CANBERRA: Time is money. Many Australians believe a lack of time is a key barrier to them getting ahead financially. New research by the Commonwealth Bank has found we spend an average 131 minutes a month or 30 minutes a week managing our money, and 42 per cent of us want to spend less time on financial administration.
While spare time may be abundant during the holiday season, soon everyone will be back at work and trying to squeeze money management into their busy schedule. The good news is there are ways to get things done in less time than you may think.
The Commonwealth Bank’s research found the biggest monthly time-stealers when it comes to money are checking account balances (21 minutes) and paying bills (19 minutes).Its executive general manager of consumer finance payments and strategy, Angus Sullivan, says mobile banking is the most convenient and secure way to save time.
Many people feel they simply don’t have enough time to keep on top of bills, manage regular payments or track their spending, and this is impacting their ability to effectively manage their everyday finances,” he says.One of the easiest and most effective ways to both save time and keep on top of everyday money management is to utilise the technology we already have at our fingertips.”
Most financial institutions have mobile banking apps that allow you do you much of your banking on your mobile phone while commuting or at lunch or other breaks.The rapid take-up of contactless cards is another time saver, while Sullivan says you should review your past 12 months’ spending and set a budget to help you focus on priorities and manage overspending.
