Do you know much you are spending?; Are low tax havens the answer? "Imbibing idiot bias"; Reversion to the mean; An uneven split

1) Track  your money

According to the Australian Security and Investments Commission, the average Aussie household will spend A$69,166 this year on general living costs (or A$1,290 per week). If you want to check out the household spends by regions check out their spending clock. Sorry I don't have comparable stats for NZ. That spending clock is ingenious.

What's disturbing is that ASIC reports that more than half confess they don't know how that money will be spent and on what exactly. To help households figure it out and manage their money more effectively,  ASIC has launched a free app called TrackMySpend. It enables users to track the money flows by logging all expenses into a smart phone or tablet. It also also users to set saving targets and spending limits to keep behaviour in line with budgets.

Why should you care living here in New Zealand? Alas, because it works here too. I downloaded it into the boss's iPad and gave him a personal spending allowance for next month. I'll report back and let you know how he's getting on with that mission. I'll also test drive it on my own technology and report back on its functionality. At first blush, I'd say it looks like the app I've been searching for. You'll forgive me that I found it in Australia, I hope.

You can download TrackMySpend on ITunes for free. While you're at it, check out ASIC's MoneyStart website (which works in conjunction with the app). Heaps of cool tools and calculators. You might prefer to use Sorted.org.nz but whatever works eh?

2) Teach 'em well

Teachers are notoriously bad with money. It's not just my impressions, having been married to one. I hear this all the time, mostly from teachers. It doesn't bode well for our kids which is why there are growing efforts to train teachers in personal finance so they can become better educators themselves. 

Canadian Andrew Hallam, author of the Millionaire Teacher; The New Rules of Wealth you Should have Learned in School, is an exception to the rule. I'm sure he's not the only one, in fact I know he's not having connected with one of our readers, a teacher on track to retire before 50. In this Globe and Mail interview with Hallam (who now lives in Singapore) he discusses the pros and cons of moving abroad to save money. In Singapore the top tax rate is 18%.  Hallam pays 9%.  The danger of having more disposal income is you just end up blowing in on your lifestyle, he says.

Hallam's advice in a nutshell: make sure you do the math before you make the move and mind the personal finance pot holes along the way.

3) Imbibing idiot bias

The three martini lunch thing was before my time. Sadly, or perhaps happily, it's one trend that seems destined never to experience a comeback. The Economist takes a sobering look at workplace culture today and the "imbibing idiot bias".  Don't even think about that wine spritzer at lunch. It'll kill your career prospects. Really? Any mercy for mojitos I wonder?

4) Equities dead? Hardly

There's been a fair bit of talk about the death of equities. Admittedly, the picture is not a pretty one these days, but dead? Hardly. This piece by yakezie.com looks at some of the historical trends and argues that what we're experiencing isn't a fatal illness in the markets but a reversion to the mean following an usually robust bull run. He reckons those with the gumption to stay invested will reap the rewards down the track.

5) An uneven split

When couples split, the courts dictate a 50/50 division of assets. The trouble is for women who have sacrificed career to raise children, the split can often leave them severely short changed when they lose their biggest asset; their partner's future earnings, the basis of which the home-based spouse helped to foster largely at her own expense. Eloise Gibson, writing for Business Day, reports on new research in NZ showing who ends up with the short end of the stick. 

To read other Take Fives by Amanda Morrall click here. You can also follow Amanda on Twitter @amandamorrall