The Playbook For The Modern Man

Streamline Your Spending – Cash Money Lessons Issue 03

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As a strapping young man, one of the greatest assets you have on your side is time. Putting even small amounts of money to work now can have a big impact in 50 years’ time. That being said, sticking to an overly restrictive budget isn’t any fun either so let’s take a look at how you can save a few extra pennies by working smarter, not harder.

If you have a regular, stock-standard bank account or credit card that is charging you fees, start shopping around immediately. There are accounts out there with no ATM fees, no monthly fees and no annual credit card fees. There are even accounts where you can use any bank’s ATM for free.

Still got that $1000 worth of shares in that company that’s never gone anywhere? Bite the bullet and sell them. “Hope” is not an investment strategy. It might sting, but take the tax loss and move on.  The opportunity cost of that money is worth more to you than paying the directors their $300,000 salary for another year.


A lot of us are also guilty of having multiple super funds and you’re probably paying fees on all of them. It takes a little bit of effort but rolling them into one account is well worth it. While you’re there, check your strategy, performance and the fee structure. Don’t think you’ll sort it out at retirement, because by then it’s too late. You need the benefit of compounding returns working for you from today.

Luke Laretive is a Senior Private Wealth Adviser @ Shaw and Partners. This is general advice and you should consider it in light of your personal circumstances.

RELATED: Maximising Your Earning Potential – Cash Money Lessons 01
RELATED: Putting Your Surplus Income To Work – Cash Money Lessons Issue 02

  • Stephen Graham

    As a financial planner, I see multiple super funds frequently. A word of warning when merging them. Look at the level of insurance, and the type of insurance, that may be attached. These can be a very cost effective level of protection. Also, have a close look at the fees. The preceived çheap’funds may not be what they seem. The old addage “ÿou get what you pay for”.


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