Reduce Stressful Money Traps

LIVE IT UP eNews!                                                                            January, 2006

1. 3 Money Traps and solutions

2. Recipe: Mango Mousse Smoothie

Hi there!

You know, every day I feel grateful. Grateful that the second breast scan I had before Christmas showed no breast cancer. Grateful for a loving supportive partner. Grateful that I have two terrific kids. Grateful for the clean air I breathe. Grateful for my gorgeous cat. Grateful I have a sense of humour.  Feel grateful, give thanks and see how it feels!

Warm regards, Narelle

1. 3 Money Traps and 3 Solutions

Money issues can create a lot of stress, so check whether you have succumbed to these money pits.

Shopped for a new car? Grabbed another credit card recently? Organised a short-term “payday” loan to get over the Christmas hump?

Any of these 3 decisions can cost you huge $$.

Why? Because the costs associated with these are huge – from the interest payments to the loss of value to you as soon as you purchase.

  1. A new car loses anything up to 25% value in the first year. That could be $10k!
  2. Credit card rates can be as high as 18%, and don’t be fooled by “honeymoon” rates, the introductory low interest rate that increases to higher than normal rates 6 months later. Once those rates increase, if you have taken across your credit card debt from another company, your interest payments will be even higher if you haven’t reduced your debt while on the introduction rate.
  3. Payday loans are virtually unregulated– rates can be as high as 572% PA!!

You’ve worked hard for your money – don’t give it away. Use your thinking (cognitive) ability to figure out the best ways to increase your money pool and reduce stress.

The other loss you face is the opportunity costs. This means the opportunity for investment returns you could have made, if you had put that money into income producing assets.

Instead, try these tactics first:

  1. Buy 1 – 2 y-o cars that have been well maintained and come with full histories.
  2. If you use credit cards for bills, do a budget. See where it makes sense to spend on cards. Don’t use cards for Rewards Points – that will just get you in deeper.
  3. If your debts are out of control, talk to your creditors.  Offer a repayment plan that you can afford. They will work with you  to reduce your debt.

I’m not a financial planner, but as a psychologist, I can help with your stress levels!

2. Recipe: Mango Mousse Smoothie

Place all ingredients (pre-chilled) in a blender:
·  1 mango chopped into small pieces.
·   ¼ cup yoghurt of choice
·   ½ cup orange juice
·   1/3 cup lemon juice
·   1 tspn wheat germ

·   2 tblespns coconut

Blend until smooth, then stir through pulp of a passionfruit for extra deliciousness!  Serve in a tall glass with a sprig of mint, for a totally nutritious and cooling effect.

Mangoes contain good amounts of Vit C, Vit A and potassium to boost your immune system and give you energy; plus they are high in total sugar content.
Delicious!