The RBA may have held interest rates for now, but many analysts say we are set for another 2 rate rises by the end of the year and even more in 2011.
Rising petrol and food costs and the threat of sky rocketing inflation means we need to find ways to make the dollar go further.
If you need help with budgeting, savings or managing your debt, speak to one of the financial advisors at Intellichoice today on 1300 55 10 45.
Showing posts with label savings tips. Show all posts
Showing posts with label savings tips. Show all posts
Wednesday, June 2, 2010
Friday, March 12, 2010
Planning an affordable family holiday
During the school holidays, we find that many families plan short getaways – either to spend quality time together or just to keep the children occupied. Below are some tips on keeping your travel expenses low, yet still ensuring a great time for everyone!
Search for deals
Do not miss out on the many online opportunities to find great bargains. You can use online travel sites to search for the lowest airfare, hotel rates and car rental rates, as well as great entertainment deals. It is also a good idea to check specific airline sites too, as they may be advertising specials that are not included on the other sites.
Pick the package
Before booking any part of your trip, check out travel packages available from the airlines or hotel chains. It is often possible to find low-priced packages that include both hotel and airfare, and admission to local attractions as well. However, remember that these packages may not always be the cheapest deals. Compare and check all the details and make sure that what you are getting is worth what you are paying.
Be flexible
Uncertain exactly where you would like to go? Then plan your trip around the best deals available. Sites that specialize in low-cost travel usually advertise specials to certain locations - as do many airlines. If the location sounds like somewhere you would enjoy exploring, you could save a great deal on your trip. It's also a great way to explore new places you may never have thought or know about.
Choose a destination location
Want to save money on gasoline and admission costs for various attractions during your holiday? Pick a hotel that has a pool, playground, nearby hiking or other on-site activities. In addition, many hotels offer suites with their own kitchens. While these may cost more than regular rooms, the savings on take-aways and dining out may more than offset the higher price.
Explore the great outdoors
Camping is not only a fun family activity, it is also a cheaper way to travel. There are campgrounds and cabins at national parks all around Australia and they offer an inexpensive way to explore these locations. Outdoor holidays are a great departure from the usual routine and make it possible for your children to get away from the television and computers and enjoy nature. In many cases, they are much less rustic than you might imagine. There are also many activities available and great sights at the national parks.
For more information about budgeting, or for other ideas on saving money, speak with one of the financial planners at Intellichoice today on +61 7 3624 1900.
Search for deals
Do not miss out on the many online opportunities to find great bargains. You can use online travel sites to search for the lowest airfare, hotel rates and car rental rates, as well as great entertainment deals. It is also a good idea to check specific airline sites too, as they may be advertising specials that are not included on the other sites.
Pick the package
Before booking any part of your trip, check out travel packages available from the airlines or hotel chains. It is often possible to find low-priced packages that include both hotel and airfare, and admission to local attractions as well. However, remember that these packages may not always be the cheapest deals. Compare and check all the details and make sure that what you are getting is worth what you are paying.
Be flexible
Uncertain exactly where you would like to go? Then plan your trip around the best deals available. Sites that specialize in low-cost travel usually advertise specials to certain locations - as do many airlines. If the location sounds like somewhere you would enjoy exploring, you could save a great deal on your trip. It's also a great way to explore new places you may never have thought or know about.
Choose a destination location
Want to save money on gasoline and admission costs for various attractions during your holiday? Pick a hotel that has a pool, playground, nearby hiking or other on-site activities. In addition, many hotels offer suites with their own kitchens. While these may cost more than regular rooms, the savings on take-aways and dining out may more than offset the higher price.
Explore the great outdoors
Camping is not only a fun family activity, it is also a cheaper way to travel. There are campgrounds and cabins at national parks all around Australia and they offer an inexpensive way to explore these locations. Outdoor holidays are a great departure from the usual routine and make it possible for your children to get away from the television and computers and enjoy nature. In many cases, they are much less rustic than you might imagine. There are also many activities available and great sights at the national parks.
For more information about budgeting, or for other ideas on saving money, speak with one of the financial planners at Intellichoice today on +61 7 3624 1900.
Thursday, March 4, 2010
Save money while you travel
While you are travelling overseas, it is even more important to make your money go as far as possible. You do not want to face a huge credit card bill when you return from your overseas adventure, but you also do not want to miss out on once-in-a-lifetime opportunities while you are away. We have provided some tips on how to make your dollar go further while abroad.
Staying in touch
Use email to keep in contact with family and friends. Internet cafés (including laundries and libraries) can be found everywhere. Using "global roaming" on your mobile phone can be expensive. Alternatively use International Calling cards so you can control how much you spend
Get plugged in
If you are taking your mobile phone, laptop, razor or hairdryer, you will need an adaptor – buy one before you leave home as they will be cheaper here and will save you the time of finding a shop that supplies one when you reach your destination.
Banking from far away
ATMs are plentiful overseas but be wary of the transaction costs the overseas banks will charge. Use Internet banking if you need to check your account and move money about.
Online bookings
Finding well-priced accommodation is also quite easy in many major foreign cities using discounted travel websites.
