Tag: budget

Categories
Budgeting Financial Planning

Budgeting For Loan Repayments – Techniques & Tips

Budgeting For Loan Repayments
Learn key tools and techniques to improve and develop your techniques when budgeting for loan repayments.

The aim of this article is to give you all the tools and techniques to improve and develop techniques for budgeting for loan repayments.

Do you have the resources to pay off your loan after taking one out?

A budgeting plan will allow you to do the following:

  • Be more in control of your finances
  • Avoid falling into a neverending debt cycle
  • Help to reduce stress
  • Enable you to better plan out your future.

Budgeting for loan repayments takes some organisation. Here is a step-by-step guide on how to do it.

Understand the real meaning of budget

A good budget should record the following:

  • Actual income
  • Projected income
  • Expenditures over a period of time

There are many resources out there to help you to budget, from apps to budgeting experts, to websites. We recommend Just Budget’s free online budget calculator because you receive a clear tangible solution at the end.

When budgeting for loan repayments, you should consider the following before making a decision about spending.

What is important to me?

Are you willing to trade off a comfortable retirement for a holiday in the Caribbean? Do you want to eat at nice restaurants and charge them on credit cards, copping interest in the process? Would you prefer to pay for your children’s education instead of purchasing an extravagant model of car?

Each of us have our own priorities. Someone else’s priorities may seem to be trivial to you. A simple event can be other person’s bucket list experience. Your choices depend upon what is significant for you. Sadly, a lot of people get into debt for things that do not really matter to them in the grand scheme of things.

How do I want to live?

Nobody wants to live below the poverty line and not everyone is comfortable with debt. But, when a crisis occurs, such as family breakdown, health issues or unexpected changes, you may be forced to go into debt — which may be too great for you to handle.

Thinking about creating a debt management strategy, could help you handle debts and free up a little income to meet your daily expenditure.

How can I accomplish my financial goals?

Visualise your future

By smartly utilising your income, you could live comfortably even if you have debts. The challenge is to bridge the gap between your present situation and your vision.

You can ask yourself, ‘If I want to be that person, what can I do right now to get there?” The answer may be uncomfortable for you at first, but when you see that you are getting through with it with flying colours, you will be encouraged to continue until you succeed.

Set realistic and achievable financial goals

What are your long-term and short-term goals?

Do you wish to save $50,000 for a down payment to your dream house or do you want to be totally free from debt in 5 years’ time? Your goals should be specific. Put a deadline for each of them and review or adjust those goals until you accomplish them.

For example, if you want to have a comfortable retirement, define ‘comfortable’. When do you want to retire? How much money do you want to receive each month? Where do you want to live?

Set short-term goals or those that you can accomplish in less than a year. Perhaps you want to pay off your $1,000 credit card debt in 6 months or save $2000 for a nice pair of shoes for Christmas.

Budgeting to pay off debts 1

Make a plan on how to accomplish your goals

When budgeting for loan repayments, there are three factors to consider when creating a strategy:

  • Income: How much money do you make? Do you have 1 income stream or do you have a side hustle? Could you find other ways to increase your income?
  • Outgoings: Consider your fixed (wifi, rent) and variable expenses (groceries, electricity), and your debt repayments. Also consider how much spending money you typically spend.
  • The result: If your monthly income is greater than your average monthly expenses + minimum debt repayments then you can decide what to do with the suplus. Will you put it towards paying off debts faster? Will you use it to treat yourself to material goods, holidays or dining out? Or will you put it aside for future savings or an emergency fund?

Do you feel like there’s no way out of your current situation?

If you feel as though you are drowning in debt then things can get complicated.

You may choose that debt consolidation is the right solution for you. This entails taking out a loan whereby your current debt are combined into 1 repayment with fixed or no interest and lower total fees with a clear repayment structure.

If you are making less than the total of your expenses and debts then debt you may want to consider debt relief where your repayments are stretched out into lower amounts over a longer period of time, so you can afford them and stop being overwhelmed by debt repayments.

Some final notes when budgeting for loan repayments

If you are not already too deep in debt, then budgeting for loan repayments can be fairly straightforward. It just takes a clear vision, some careful planning and discipline to find your way out.

