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THE MILLENNIAL’S GUIDE TO BUDGETING: HOW TO MANAGE YOUR MONEY LIKE A GROWN-UP

When it’s time to start managing your own money (and no, the pocket money your mom gave you is still not your own money, not really), it can be difficult knowing where to start.

I remember trying to manage my money for the first time and it just felt like there was always ‘too much month left after my money’. But once I found out how to actually budget, it became easier and I was actually surprised that I could start saving money at the end of each month.

Let’s take a look at how you can start budgeting like an adult.

Top tips to managing your money like a grown-up

1. List all forms of income

Take an average of how much you bring in each month (or the actual number if it is consistent). Always use the net amount (after-tax) of your income instead of the gross amount (before tax). You need to know exactly how much you have to work with each month.

If your income changes every month, this will be a little more difficult. Use an average amount and keep reviewing and tweaking it each month.

2. List all your fixed and variable expenses

The fixed expenses are the ones that don’t change as each month goes past so this will be your rent, your utilities, your car payment(s), insurance and retirement savings (you should definitely have some form of retirement savings in place), cell phone plan or your WiFi for example. You can also add petrol to this list of expenses (even though it changes) because you know more or less how much you spend on it each month.

Then you have your variable expenses which change month to month, these include entertainment (going to the movies), eating out, clothes shopping, gym memberships, coffee on your way to work. You can list these expenses and the average amounts you think you might spend on them for that particular month.

3. Do the math

Now it’s time to figure out what you’ve got left. Take your income (after tax) and deduct all of your expenses – is there anything left over? How much is left? Is it sufficient?

If the answer is yes, YAY! You now have enough to make it rain… in your savings account.

If your income is not enough to cover your expenses, head back to number 2 and dig deeper into your variable expenses. See what expenses are necessary and which expenses can be taken out.

4. Make saving easy

It was a big shock when I first listed all my expenses. I could see why I was broke before I’d even gotten through my first month on my own. I decided to change my variable expenses and take a few things out. I didn’t cut all the fun out of my life, I just started acting like a sensible adult for a change.

This left me with enough money to save each month. Savings might not sound like a big deal but they always come in handy if you’re ever in a bad month or if you have a trip you’ve always wanted to take.

5. Keep track

Don’t just create a budget and then forget about it. It’s not something that can just be put together and never considered again. Your income and expenses change, so budgets need to be looked at monthly.

It’s easy to keep track of everything using an Exel spreadsheet or online management tools which do most of the work for you (monday.com is a great project management and money management tool!). It’s all about whatever works best for you and what you’re likely to keep referring to.

6. Lessons Learned

Making adult decisions brings responsibilities, especially when it comes to managing money. Not taking these adult responsibilities seriously can mean ending up with a ton of debt and no food on the table (and no Netflix subscription). Each month, you need to take a look at what went wrong and constantly adapt until you’re living comfortably consistently.

Budgeting doesn’t sound fun but once you’ve mastered the art of managing your money, you’ll be so excited about your new budget. Be sure to keep referring to your budget at the end of each month and make sure you’re realistic about your expenses so you don’t keep running out of money each month!

March 2, 2020 Gemma Oberholzer Work Well Comments Off

EFFECTIVE MANAGEMENT TIPS TO BECOME A BETTER LEADER AT WORK

An employee’s relationship with their manager and executive team is a stepping stone to the rest of their career.

You, as a manager, set the tone for how happy an employee is and often you’re a reflection of how an employee does and acts towards others. The particular skills a manager needs to develop these relationships can be honed through practice and experience.

A manager with poor people management skills can be a problem for a company and its people. It leads to top performers leaving the company after only a short period of time, unsatisfied customers and unaddressed problems which can cost a company a lot of money over the years.

It takes someone special to be an effective and admirable leader but there are a few things you can do to become a better leader at work. Keep going, our top management tips await you!

What does it mean to be a leader?

Does it mean being good at your job, being well-liked, or being in charge of everyone?

Leadership doesn’t have a one size fits all definition, and there is no magic formula that will instantly make you a great leader. Instead, it takes time and dedication to learn how to achieve the goals you set, and how to inspire others to follow you and do the same.

Everyone has their different ways of doing this, whether it’s through rewards, allowing more freedom within job roles or getting stuck into the job alongside your employees. Each approach works differently for everyone, but each type of leader has taken time to figure out their style.

Leadership qualities are unique to you but there are certain things you can take into consideration and certain things you can do to be an even better leader.

6 effective management tips

1. Trust is everything

Showing and telling employees you trust them is a great way to empower them and give them a sense of ownership in their work. It’s the best way for your employees to grow and become confident when taking on challenges. Building trust is a long-term strategy that takes constant work. You can increase trust by:

Keeping your promises to employees
Giving your employees space and time to complete their tasks
Supporting reasonable risks
Explaining the reasoning and data behind decisions and evaluations

2. Honest and open communication is key

Your employees want to stay informed about the business as much as you do, so keep them in the loop. Don’t let them hear about big changes at the company from various co-workers next to the coffee machine. It raises issues about transparency in the company and reduces their trust in you.

