Awards season is upon us, culminating with the 95^th Academy Awards ceremony on 12^th March.  Although films may not be a typical source of financial education, I think there’s a lot we can learn from the silver screen.

Confessions of a Shopaholic

This 2009 romantic comedy centres around Rebecca who swipes her credit card with gay abandon and ends up in a tremendous amount of debt.  Eventually Rebecca is unable to cover her rent and when confronted by a friend, she has no idea how much she spends monthly.

It would be easy to think this film’s message is ‘be frugal and don’t buy too many shoes’.  However, the key takeaway should be that it’s ok to treat yourself and have fun with money, but you must also know how much you need to keep a roof over your head.  Take some time to analyse your monthly outgoings and categorise them into basic, dispensable and luxuries.

Up

Is there anyone who didn’t cry at the first ten minutes of 2009’s Up?  The opening sequence shows us Carl and Ellie, newlyweds who dream of visiting Paradise Falls.  They try in vain for years to save for the trip, but other obligations get in the way, and they never make the journey together.

A financial plan would have helped Carl and Ellie take their dream holiday.  If only they had a handle on how much was coming in and going out, they could have prioritised multiple savings pots (and tax-efficiently too!).

Muppet’s Christmas Carol

Ok so maybe this is actually about the Charles Dickens novel, but Michael Caine’s deadpan Scrooge amidst a sea of puppets is a masterpiece. We’re all familiar with the story of Ebenezer who shuns Christmas, but realises the magic of a festive break after ghostly visits.

As a society we applaud the act of prudently accruing wealth. Unfortunately, it’s difficult to retrain ourselves to start spending the money we’ve saved; many of us are left with hefty estates and not enough time to deplete them. Perhaps watching this 1992 classic will encourage us to stop counting our coins by candlelight?

Encanto

This film follows the Columbian Madrigal family who all have magical abilities.  Their powers seem to be fueled by matriarch Alma’s candle and when it starts to dim, granddaughter Mirabel tries to reignite the candle by pursuing family information.  But alas, her relatives aren’t too forthcoming and there’s even a musical number about not mentioning things.

Aside from the song being a real earworm, it reminds us that family secrets can be destructive.  At CBW we urge our clients to discuss legacy planning and Wills with their families.  We’ve seen the benefits play out across generations.

So, watching films is clearly one of my favourite pastimes, and I hope this article encourages you to find time to curl up and enjoy a film or two.  When I watch a film, given the nature of my job, which involves talking to different people, day in and day out about their aspirations and then helping them create a financial plan to achieve those goals, I clearly relate what’s on the ‘big screen’ to my world.  The reality is, however, that money really does play a part in everything we do, whether it is the hierarchy of a family, a hobby or following a dream – money will almost always play a part.  Careful financial planning in the short and long term can make all the difference in ensuring you achieve your happy ending.

What next?

To talk about your financial plan and how CBW Financial Planning can help you, please contact Emma Sands, CBW Financial Planner.