Books for EOFY
July is upon us which means it is End Of Financial Year…and tax time in Australia.
With EOFY and tax falling exactly at mid-year, there is no better time to check-in with any financial goals you may have set at the beginning of the and reassess your goals going forward. After being surprised earlier in the year with the many associated costs of owning a car, a new goal for me is to make sure I’ve budgeted for these costs in the future and to set up an emergency fund.
I can’t confidently say that I am totally financially literate, but since I took out a mortgage in 2020 I have started to search for resources that explain finance to me in a way that is both relevant to me as a mid-20s-HECS-debt-haver-and-avo-toast-lover and accessible (read: explain like I’m 5). As a millennial, I first turned to podcasts where I found She’s On The Money, My Millennial Money, The Money (ABC), and Bad With Money with Gaby Dunn. Wanting a more practical and tangible learning experience, I then turned to books.
I’ve listed some of my favourite personal finance-related books and some commonly recommended books from “finfluencers” and pop-finance literature.
I think it goes without saying that nothing in this blog post is financial advice. I’m just a 20-something trying to spend less money on a third takeaway coffee each day so I can pay off my mortgage at some point. If you are looking for advice, you might want to talk to a financial advisor (or an accountant) as they are qualified and regulated to give you advice about how to manage your money.
She’s on the Money - Victoria Devine (2021)
If you’re a millennial wom*n in Australia, you have probably tuned into Victoria’s podcast by the same name or may be in the ever-growing Facebook group (you might already own this book).
Who is it for: Everyone, but it is definitely targeted to a millennial audience. If you’re a personal finance newbie (aka Budget? What’s that?) this book may help introduce you to some basic useful concepts to help with day to day money management, and if you’re a personal finance pro (aka colour-coded budget spreadsheet) it may point you in the direction of the next step on your money journey.
Why I love it: This book focuses on what you value as a guide for shaping how you manage your money. It balances education with introspection so that you can continue learning about personal finance after you have finished reading, knowing that you won’t be misled to manage your finances in a way that is inconsistent with what is most important to you. It’s also very up-to-date, dealing with buy now/pay later schemes and side hustles, so it feels relevant to the millennial experience.
Where can I buy it: Better Read Than Dead
The Barefoot Investor - Scott Pape (2017, Updated in 2020)
Almost everyone has now heard of the Barefoot Investor - it feels like a personal finance shelf staple, and if you’re looking to educate kids about finance, there’s also a Family edition of the book which aims to give you the tools to do just that!
Who is it for: The Barefoot Investor offers something for everyone, but is primarily for people looking to buy a home and sort out major debt. I was gifted a copy of this book when I was 21 and aside from the general bits about debt repayment techniques and credit cards, much of the book wasn’t super relevant to me at that time, as I was living paycheck to paycheck while bartending and really enjoying a gap year. As I now have a mortgage and am looking to start seriously investing, this book has never been more relevant.
Why I love it: It is so simple and easy to understand with great anecdotes (and a few corny dad jokes).
Where can I buy it: Better Read Than Dead
The $1000 Project - Canna Campbell (2018)
Canna has also released another book, Mindful Money, which goes beyond the foundations of the $1000 project to talk about the mindset associated with money. Canna also has her own podcast (Fireplay) and a YouTube channel (SugarMamma TV) where she talks about all things money mindset.
Who is it for: This specific book is actually for everyone. The book is focused on saving money which is something most of us can do or work towards, even if it means our goal is higher or lower than $1000.
Why I love it: The $1000 Project is practical and accessible. It introduces readers to one method of saving money and guides them into setting achievable savings goals, with tips on how to save and what to do with savings once you have reached your goal.
Where can I buy it: Better Read Than Dead
Unf*ck Your Finances - Melissa Browne (2018)
This book also has an accompanying workbook to help step through the process of sorting your (financial) sh*t.
Who is it for: This is for the first-year uni students, the 23-year-old who accidentally overdrew their debit account on a night out, the young professional who wants to buy a house but keeps forgetting to automate their bills - and every young adult in between.
Why I love it: This is a no-BS guide to sorting out your money sitch. It has a slight girlboss attitude and covers all the money problems you might have in your 20s (like sexually transmitted debt and why ordering uber eats every night of the week is eating into your savings more than you think).
Where can I buy it: Better Read Than Dead