“The average tradie spends a house deposit every 5 years on takeaway – and much, much more….”
Be careful how you spend – Everything is now watched and analysed
We are all aware that somewhere in the ether of the internet, that how we spend, is recorded and then used to sell, suggest and entrap us to buy more. Our tastes and preferences are already known. But it’s not just the barrage we now face to buy more, there is also the risk we face in not being able to get what we want.
Those who are lending you money are also having a look at who you pay and how often. If you are thinking of getting a home loan, think about what the bank really sees on your bank statement. How often do you tap for coffee? How often do you buy takeaway in a week? Who would give a mortgage to someone buying lotto tickets and paying their sports bet account? And of course, there are other small loans such as “Afterpay” that look like part of a purchase.
In an article in the Australian (Thursday 4th July 2019) Robert Gottliesen writes that “This week I was in direct contact with a dentist who was somewhat stunned to receive a call from a lending officer from a big four bank. The lending officer wanted to know whether the patient (who was a prospect borrower) faced major dental treatment. The bank had noted that there had been a $2,000 outlay for a crown and feared further outlays would affect the customers’ ability to meet instalments”.
So, if they are concerned about you spending money on your health then how will they react when they see gambling, constant tap and go at takeaways, endless food delivered and drawing of $200 at venues that are known to have pokies.
We have been routinely talking to all our clients about separating business and personal life, so that the business expenses are kept separate. We also talk about budgets. The hardest one is always the home budget.
If folks from the marketing firm Yankelovich Inc. are right, the average modern person is exposed to around 5,000 ads per day. Breaking the tap and go habit is hard. We are under so much pressure to use it.
Here’s an idea from The Angels at Your Business Angels / Fresh Numbers… pick your budget amount. Withdraw it in cash, and that’s all you are going to spend on your home budget that week. If you run out before the end of the week – try defrosting something in the freezer. Trust us. You will get by and start some great habits.