Sometimes, you have to make tough decisions to escape the debt cycle. If you need a hand with budgeting then Australian Lending Centre are only a phone call away.

Categories
Tips

How to Do a Ski Holiday on a Budget

How to Do a Ski Holiday on a Budget
Ski holidays are what dreams are made of, but the costs go far beyond just transport and accommodation.

Between finding the right accommodations, flights, a fitting ski jacket, and lift tickets, it is easy to feel like your ski holiday is becoming a dream. However, this doesn’t necessarily mean you have to throw your plans out the window if you know how to do a ski holiday on a budget.

The rush of fresh air as you ski down mountains or the warmth you feel in front of the fire at night is amazing. You don’t want to miss out on this experience. You can have all of the holiday glamour without the exaggerated spending.

With the steps below, you can plan your ski holiday in a money-conscious way.

Enjoy a Ski Holiday on a Budget

Going on a holiday is a fruitful time. However, it doesn’t necessarily have to be expensive. This is a mistake that a lot of people make.

You need to be money-conscious to ensure that you get the most bang for your buck. If you truly want to afford the holiday of your dreams, you can consider a short-term personal loan. There are many great options available.

Let’s take a look at some of the best ways how to do a ski holiday on a budget!

1. Purchase Ski Lift Tickets Online

There are many ways to save on your lift tickets. You should try to purchase them online and in advance. Some resorts will actually offer 50% off when pre-purchased. Purchasing tickets in advance can also allow you to skip the lines while you ski.

purchase ski lift tickets online

2. Avoid Peak Travel Times

When learning how to do a ski holiday on a budget, you must know when to travel. If you have a specific time in mind, you need to be ready to be flexible if you want to gain access to better prices.

You need to consider peak times, holidays, and events that may be a popular time for many. For fewer crowds, shorter lines, and reduced rates, consider hitting the slopes when there are fewer people there. It is easy to plan a ski trip on a budget when you avoid peak times.

3. Find Accommodation Further Away

While being close to the slopes is very convenient, sometimes it is cheaper to stay a little further away. Staying in a neighbouring town is always a great idea. On-site, mountainside, or areas nearby will likely be very expensive.

While the thought is nice, the price often isn’t. Staying one town over can help you enjoy the slopes without spending big. It is a great way to stay within your budget when learning how to do a ski holiday on a budget.

On top of that, many hotels and lodges further from the slopes offer free shuttle services to them.

4. Travel with a Group

If you are hoping to plan a ski holiday on a budget, be ready for sacrifices. Be open to sharing a bed or sleeping on a sofa. You can do that by bringing some friends along with you.

You can then take advantage of the maximum capacity at your chosen location. Travelling with a group will also allow you to split costs. This means that you will save money at every turn.

Some ski resorts may even offer group rates or packages. Depending on the size of your group, this could be an option.

travel with a group

5. Search Around For a Great Package

Securing the right package can be the difference between spending and saving a fortune. Many ski resorts will offer excellent packages that allow you to bundle your tickets and accommodation.

Some flight packages will offer flights and accommodation. It is important, especially for accommodation, to secure a package. If you plan to ski a lot at multiple locations, ski passes may even be a better option for you.

This way, you can ensure that you stay under budget while enjoying a truly luxurious holiday.

6. Cut Costs During Your Stay

On holiday, it can be tempting to splurge on a meal or go shopping. While there’s nothing wrong with treating yourself, you need to ensure you do it in moderation.

Instead of purchasing snacks on the mountain or going out to eat all the time, consider bringing snacks and drinks from home or staying in for dinner at night. Ski hotels and cottages are often very cosy and staying in can be just as pleasant as going out!

7. Save on ski equipment

Purchasing ski clothing, boots, skis and other gear can set you back a hefty amount of money. If you’re not an avid skier who goes regularly then don’t go too crazy on the equipment!

