Category: Money Matters
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Sub category: Saving
27 January 2015

Game, set and match: 6 money mind-set tricks you can learn from watching the Australian Open

Need to up your game when it comes to managing your money? Get in the right frame of mind by borrowing a few tips from the pros – the tennis pros that it.
With the Australian Open well and truly in full swing, see how a winning mind-set could be just as effective with managing your finances as it is on the tennis court.

1. Spend time on the practice courts (form good habits)

They may be at the top of their game, but you’re still likely to find the seeded players spending time on the practice courts before the match.

The truth is, if you want to be successful then you need to perfect your technique through regular practice – and that goes for saving too. Form a savings habit by putting some money aside each time you get paid into your bank account and it could become second nature before you know it.

2. Focus on every point (every little bit counts)

Winning or losing a few points here and there may seem insignificant, but they can make all the difference when it comes to the outcome of the match.

It’s the same with managing your money. Paying attention to the little things – avoiding ATM fees, putting aside some money in your savings account each month, renegotiating with your suppliers to find a better deal on utilities and so forth – could make a big difference to your overall financial wellbeing in the long run.

3. Serve and volley (take action fast)

Made your resolutions? Do as the players do after they serve and make your next move straight away.

The best time to put your ideas into action is as soon as you make them – while they’re still fresh in your mind and your enthusiasm is at a high. Procrastinate for too long and you may be at risk of losing momentum, as well as seeing opportunities pass you by.

4. Don’t let a few faults ruin your game plan  (be resilient when the going gets tough)

Winning every match in straight sets may be the ideal scenario, but conceding a set – or even a match – along the way doesn’t have to spell disaster. The path to success is often full of challenges, and that goes for reaching your financial goals too.

If you falter along the way, remind yourself the journey is not yet over and get yourself right back on course for success.

5. Get the crowd on your side (have your friends support you in reaching your goal)

You may be enthusiastic and focused on your goal, but a little extra support can always come in handy.

Don’t underestimate the positive impact of your friends cheering you on and giving you encouragement when you need it most.

6. Don’t blame the umpire (take responsibility for your own actions)

When the going gets tough it can be hard to keep focused. If you need some guidance, do as the players do and get a good “coach”. Consider going to see a financial adviser for advice tailored to your situation or, for a quick snapshot, take an online financial health check.

While it can be easy to blame the umpire – or anyone else – when things don’t go to plan, make a pact with yourself to take control of your finances as well as take responsibility for your future financial wellbeing. The ball is in your court!

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