a good consumer, shop around and be smart with your spending choices. Over time, you will become a brilliant role model to your own children and encourage great money habits for them too!
Jodie Nolan is an author, mother, speaker and financial expert. Jodie has published two books, one "read My lips' with a range of contributing authors and 'Surviving the Storm'. Both available through Bermingham Books and leading Australian bookstores. Visit www.jodienolan.com for further information.
View the article on BubHub here.
1. Identify your attitudes towards money and see where your potential pitfalls are
Are you positive or negative about money? Do you value it or spend it on frivolous purchases? Identifying your attitudes makes you understand where you may be going wrong and how to set your finances straight!
2. De-clutter your world
Clean out your office, study or bedrooms. Get organised. You will be surprised at how this will truly change your world. Invite money into your life - make room for it. Set up proper filing systems, treat money with respect.
3. Work out where your money is going
Think of your household like a business? Develop a profit and loss statement - how much is coming into your household? and out again? Find out where the bleeds are which keep you from becoming wealthy and able to invest in shares, property and other business interests. Stop spending on your credit card - if you can't afford to pay down your credit card each month, stop buying! Say no to new purchases until you get it back under control. Remember, it is you against the world, no one can do this for you. Baton down the hatches, if only for a while, your finances will thank you for it.
4. Be creative to earn more
Can you potentially earn more? Can you start a side hobby or home business, take a boarder or rent your garage space, consolidate your debts and streamline your shopping to free up some cash flow? Can you sell some of your jewellery, clothes, handbags? Many items that sell well on eBay – have a look around, are there items you don’t use or don’t need any more that you could sell? Perhaps a garage sale? You could be paid to be a secret shopper, typist, social media updater or you can look into a multilevel marketing company such as Avon for additional income.
5. Teach your kids about money
Develop ‘financially literate children’. This will help you monitor what you spend on your family and have you all working towards a goal. Even a child as young as 2 can earn pocket-money through age appropriate tasks to understand and value money. Consider what your parents taught you...what do you wish they had told you? If you wish they told you certain things about money and life, that is generally the stuff you desperately need to share with your children so they are wiser for knowing.
6. Learn to shop wisely
Look in op shops for similar or second-hand items you don’t need to buy new. Wait for the specials at the supermarket or until 4pm Friday when most fresh and meat items are discounted before the weekend. Freeze your credit card, so when the impulse to purchase something arises you have to wait for it to defrost before you do, usually the urge will be over by then!
7. Start today
Compounding interest is king – it is not how much you have, but how much time you have.
What are your best money-saving tips?
View the Article on SheSaid here.