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Are things flying to bits around you?

When things start to go wrong it's not the time to go down the back of the block and brood, or go to the pub, it's actually time to start talking.

It is a natural reaction for anybody – I do it too – when things get really tough we men in particular go into our "caves", in the meantime our partners feel the need to discuss the issues so they start to spin around. Before you know it you have relationship problems, on top of "things going wrong".

Fraser Farm Finance does a lot of work restructuring farmers' debts. A regular moan is that we should have been invited to do this work sooner, rather than letting the situation go from bad to worse.

Lifestylers need to be aware that the economic climate is changing. With the income versus cost squeeze definitely in place, you need to be aware that debt servicing and fixed costs remain the same and there are very few variable costs which can be reduced.

Be careful when purchasing "boutique" products from persuasive salesmen, as the basic product is usually a lot cheaper!

Most importantly, keep control of drawings and "emotional" spending. Emotional spending might include buying a new car on HP at a monthly payment of say $900. This will be fine for the first few months while the car is in pristine condition and smells brand new. Twelve months or so later the novelty has worn off, but that HP payment just keeps on going out of your account.

I once lost some money in an ill-advised venture. I was told to cut my losses quickly which I did and that was excellent advice. Having done so, don't look back over your shoulder for somebody to blame or sue, because it takes your eye off the ball and your future. Cut your loss quickly, cry a bit and then get on with your life.

When things go wrong it is easy to blame others but, almost without exception, we have to take responsibility for our own mistakes.

I have seen one man sued over a $5000 bull and spend $90,000 defending himself. He would have been better to say "just send the bull back and I'll refund the purchase price".

So you see when things start to fly to bits around you, it is a natural reaction to go to ground, grump, shun everybody else and maybe even make more bad decisions. A better solution is to seek assistance from a qualified person to help sort it all out, before you dig an even bigger hole for yourself.


 

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