We often hear that our parents or grandparents saved until they could afford that piece of furniture, that car, that _____? Yet you are struggling to save for anything! Is it just you?

Lifestyles have definitely changed since our grandparents were young. Consider the changes in just the last 25 years.

25 years ago

ATM's had only been going a few years .   

Bank hours in Australia were 10AM - 3 PM Monday-Thursday & 10AM - 5 PM on Fridays.   

EFTPOS didn't exist.   

Banks only considered a home loan if you had a Bank account with them for at least 6 months, and showed a savings pattern.

Most people only had one credit card and limits were for small amounts such as $500. Many didn't have a credit card at all!!

Teenagers worked part time (i.e. supermarket) to save for a car

Today

We have access to our money and other people's money (ie the Banks using credit cards) via EFTPOS and ATM's 24/7 in locations like shopping centres, hotels and gambling establishments.  

Home loans are easy to obtain from numerous financiers.

Most adults have more than one credit card and financial institutions are constantly pre approving increased limits.

Teenagers work part time to pay their mobile phone bill !

FACT:

In 1995 total consumer debt was about half the annual income of an average family. Now it is more than 105 percent!!  

Australians are paying almost $500 million a year - more than $1 million a day! on ATM fees just by using another Bank's terminals.

Australia now has 21,550 ATM's - almost four times as many as a decade ago.

Fuelling the growth is the increasing number of non-bank terminals, now being installed in pubs, service stations and convenience stores.

We are being bombarded more and more by retailers to buy now pay later with advertising that is more focused and demanding! In our endeavour to be trendy, keep up with the Jones's and look wealthy we are often digging a hole that gets deeper and deeper and makes it harder and harder to become debt free and plan for our retirement.

There is a way and it may not be easy. Be prepared to be different. Use a budgeting system that works for you and spend less than you earn. Use the debtonator to assist you pay off your debt faster and start educating yourself now to take advantage of good investment opportunities when they arise.