What If Managing Your Money Was Compulsory?
How I trick myself into treating financial planning like a non-negotiable
As I write this, I’ve just come back from voting in the federal election.
I became an Australian citizen in 2021, so this was actually my first time voting in person (as I moved to Canada at the end of 2021). In Australia, voting is compulsory for citizens over 18. No excuses. If you don’t vote, you get fined.
This article isn’t about who I voted for or getting political. But while standing in line today, I had a thought I couldn’t shake:
What if we treated managing our money the same way we treat voting? What if it were compulsory?
Think about it—because voting is mandatory, people have to show up, whether they’re interested or not. There’s no “I’ll do it later,” or “maybe next year.” It’s now or you get penalised.
What if we made investing in our future the same?
Sure, there are government systems like the aged pension, or retirement accounts like the Roth IRA in the US or TFSA in Canada. In Australia, we have superannuation, a compulsory employer contribution that helps us save for retirement. But let’s be honest, for most of us, it’s not enough. And the voluntary contributions? Most people never get around to it.
We say we’ll start salary sacrificing…but we don’t.
We say we’ll track our spending…but we don’t.
We say we’ll start investing…but we don’t.
Because, unlike voting, there’s no immediate consequence if we don’t. No one sends you a fine for not putting $100 into your savings account this week.
But what if we acted like there was?
Here's how I make money management feel compulsory:
1. Automate like it’s taxed
The government doesn’t trust you to pay tax voluntarily, so they take it straight out of your paycheck. You never see it, so you don’t miss it.
I started applying that logic to my finances.
Every pay cycle, money goes automatically into my investments and savings. I don’t wait until the end of the month to “see what’s left.” That’s a trap because life will always give you something to spend on.
By automating it, I’ve removed the decision-making. No need to feel motivated. No need to be disciplined. The money leaves like a bill, and I work with what’s left.
2. Spend it on yourself in a smarter way
In Australia, if you earn above a certain income and don’t have private health insurance, you get charged the Medicare Levy Surcharge. It’s the government’s way of nudging you: pay for your own health, or pay us.
Private insurance isn’t cheap. But it’s often still cheaper than the extra tax. So if I’m going to pay anyway, I’d rather put that money toward something that actually benefits me.
A classic example is late fees. Why would you want to pay extra interest? What if you made sure to pay your credit card in full every time, so you don’t get charged late fees?
3. Compulsory expense tracking
I started tracking my expenses weekly about a year ago. It began as a way to manage my relocation expenses. But over time, it became a habit.
Now, I know exactly how much I spend on groceries, eating out, or even my pilates classes. It’s helped me see where my money’s going and what my priorities are right now.
But how do you make it compulsory if you’ve never done it before?
This is what I do:
I put it on my calendar. If it’s not on my calendar, it doesn’t happen.
I signed up for ING Bank’s high-yield savings account, which requires five monthly card transactions to qualify for bonus interest. Instead of automating those transactions, I track them manually, so I have no choice but to check in with my budget.
I also set up an automatic transfer for my savings, which means my day-to-day cash is lower, and I have to stay alert. This forces me to track expenses regularly so I don’t risk overdrafting.
These little tricks help me treat money management like a must, not a maybe. I’ve built systems that remove the option to ignore it.
I know some of my friends want to start investing. They talk about it all the time—about how they need to look into their finances, apply for salary sacrifice, and set up an emergency fund.
But they never do it. Because it’s not urgent, no one’s chasing them. And to be fair, life is busy.
What if we made our financial future compulsory?
We’d have no choice but to take action.
What do you think?
Disclaimer: Information shared in this newsletter is not financial advice. Always do your own research before making any financial decisions.
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Love the perspective, Sarina. Budgeting and investing should be compulsory. And if someone finds it hard, investing first thing once the paycheck hits is the way to go. That's how I do it.