One of the best ways to save money and do a ski holiday on a budget is to keep your ski equipment costs down. This can be done in a number of ways:

  1. Ask around – Your friends may have spare equipment or things that they will lend out. Always remember to ask friends and family first before you spend a cent.
  2. Rent equipment – If your ski holiday is a one-off kind of trip then rent any equipment that you are unlikely to use again. While ski jackets may come in handy in the winter or if you plan on travelling to a cold country on another holiday, it’s a good idea to rent items such as ski boots and goggles.
  3. Shop out of season – Simple but effective; shopping out of season can save you a fortune as companies try to flog last season’s stock!
  4. Don’t travel with skis – Travelling with skis makes travelling far more expensive if you plan on travelling by plane. It’s a good idea to rent your skis and ski poles when you arrive at your resort.
  5. Buy second hand – If you can’t borrow and you don’t want to rent then buying secondhand is a great option. Many people will have only used their equipment once before or may be selling premium items that you wouldn’t be able to afford brand new, so buy second hand and take advantage of top quality items at a heavily discounted rate!
ski holiday

Financing Your Ski Holiday on a Budget

Holidays can be very exciting. Though, stress can often come alongside them due to a lack of finances. If you’re looking to finance your next ski holiday, get in touch with the Australian Lending Centre today!

Categories
News

Cheap Mother’s Day Gifts 2021

Cheap Mother's Day Gifts 2021
Mother's Day is almost here! Need inspiration? On a tight budget?

The 9th of May is fast approaching. If you are a son or daughter or the father of young children you will need to find a suitable present for Mum. Are you on a tight budget? The great news is that, if you are looking for cheap Mother’s Day gifts, 2021 is probably going to be as good a year as any to find bargains. Shops are desperate for things to get back to normal again, so promotions are everywhere!

With this in mind, we thought you might like a little help in choosing a reasonably priced gift. So, below we have put together a selection of our top 10 cheap Mother’s Day gifts that will hopefully be affordable and special.

1. A Piece Of Jewellery To Wear

Most mums enjoy wearing a piece of jewellery such as a bracelet, necklace or a pair of earrings. Yes, you can spend thousands of dollars buying a piece of jewellery but you can also spend far less and still put a smile on your Mum’s face. There is so much quality jewellery available on a limited budget, you just need to know where to look. If you find the right jewellery then your Mum will get as much pleasure wearing a modestly priced pair of earrings as she would wearing a diamond necklace costing hundreds of dollars.

If you are looking for beautiful jewellery at an affordable price, then we recommend visiting thelittl.com. You can find beautiful pieces of jewellery for less than $100 and they constantly have offers and promotions running. For example, if you subscribe to their mailing list and place an order of $100 or more, you will also receive a free pair of $100 earrings! The Littl are also running a 15% Mother’s Day promotion if you use code ‘MUM15’. For a fraction of the price of Pandora or Swarovski piece of jewellery, you can give a gift for your mother to treasure forever with the Littl.

the littl necklace mothers day
The Littl are also running a 15% Mother’s Day promotion if you use code ‘MUM15

2. Bouquet of Flowers – One Of The Best Cheap Mother’s Day Gifts

Flowers are probably one of the most popular gifts given to mothers on their special day. Whether you buy her a bouquet of red roses or a mixed floral display, she will appreciate them. If you are looking for something that will last longer, you could buy her a potted plant whether to be kept indoors or one that is planted in the garden.

If you go for flower delivery from a company such as Interflora, then you can often add cheap or complimentary add-on gifts, such as balloons, teddy bears or chocolates; which brings us to our next gift idea…

interflora flowers mothers day
Make mum smile with flowers

3. Box Of Chocolates To Indulge In

mothers day chocolates
A delicious treat will always bring a smile to her face!

Most mothers enjoy a chocolate or two whilst watching their favourite program on television. A box of her favourite chocolates is one of many cheap Mother’s Day gifts 2021 has to offer. As you will be aware, there are so many chocolate brands you will be spoilt for choice (and hopefully, she’ll share them with you!)

Surprisingly enough, Kmart actually offers a fantastic range of Mother’s Day chocolate. From Cadbury gift boxes to Lindt chocolate, there is a great selection available at an even better price!