Check local bargains
Often there are significant price differences between home and overseas. For instance, a camera may be cheaper in Italy but a haircut is a lot more expensive.
Take the bus/tram/train/subway
Do not try to drive and park in major cities. If you think driving into Australian cities is difficult and expensive, you should try Europe. The best plan is to drive to the outskirts of the city, park and catch public transport. It will also be an experience for you to try public transport when overseas and you will be able to take in the sights without the stress of having to navigate around a strange city.
Eat where the locals do
Many prominent eateries are tourist traps. Take a stroll up the back streets and you can often find excellent food at a fraction of the price.
You never know - if you save money as you go, you could afford to extend your holiday for another few days, or even weeks!
Staying in touch
Use email to keep in contact with family and friends. Internet cafés (including laundries and libraries) can be found everywhere. Using "global roaming" on your mobile phone can be expensive. Alternatively use International Calling cards so you can control how much you spend
Get plugged in
If you are taking your mobile phone, laptop, razor or hairdryer, you will need an adaptor – buy one before you leave home as they will be cheaper here and will save you the time of finding a shop that supplies one when you reach your destination.
Banking from far away
ATMs are plentiful overseas but be wary of the transaction costs the overseas banks will charge. Use Internet banking if you need to check your account and move money about.
Online bookings
Finding well-priced accommodation is also quite easy in many major foreign cities using discounted travel websites.
Check local bargains
Often there are significant price differences between home and overseas. For instance, a camera may be cheaper in Italy but a haircut is a lot more expensive.
Take the bus/tram/train/subway
Do not try to drive and park in major cities. If you think driving into Australian cities is difficult and expensive, you should try Europe. The best plan is to drive to the outskirts of the city, park and catch public transport. It will also be an experience for you to try public transport when overseas and you will be able to take in the sights without the stress of having to navigate around a strange city.
Eat where the locals do
Many prominent eateries are tourist traps. Take a stroll up the back streets and you can often find excellent food at a fraction of the price.
You never know - if you save money as you go, you could afford to extend your holiday for another few days, or even weeks!
Wednesday, December 9, 2009
Tips for coping with interest rate rises
With the interest rate rises of recent times, it is timely to reflect on how to make some adjustments to compensate. Here are some tips to reduce the household expenses without affecting your lifestyle.
Insurance
Having your insurance for the car and the household with the same provider can earn you a discount.
It is also always a good idea to shop around each year to check that you are still getting the best and cheapest coverage. Changing the excess and restricting the drivers to people aged over 25 can also make a difference.
For health insurance, again you should assess the level of cover as well as your provider. For example, there may be extras you are paying for that you never use.
You can also speak to one of the financial advisors at Intellichoice about finding you an insurance policy that suits your needs and circumstances. They will do all the research and legwork for you and find you an insurance policy that is best for you.
Petrol
Buy petrol on a Tuesday. According to the ACCC, petrol is usually cheapest on
Tuesdays in Australia’s metropolitan cities, except for Perth, where it is cheapest on Mondays.
Grocery Shopping
Reduce the number of trips to the grocery store to once every week or fortnight and stick to a reasonable budget each time. Also make a shopping list before you go to the supermarket and this will help you to avoid impulse buying. Meal planning also helps you focus on the things you really need.
Store displays
Do not assume that the in-store displays, particularly at the end of the aisles and at the checkout are on special – compare their price with the same items that are not being promoted. Look up and down the shelves. Note that the more expensive items tend to be right in the line of sight, while cheaper or supermarket-own brands tend to be located on the higher or lower shelves.
No-name brands
Try no-name/generic and supermarket-own brands for staples, like sugar, salt and flour – they tend to be hard to pick from branded equivalents.
Treats and snacks
Buy treats and snacks in the supermarket instead of going to the convenience store.
Telecommunications
Telstra and Optus provide discounts if you have three or more telecommunication accounts with them.
VOIP
Voice Over Internet Protocol is quickly becoming a popular alternative for your home phone. It uses the internet to drastically reduce call costs.
Electricity/Gas
If you consolidate your gas and electricity to the one provider you can receive a 5% discount. Some providers also offer a ‘switching discount’ such as $50 off your first bill.
Think about installing a solar hot water system. Whilst the initial outlay (approx $3,500-$4,500) is more than your standard system, both the Federal and some State governments offer rebates, which can take $1,000-$2,000 off the cost.
Depending on your home’s location and water consumption, this could reduce your water heating costs by up to 80%.
BYO lunch
BYO lunch. If you bring your own lunch to work three to four times a week, you could save over $500 per year
Personal loans & Credit cards
Personal loans and the rates on offer can be renegotiated, especially on cars. For example, if you have a loan on your car that was arranged by the dealer you could be paying 5-8% more interest than necessary – so it is recommended that you shop around.
Credit card rates can also range from 9.95% to 18.99% and it is usually membership reward schemes, cash advances and other offers that bump up the rate. Work out what you really want from your credit card and change it to a lower rate card where possible.
If you have a few personal loans or credit card debts, we recommend that you speak with a financial advisor from Intellichoice about consolidating all your debts into one - you may end up paying a lower interest rate and save money at the same time.
