Newspaper Book Review
The Advocate (Tasmania)

What we're reading...

How to cut your debt to zero in 5 simple steps, the keep it simple stupid home budget

Since the GFC gave Australians a financial wake-up call in 2008, we have been spending less, borrowing less and saving more. Tightening the budgetary belt a few notches can be rewarding but it can also wear thin and is difficult to maintain for the long haul. A few years earlier, 2005, South Australian Adam Goulding became tired of never knowing how much money he'd have in the bank each time he went to an ATM and decided to turn his spending behaviour on its head. Goulding says that since that day, his money problems disappeared without a trace. He is at pains to point out that he has no training in financial planning or management, but just wanted to share what he's learned along the way so "the so called little guys like you and me have the power".

Goulding's book is divided into chapters that cover subjects such as how to get your family on board, how to improve your knowledge of where your money is disappearing, an insiders guide to shopping, the secrets of how to destroy debt and the 12 things should ask yourself before you spend one dollar. His KISS principle follows a set of rules, such as keeping all receipts of every transaction in order to track spending, spend at least 10 minutes a day going over budgets or plans, don't upgrade personal items just because a new model comes out, buy only with cash (apart from home mortgage and only make planned purchases to which you have given careful thought. Goulding's plan is about micro management (he suggests only having dessert no more than two nights a week), but if you heed snippets of his advice, you could still find yourself in much-improved financial health. This book is available at www.mrhomebudget.com.au

Judy Herbert