4. Bottle Of Perfume To Smell Sweet All Day

Like most things in life, a bottle of perfume can vary significantly in price depending upon which brand you choose. For instance, if you choose a bottle of Chanel No 5 then that can prove quite expensive but do bear in mind that there are cheaper brands and they may smell just as nice as a more costly perfume. Remember, it is the thought that counts.

The Perfume Clearance Centre always has sales on so you can grab that premium perfume at a bargain price. Otherwise, we recommend checking out Zara’s range of fragrances. At a super affordable price, you can find some beautiful perfumes which smell just as heavenly as designer fragrances.

zara perfume mothers day

5. Bottle Of Wine To Whet The Appetite

When it comes to cheap Mother’s Day gifts, you can’t go wrong with a nice bottle of wine. Whether her favourite is red, white, or rosé there is so much choice available these days for a modest price. Vintage Cellars and Dan Murphy’s are likely to have Mother’s Day specials on. Who knows, your budget may stretch to a couple of bottles.

6. An Exciting Gift Experience

There are some reasonably priced RedBalloon gift experiences to choose from for your mum on Mother’s Day. Depending upon where she lives and what she likes, you could consider a scenic cruise, a winery tour and tasting experience, a relaxing salt therapy session or an invigorating infrared sauna session. Another cheap, but a fun gift from RedBalloon is Cork and Canvas (paint and sip) where you get to paint and drink wine. Best of all, your Mum might want to share the experience with you, so you also get to enjoy the gift too!

7. A Great Book To Curl Up With

Lots of mums like to spend some of what little spare time they have with their head in a book. It could be a murder mystery or an autobiography of somebody well known. Such books can prove to be cheap Mother’s Day gifts. An added bonus is that, when your mum has finished reading the novel, you can enjoy reading it. So, why not be selective when choosing the book (wink wink).

A nice gift idea is purchasing a book subscription with Bookabuy. Bookabuy sends boxes including a book and an extra gift, such as a candle or box of chocolates. You could choose to send a one-off box or make it a monthly subscription. A thoughtful, fun and affordable gift indeed. If your modern is a fan of tech, then an Amazon Kindle is an affordable, yet great gift for any book lover. Kogan has some really cheap Amazon Kindle options, plus you can shop now, pay later with Afterpay or Zip Pay if you don’t want to pay upfront.

bookabuy mothers day

8. Ornaments for around the house

affordable candle spotlight
Spotlight has a range of affordable home decor ideas like candles

Every Mum loves making the home look pretty. From little table ornaments to picture frames to hang up family photos, home decor adds a special touch. Despite being predominantly a clothing store, SHEIN offers a really nice range of home decor at super prices! It’s also worth checking out Spotlight who also sell some cute home decor at reasonable prices.

9. Mother’s Day Mug

Every year there are some cheap Mother’s Day gifts – 2021 is no exception. If your Mum enjoys a mug of tea or coffee then you might like to consider a personalised Mother’s Day mug. Every time she uses it you can be sure that she will remember that you bought it for her on that very special day. Take a look at these Mother’s Day mugs from Zazzle.

10. Personalised Cushion

A personalized cushion is an inexpensive gift for your Mum and is very personal. She will enjoy resting her head on it, or even keeping it out on display if there is a nice message attached. Etsy is a great place to shop for personalised gifts.

Happy Mother’s Day!

We hope we have helped to provide some ideas about cheap Mother’s Day gifts. 2021 is hopefully going to be a better year than last year so why not buy your Mum something that she will remember for years to come.

If you are looking to purchase a more expensive gift for your mother and don’t have the funds available then here at the Australian Lending Centre we may be able to help you with finance. You may also find our Free Online Budget Planner of assistance.

Categories
Debt Consolidation Business Consolidation Loans Debt Management Financial Planning Short Term Loans

Coronavirus: Financial Security in a Pandemic

Coronavirus: Financial Security in a Pandemic
Coronavirus: Financial Security in a Pandemic

Financial security and pandemic. The two don’t really go hand-in-hand, do they? As if facing a global health crisis wasn’t terrifying enough, the world’s economic nosedive is hitting Australian families and individuals hard. Really hard. But as with most things in life, rest assured there will be light at the end of the tunnel. As cheesy as it sounds, we really are all in this together. Out of this strange and unwelcome period will come a brighter future for Australia and the rest of the world. So while we work on our self-isolation best practices, what are the steps we can take to achieve a sense of financial security in a pandemic?