It’s important to build an environment where everyone’s opinion is heard. Make your employees feel comfortable enough to come to you with any concern they have or if they need some mentorship.

3. A little credit goes a long way

It should go without saying that employees like to be rewarded and recognised for their efforts and successes. Always reward members of your staff for their hard work. This applies to more than just the top performers; make it a point to recognise those who are improving and doing their best.

4. Opportunities and growth

A willingness to provide opportunities for professional development and growth is an important aspect of any job.

This is tied to knowing your staff members, their strengths and weaknesses, and recommending ways for them to continually improve. Whether it be an online course, funding for books, or part-time courses, employees should always have access to various avenues of self-improvement (this does not include encouraging them to watch YouTube tutorials).

5. Constructive criticism builds champions

One of the most important people management skills is the ability to give useful, welcomed feedback. You have to be straight with employees, and they want to hear feedback from their managers — but you don’t have to be unnecessarily harsh.

6. Remember your employees’ wellness

A great employee will go the extra mile for you but it’s up to you to look after them and make sure they’re not eating and breathing their job. Instilling a well-balanced work-life is essential to being a good leader. For some tips, take a look at this article.

Being a better leader is a constant work in progress but it’s also important to remember that the office environment is also a massive contributing factor to your employees’ happiness in the workplace as well as your effectiveness at being a great leader. Find out how to create a healthier and happier work environment here.

February 18, 2020 Gemma Oberholzer Work Well Comments Off

5 STEPS TO A HAPPIER, HEALTHIER & MORE PRODUCTIVE WORKPLACE

The new decade is well underway and can I just say, I for one am incredibly excited for this year and the opportunities to come!

Of course, with the start of the new year, we often tend to hit the ground running. We all know the rush of a new year. Trying to find our feet and get back into a routine but most importantly getting adjusted and back into the swing of things at work can be difficult. As each day passes, work can become a little more unpleasant for all employees… but it doesn’t have to be!

There are programs you can put in place to improve employee health and wellness, and as a whole, this aims to help reduce sick absenteeism, improve employee productivity and enhance the overall work environment. You’re probably wondering how we’re going to do that?

Have you ever heard of an employee wellness program? Massive brands like Google and Virgin have implemented these sorts of programs into their companies and have seen the benefits in happier, more productive employees who actually want to come to work.

What is an employee wellness program?

There’s no one definition that defines an employee wellness program and there’s no right or wrong way of doing it. It all depends on the needs of your employees.

An employee wellness program is just what the name suggests. It is a plan put in place to increase the overall health and happiness of your employees. It’s a little way of showing that you as an employer care about your people. No matter the size of your company, you can start your own employee wellness program in just 5 easy steps.

Some programs focus on health education, other programs host health days where screenings are conducted and employees are able to learn more about their own health. A wellness program can be as simple as morning meditations and rewards for healthy and active lifestyles among your employees. There are many ways of implementing a wellness program.

Don’t worry if you feel a little confused or slightly overwhelmed – we can help you!

What are the benefits of employee wellness programs?

Healthy and happy employees bring an array of benefits to the workplace! Some of these include:

More productive employees

There are numerous studies that suggest a healthy lifestyle correlates with increased productivity. Don’t believe us? Next time you hit a rut, get your heart rate up (deep breathing and a few jumping jacks can do the trick!) or change your snacks to some nutritious ones and you’ll likely get back into the zone.

For more information on office productivity, read this article!

Less office stress

Too many people and companies accept workplace stress as the norm. But it leads to burnout, which can result in higher employee turnover. This is why a wellness program is important. It will give your employees a new perspective of the workplace.

Fewer colds, flu and other illnesses

Everyone knows healthy practices prevent illness. And your business will have a higher rate of success when fewer sick days are taken.

Fewer office-related injuries

Taking a break to exercise or just stretch prevents common office injuries.

Happier employees

Offering a wellness program leads to happier employees. They’ll appreciate the benefit and be generally positive because they’re leading a healthy life and they will be happier knowing that the place they work at cares about them.

Where to start

It can be difficult navigating your way through an employee wellness program to figure out the best approach and what’s suited to your employees (but that’s what we’re here for).

These 5 steps are the perfect way to get started! Let’s take a look…

1. Identify current issues

A little research goes a long way! You will struggle to improve employee health and wellness without figuring out what some of the main issues are first.

Look at time and attendance, days of sick leave taken, employee satisfaction and stress levels, as well as extended health insurance costs. Talk to both management and employees to get an understanding of where the biggest issues are.

We, at WellBe, see this as a pivotal step in starting an employee wellness program because it puts you in the right direction of what’s important and what’s needed.

2. Get input from everyone

Once you’ve found out some of the areas that need some work, chat with your employees to figure out what they’d like and what they’d what to get out of the wellness program.

It’s pointless implementing a program that no one is interested in.

