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Need an Alka-Seltzer in your Melbourne Cup?

/ Nov 07, 2012 7:29AM / Print / ()

Need an Alka-Seltzer in your Melbourne Cup?

The chances are you're reading this post with a fuzzy head if you indulged in Melbourne Cup–a-rama yesterday.

You may also have a slight money hangover too, a product of that extra bottle of wine, cocktail, outfit, taxis, dinner and the rest of the paraphernalia that goes with the day. Oh, and of course the bet.

If Green Moon earned back the cost of the day for you, please feel free to leave this post and go put your feet up; you got lucky this time.

If your Moon was less blessed it might help you to know that in the ANZ Adult Financial Literacy Survey of Dec 2011, "the highest proportion [of the population surveyed] keeping a close eye on expenses was still to be found amongst females aged 45 to 69 years at 85% in 2011."

Women are actually better at controlling expenses no matter what popular culture tells you, and I think we can claim the Melbourne Cup and other outings amongst those expenses can't we?

Notwithstanding any of the above, if you are currently feeling rampant post event nausea and regret, here are a few tips of the non-gambling variety to manage loose purses on future celebration days.

  1. Pay yourself first.

    •Set aside the cash you want to spend for Melbourne Cup or any other upcoming event as soon as you get paid.

    •Lock it away in another account, under the bed, in your fascinator, wherever works for you for the short term. Of course of you're planning for an event more than twelve months away then I'd be shopping around for a decent deposit account in which to stash your cash.

  2. Work with what's left

    •Pay your bills,

    •Save some for a rainy day (no that's not Melbourne Cup, it's an emergency).

    •Donate some to someone who has much less than you do. Let's face it, if you can afford Melbourne Cup frippery you can most likelyafford a $10 donation or more per month.

This is what will probably happen next:

  • You'll find you can't pay your bills and have to pull money back out of the Melbourne Cup stash. I think we all know what this will tell you about your spending patterns;
  • You can't donate to a cause of your choice, in which case you might feel terrible;
  • You lack the saving gene. I'm not buying this argument, sorry.
  • You go into complete and utter denial and figure that the bills can wait, you'll find a way somehow and go blow the money. You wouldn't be on your own with this mindset.

 

Ideally however, everything falls into place; when your event arrives you have genuine spare cash and you can go out for a ripsnorter of a day or night with no guilt whatsoever. This outcome is perfect, I hope it transpires for you after my tongue in cheek tips.

I can't make any promises about the champagne hangover though, sorry. Any road up, as my Yorkshire friend says, it makes you think doesn't it?

Sara Lucas is an Authorised Representative of Fitzpatricks Dealer Group Pty Limited ABN 33 093 667 595 AFSL 247429

This information is of general nature only and is not intended as a personal advice. It does not take into account your particular investment objectives, financial situation and needs. Before making a financial decision you should assess whether the advice is appropriate to your individual investment objectives, financial situation and particular needs. We recommend you consult a professional financial adviser who will assist you.

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