Find out what government support applies to you

The Australian Government is currently providing financial assistance to Australians during this uncertain time. The assistance includes income support, household support and temporary early releases of superannuation. All the important details can be found here.

Be sure to also look at your state government and find out what packages and recovery efforts apply to you.

South Australia: The SA government has unveiled a $1 billion jobs stimulus package. Keep an eye on media releases and updates here.

Tasmania: The Tasmanian Liberal Government has prepared a $420 million stimulus package to support Tasmania. Keep an eye on media releases and updates here.

ACT: The ACT Government has prepared an economic support package of $137 million. Keep an eye on media releases and updates here.

Northern Territory: The Territory Labor Government’s $65 million Jobs Rescue & Recovery Plan has been introduced to keep shops open, cash flowing and Territorians working. Keep an eye on media releases and updates here.

Western Australia: The WA State Government announced a $607 million stimulus package to support WA households, pensioners and small businesses in the wake of COVID-19. Keep an eye on updates here.

Queensland: The Queensland Government has announced a $4 billion COVID-19 package to support Queenslanders’ health, jobs and businesses. Keep an eye on updates here.

Victoria: The Victorian Government has announced a $1.7 billion economic survival and jobs package to support small and medium sized businesses in Victoria. Keep an eye on updates here.

Write up a budget plan

If ever there were a time to start being conservative with your funds, now would be it. You’ll feel an alleviating sense of financial security in a pandemic if you can stick to a well-curated budget. Remember, the ever-changing economic climate brings all kinds of financial stress, so you’ll want to keep updated on what’s happening and budget around that.

Accept the current state of affairs and do what you can to work around it. Try to avoid spending as if everything is normal in the world. Evolve and adapt your spending to suit the current climate. That being said, please don’t panic buy.

Panic buying goes against the idea of budgeting for a pandemic. You might find yourself buying excess of what is necessary, being left with little funds to support other areas in need. Excessive stockpiling can also lead to price gouging, which is when the prices of certain supermarket items double or triple in price. None of us want to pay $20 for toilet roll.

Pay attention to budgetary changes

Now that you are in self-isolation, you will notice certain expenses disappearing and others rising. As you won’t be leaving the house, you will no longer be paying for petrol or for drinks or a night out. You will, however, be using electricity and water at home a lot more. Consider these variables and tailor your spending habits around them. You will need to pay close attention to what money goes where as it will be different to your routine money management system.

Carefully consider a loan

Australian Lending Centre is a leading provider of bad credit loans and consolidation loans Australia-wide. We strive to assist people who have multiple credit cards and personal loans. With the introduction of the coronavirus, we understand finances are tighter than ever. ALC can lend a helping hand. We offer a wide range of financial services and can provide a product to match your individual needs. From debt consolidation and debt management, to credit repair and low doc loans, ALC can help. Get started on your loan application here.

Look after your mental health and well-being

It may be the last on our list, but it is indisputably the most important. A healthy mental state is vital to feeling a sense of financial security in a pandemic. If you feel mentally on top of things, the finances will follow.

Avoid Fake News and Sensationalised Media

One of our top tips would be to avoid fear-inducing media if you find yourself inclined to anxiety. Although we have addressed keeping up to date with the latest pandemic news, this doesn’t mean delving deep into conspiracy theories and reading about all the tragedies. Have an understanding and be aware. Just don’t spend all your time consumed by COVID-19 news.

Stay Busy and Engaged

Try to keep yourself occupied with hobbies. Read a book. Go for a jog. Clean the house or learn a new recipe. Being homebound doesn’t have to mean being bored out of your brain. It certainly doesn’t mean sink into the couch and rotate through Netflix series’ all day.

Seek Support

Finally, seek support if you’re feeling helpless. Beyond Blue has a dedicated page on its forums to help those who are experiencing mental health depreciation due to the current global crisis. You can contact the Australian Government Department of Health on their national helpline (1800 020 080) for information on the pandemic. There will always be people you can speak to and people who can help.