3. Make a plan that fits

Now that you’ve collected your data, you can start putting a plan together. Remember to make sure the plan is aligned with your company culture so that more employees are excited to get on board! If you need a little assistance, get in touch with our team and we can help develop a personalised plan for your company and the needs of your employees.

4. Encourage employee and management buy-in

Communicate the plan throughout the office and get management involved. This way more employees will be excited to take part.

5. Track, measure and readjust

As with any workplace policy, measuring success, soliciting feedback, and adjusting accordingly will be key to the long-term success of an employee wellness program. This can be done by taking surveys or asking a variety of employees for their feedback.

It’s also a good idea to celebrate achievements; anything from recognising individual employee goals for better health to crowning winners of office challenges can go a long way towards building support around the program.

Employee wellness programs are growing in popularity by the day and for good reason. These programs are important to the happiness of your employees and the overall success of your business. These programs are a great way of showing your employees that you value them!

Some examples of effective employee wellness programs

I mentioned how your employee wellness initiative doesn’t have to be fancy and complicated. Not in the least. In fact, here are some simple solutions to improving employee wellness:

Healthy snacks in the breakroom
Healthy meals in the canteen
Walking meetings
Discounts off gym memberships for employees
Sunrise yoga on certain mornings
Challenge boards where employees can write down their health goals (run a 5km race, lose weight, stop smoking etc.) and rewards are given to those who achieve their goals.
On-site massage therapists
On-site psychologist or life coach

You can find more detail on these examples here.

The final word

We know you’re probably very busy though and the logistics of a wellness program might sound a little time-consuming but that’s why we’re here! Find out more about the employee wellness programs we do and let us know if we can help you!

January 21, 2020 Gemma Oberholzer Work Well Comments Off

6 SIMPLE OFFICE HACKS TO INCREASE YOUR PRODUCTIVITY

Getting back into the swing of things at the beginning of the year is no easy task. Our minds tend to wander back to days next to the pool and we can’t stop longing for fun family activities instead of long meetings (that could have been an email instead). This can often lead to feelings of anxiety and stress because we are struggling to get our tasks done. We all know the struggle but the truth us, work doesn’t have to be like this.

Setting new goals, getting back into a routine and becoming more productive will leave you feeling accomplished at the end of every day. With just a few simple hacks, you’ll end each day feeling energised by your accomplishments!

There are only so many hours in the day, so it’s essential to make the most of your time. There are two ways to increase your productivity, you can either put in more hours or work smarter. We definitely prefer the latter!

Remember, being busy doesn’t always mean you are being productive. Just some food for thought.

Simple office hacks

1. Set small goals

Most of us look at goals as a tedious exercise because let’s be real, do any of us actually stick to them? It’s time to change your opinion on goal setting.

Goals don’t have to only be about where you see yourself in 5 years or the New Years Resolutions you recently set. Your goals can be small deadlines or to-do lists you make to hold yourself accountable each day. Setting goals will help you break down your calendar into smaller, less overwhelming tasks and make you more in control. This enables you to meet your goals and be more productive.

2. Take regular breaks – downtime is important

This sounds like the opposite of being more productive but hear me out. Taking scheduled breaks can actually help improve concentration. Research has shown that taking short breaks during long tasks or during a long day helps you to maintain a constant level of performance. Whereas working at a long task without any breaks leads to a steady decline in performance.

This little step will also ensure your quality of work is always at a maximum!

3. Avoid multitasking

It may feel more productive to be doing multiple tasks at once and we’re often taught that multitasking increases efficiency. This is far from the truth though.

Research shows that multitasking can make us up to 40% less productive – shocking! When multitasking, our focus is split into several tasks which means we do not complete each task at optimum capacity. This means you will take longer to complete tasks and more often than not, the quality of work you produce will slip.

4. Put the distractions away

Our phones are our biggest distractions. Keep your phone on silent while you’re completing tasks and keep it out of sight. This will limit your distractions and enable you to truly hone in on what you’re doing.

It might be beneficial for you to work with earphones in as well to limit the many distractions you can hear around you.

5. Keep active

Keeping active during the week may help improve productivity. This doesn’t mean spending hours on the treadmill at the gym but where possible, build in set times during the week for taking a walk or doing something active.

Getting your blood pumping could be just what’s needed to clear your head and get your focus back. You can even inspire your coworkers to do the same, take a look at this article for some tips!

6. Eat nutritious food throughout the day

The food we eat is extremely important in boosting our brainpower and impacting how productive we are at work. High sugar snacks can cause a decrease in your productivity and lead to energy crashes.

Keep healthy snacks at your office or create healthy meals to stay fueled for a productive day.

Not every day at the office will be a perfectly productive one. Make sure you don’t beat yourself up over it. Instead, refocus your energy and implement these tips. Once you find what works for you, you’ll be amazed at how much more you can get done both in and out of the office.

I’m off for a walk to refocus, how are you keeping productive today?

January 14, 2020 Gemma Oberholzer Work Well Comments Off