Categories
Debt Consolidation Credit Card Consolidation Personal Loans

Saving Money On a Lower Income

saving money on a lower income

There is a range of strategies you can employ to make saving money o. One of the major areas that can save you a lot in the long term is debt consolidation. There are also some other lifestyle choices you can make to improve your financial situation.

Many people think it is all too hard, but everything you do will help, even small changes can make a huge difference. We can all employ a range of measures that will prevent budget blowouts without sacrificing all the things you like doing.

If you are finding yourself on the roller coaster of no savings, bad debt management, poor (or no) budgeting and everything is a bit chaotic, Australian Lending Centre has some tips and tricks to get you out of bad debt employing activities such as debt consolidation, saving and feeling in control again.

First things first – Where Does Your Money Currently Go?

If you don’t yet have a budget, keep a financial diary for your pay period and track how you are spending your money. The Money Smart website offers a great money tracking app to make this easier. This will give you valuable insight into your habits and areas you can save.

  • What are you spending your money on?
  • How much is left over at the end of the pay period?
  • What money needs to go out on payments and bills?
  • Are there any areas of waste or unnecessary spending?
  • Are there areas where you are going backwards and getting into arrears?

Planning and Budgeting  – Where Will Your Money Go?

Once you have a record of what your current spending entails, get online to the Money Smart website and complete the budget tool. Be sure to include all your debts, payments, bills, and income. Mark payments and amounts in your calendar. Most bank online apps have the ability to schedule payments, so they come out when they are due, but if these are also in your calendar you won’t get any unexpected payments coming out. These regular payments can including things like:

  • Mortgage or rent
  • Car payments, car registration and insurance
  • Household/health insurance
  • Credit card payments
  • Loan repayments
  • Store card payments
  • Afterpay/ZipPay (remember that defaulting on these can effect your credit score)
  • Utilities such as gas and electricity (you may want to discuss bill smoothing with your provider – this is a regular payment over time rather than a massive and shocking bill each quarter)
  • Internet and phone

Bad Debts? Talk to the Credit Provider

The bottom line is that companies want to be paid. They are always receptive if you explain your situation, especially if you have, or are, experiencing financial hardship. You may be able to negotiate with them to reduce or put a hold on payments until you get back on top of things. Of course, you still have the pay the money back, but a hiatus on payments can help in the short term. Some credit providers will allow you to reduce the final figure if you can pay the debt outright. If they offer this, it may be time for debt consolidation. If you are too overwhelmed by the phone calls and letters, then talk to us about negotiating on your behalf.

Next Steps – Take Control With Debt Consolidation

When loans and credit cards get beyond what you can cope with in terms of interest and late payments, it might be time to call in help from the experts. Companies like Australian Lending Centre can offer a solution for a bad credit debt consolidation loan. This is where you negotiate with lenders for a reduced payout figure and then apply for a single loan that will cover all your bills in one payment with a lower interest than general credit cards and late payment fees. Having one simple debt consolidation loan payment to go out eat pay period is going to be a lot easier than trying to remember everything. The sooner you simplify your payments, the sooner you will be in an easier financial situation.

Money-Saving Tips

Turn off the TV

Are services like Netflix, Foxtel, Stan, Hayu and the iTunes store getting beyond ridiculous? Try cutting out all but the most popular one, to cut back. Turning off the TV will also help cut back on power and expose you to less spend-inducing ads. You might also have app subscriptions that you don’t need. Although these are small they can add up in a month.

Stop Hoarding and Start Selling

If you have closets full of unwanted clothes, try selling them online. A good clean out also helps you to see what your wearable wardrobe looks like so you can plan your clothes shopping to maximise your shopping budget. Also if you buy anything make sure it goes with the other items in your wardrobe. Take advantage of sales, why pay retail when most clothes will go on sale towards the middle of the season.

Look for those habits that add up

You can cut back on your habits, such as drinking alcohol during the week, smoking (probably goes without saying but your health and budget will thank you), buying coffees, can all save a surprising amount as well as having general health benefits. Limiting your drinking to the weekend can save hundreds a month, depending on your drink of choice. That bottle of wine after work at $15 a night can really add up over the week. Similarly, a $4 coffee each day is $20 a week. Make coffee at home in a keep cup and save money and the environment.

Stop using your credit card

By switching to using your debit card or cash for purchases, you will be more aware of your spending habits. It will also prevent the slide into bad credit debt.

Be frugal at the supermarket

Most of the time, buying in bulk or larger sizes are cheaper over time, so check on the prices for the larger sizes. Don’t shop with kids. Pester power is a thing and can increase your spend at the checkout. Never shop when you are hungry. Buy less meat, which is expensive, and opt for more meat-free alternatives, such as tofu, beans, and pulses.

Eat Smarter

With a busy life, planning meals can be a real chore, but while using services like Uber Eats seems like a good alternative, you are actually paying $5 on top of takeaway prices and it really can add up at the end of the pay period. By shopping in bulk, cooking healthy meals and taking the leftovers to work for lunch, you can save quite a lot each day.

Are You Missing Out On Government Payments You Are Entitled To?

Lastly, make sure you check all your entitlements with regards to government payments. As a low-income earner, you may be eligible for some form of financial support if you aren’t already receiving a government benefit. When every dollar counts it’s worthwhile claiming all you can. To check on payments and entitlements, check out the Department of Human Services. Even a small additional payment may ease your financial burden. Living on a low income is hard, but these payments are designed to help.

Small Changes with Big Returns

Once you have a clearer picture about where your money goes, you make changes to your lifestyle and start on the path to greater financial control, the happier, healthier and less stressed overall you will be.If you need help with debt consolidation, please get in touch. We’d love to hear from you.

Note: This information is general, and doesn’t take into account your specific personal and financial circumstances.

Categories
Debt Consolidation

A Savings Plan That Works

short term loans

A savings plan should be a part of everyone’s life. It is not something you need to consider but something that you need to make a conscious decision on doing and sticking with. Just like everything else that you are serious about you should have a plan on how to do it. With no plan it can just be another fickle idea that can go down the drain and be completely forgotten.

Here are a few ideas on how you can develop a savings plan and tricks on how you can actually stick with the plan.

Savings Plan

Step 1: Keep track of your expenses

After every pay day, you feel the need to spend even on things you don’t need then you wonder where all your money went. So the first step in a successful savings plan is to keep track of your expenses. Do a budget list- write down all the bills you need to pay and things you need to buy. This way you can pay all your bills and you can cut off buying unnecessary things like extra lollies and snacks. Making a budget plan for your expenses will help you on the next step.

Step 2: Keep a part of your income for savings

After listing down your expenses and creating a budget plan, you need to decide now a reasonable amount for your savings. Allocate an amount that will still allow you to eat real food (not canned goods) and enjoy from time to time. But still, save at least a decent amount that will make you reach your savings goal in a short amount of time.

Step 3: Estimate how long it will take you to achieve the amount you need.

You can either check how long it will take you to save a specific amount of money or check how much you need to save to achieve the amount you need in a specific amount of time. You can use a savings goal calculator to know how long it will take you. If you’re saving for a large amount it may take you longer than you expect.

Step 4: Find a bank that offers high interest rate

An easy way to help you gain extra dollars is to have an account with a bank that offers high interest rate like 3.60%. With this in your savings plan it will help you reach your goal faster.

Step 5: Stick to your savings plan!

This will be the last step but the most important. Having discipline and sticking to your savings plan is the key to achieving your savings goal. Keep your money in a savings account to avoid spending it.

Categories
News

How Pet Owners Can Save on Pet Food

money management tips

Owning a pet can be incredibly rewarding, fulfilling and fun over the course of your furry friend’s life, but it can also get quite expensive. We don’t always consider the long-term costs of pet ownership because let’s face it; they’re cute and cuddly so the benefits usually take precedent over the practicality. Adding a bag of dog food and treats to your shopping list won’t break your budget but there are always ways to save on pet food. Here are a few ways, and why they’re financially viable for you:

How to Save on Pet Food

1. Cook it yourself
Cooking your pet’s food sounds like extreme dedication, right? You might think that only people with plenty of free time and plenty of spare cash would bother to cook for their pets but it’s not the case. Cooking for animals can be cheap and a set-and-forget approach if you do it right. It’s very, very similar to meal preparation for yourself (or any human) – basically you purchase some cheap meat cuts, veggies that your pet can eat, and voila. Throw it all in some stock and you’ve essentially made a cheap soup that you could eat if you wanted to! Freeze it in portions if you’ve got freezer space, or keep it in the fridge and dish it out each night. They’ll love it, and it will work out better for their health and easier on your wallet. You can also make your own treats for little cost and effort! There are various recipes online for the keen owner who’d like to try making their own pet food.
2. Pay for ingredients
So if you’re not into the idea of cooking food yourself, make sure you’re not ripping yourself off by being drawn into a fancy name-brand food that is actually made of the same ingredients as its cheaper counterparts. Do some research, read some labels and don’t overpay. On that note, find out what brands or ranges of food is the best value for money. You’ll find that higher quality foods equate to smaller portions for your animal, so although you feel like you’re spending more at the time, you won’t need to replace the food as frequently.
3. Buy in bulk
This is a rule for either buying food in store or making it yourself. Keep track of specials at the supermarket as well as the pet shops to maximise how much you can save, sometimes it works out cheaper to grab a huge, seemingly endless bag of dog-chow because it will last you for four months instead of the smaller bag you’re replacing each fortnight. If you’re buying ingredients, buy in bulk when you have fridge or freezer space.

Pets are fun, but man do they eat. If it feels like your animal is eating you out of house and home – take a look at their diet. Better food can save you money; not only at the checkout but on the vet trips you won’t have to take because your dog or cat is less likely to suffer from skin conditions and organ problems. Plan ahead, save some money and make you and your furry friend’s life just that much better!

Categories
News Tax Debt Loans & Relief

Federal Budget 2015 – The Good and The Bad

Australian Federal Budget

The Australian federal budget changes announced on May 12th had many positive points as well as several negative points that you might have missed if you did not pay close attention and read the details.

Federal Budget 2015

The Bad

On the negative side, the federal budget axed large portions of the money devoted to combating climate change. Abbott’s government has reduced the funding to the Green Army, a group of tree planters that formed part of Abbott’s “Direct Action” policy aimed at reversing climate change.

The taxes collected from “indirect taxation” will really open your eyes when the figures are laid out clearly. GST alone is expected to bring in $54.285 billion while taxes on alcohol will bring in another $5.23 billion along with petrol’s $6 billion and tobacco’s tax revenue of $8.28 billion. Australia’s foreign aid has also been slashed 20%, down to $4.1billion.

African nations in need along with neighboring Indonesia will have their benefits cut the most. Special tax breaks for big families have been taken away to save the government $177.3 million. Some art programs will have their budgets cut entirely or trimmed significantly. FIFO workers will have some travel benefits slashed to close loopholes for those who were taking advantage of the generous tax concessions.

The Good

On the positive side of things, the government is taking the initiative to allow employee share schemes so that employers can attract vital staff with tax incentives on start-up company shares. The Abbott government is making it easier for Australia’s young people to access The Youth Allowance payments.

Small businesses will get a big boost by being able to write off $20,000 of their taxes for every piece of equipment they buy for their business. Shift workers will also get more family help from nannies through a $246 million subsidy.

There were some big changes made to the federal budget in the recent announcement and not all of the news was only positive or negative but together gives a picture as to which way the government is looking to spend or save the tax revenue it receives. Whether or not you agree with the new government’s new changes to the federal budget, it is important to know how it could possibly affect you and your business or family. No matter what side of the politics you are on, it will be interesting to see how these changes to the federal budget will affect the Australian economy.

Categories
Financial Planning

Making Sense of Australia’s Comprehensive Credit Reporting

clean credit

Understanding Bad Credit with Australia’s new Comprehensive Credit Reporting

Australia’s new comprehensive credit reporting system came into effect from March 12 this year and has changed the manner in which some lenders look at risks when accepting new clients.

Continue reading “Making Sense of Australia’s Comprehensive Credit Reporting”