All of these suggestions will have little or no impact on your lifestyle. However, taken together, the savings can be significant and can more than offset the recent interest rate rises.
Insurance
Having your insurance for the car and the household with the same provider can earn you a discount.
It is also always a good idea to shop around each year to check that you are still getting the best and cheapest coverage. Changing the excess and restricting the drivers to people aged over 25 can also make a difference.
For health insurance, again you should assess the level of cover as well as your provider. For example, there may be extras you are paying for that you never use.
You can also speak to one of the financial advisors at Intellichoice about finding you an insurance policy that suits your needs and circumstances. They will do all the research and legwork for you and find you an insurance policy that is best for you.
Petrol
Buy petrol on a Tuesday. According to the ACCC, petrol is usually cheapest on
Tuesdays in Australia’s metropolitan cities, except for Perth, where it is cheapest on Mondays.
Grocery Shopping
Reduce the number of trips to the grocery store to once every week or fortnight and stick to a reasonable budget each time. Also make a shopping list before you go to the supermarket and this will help you to avoid impulse buying. Meal planning also helps you focus on the things you really need.
Store displays
Do not assume that the in-store displays, particularly at the end of the aisles and at the checkout are on special – compare their price with the same items that are not being promoted. Look up and down the shelves. Note that the more expensive items tend to be right in the line of sight, while cheaper or supermarket-own brands tend to be located on the higher or lower shelves.
No-name brands
Try no-name/generic and supermarket-own brands for staples, like sugar, salt and flour – they tend to be hard to pick from branded equivalents.
Treats and snacks
Buy treats and snacks in the supermarket instead of going to the convenience store.
Telecommunications
Telstra and Optus provide discounts if you have three or more telecommunication accounts with them.
VOIP
Voice Over Internet Protocol is quickly becoming a popular alternative for your home phone. It uses the internet to drastically reduce call costs.
Electricity/Gas
If you consolidate your gas and electricity to the one provider you can receive a 5% discount. Some providers also offer a ‘switching discount’ such as $50 off your first bill.
Think about installing a solar hot water system. Whilst the initial outlay (approx $3,500-$4,500) is more than your standard system, both the Federal and some State governments offer rebates, which can take $1,000-$2,000 off the cost.
Depending on your home’s location and water consumption, this could reduce your water heating costs by up to 80%.
BYO lunch
BYO lunch. If you bring your own lunch to work three to four times a week, you could save over $500 per year
Personal loans & Credit cards
Personal loans and the rates on offer can be renegotiated, especially on cars. For example, if you have a loan on your car that was arranged by the dealer you could be paying 5-8% more interest than necessary – so it is recommended that you shop around.
Credit card rates can also range from 9.95% to 18.99% and it is usually membership reward schemes, cash advances and other offers that bump up the rate. Work out what you really want from your credit card and change it to a lower rate card where possible.
If you have a few personal loans or credit card debts, we recommend that you speak with a financial advisor from Intellichoice about consolidating all your debts into one - you may end up paying a lower interest rate and save money at the same time.
All of these suggestions will have little or no impact on your lifestyle. However, taken together, the savings can be significant and can more than offset the recent interest rate rises.
Monday, December 7, 2009
Plan for Christmas debt now
Credit card debts are expected to soar in the next few weeks as consumers stock up for Christmas. Financial counsellors warn that February is often a month of misery for many as they try to deal with debts racked up over the summer.
Debt ratings agency Veda Advantage recommends that consumers set a spending limit and stick to it. “We are not saying don’t use your credit card, that is what they are there for, to spread out lumpy purchases like Christmas – but plan your repayments before you go out and spend the money.”
We have also included some tips to help you save money during Christmas, yet keeping it fun for the whole family.
Make it fun
Christmas shopping shouldn't be a chore. Variations of gift exchanging include:
Homemade gifts demonstrate caring, creativity and passion.
Debt ratings agency Veda Advantage recommends that consumers set a spending limit and stick to it. “We are not saying don’t use your credit card, that is what they are there for, to spread out lumpy purchases like Christmas – but plan your repayments before you go out and spend the money.”
We have also included some tips to help you save money during Christmas, yet keeping it fun for the whole family.
Make it fun
Christmas shopping shouldn't be a chore. Variations of gift exchanging include:
- Secret Santa - If you have a group that’s keen on the idea, Secret Santa can be a fun and inexpensive way to participate in the holiday season on a minimal budget
- Gift Themes - Choose a theme — travel, computers, food, whatever — and encourage everyone in the group to base their gifts around it
- Draw names - This is an excellent way to cut down costs while still participating in a gift exchange. You can draw another person’s name from a hat and give this person a nice gift. This is similar to secret santa
Homemade gifts demonstrate caring, creativity and passion.
- A hand-assembled collection of gourmet salts, complete with written description of each.
- Biscuits, cakes, muffins
- Art. (Do you dabble in photography? A framed print of your nephew is a great gift for your sister-in-law.)
- Home-made jams and jellies
- Hampers for example a cheese and wine hamper, or a hamper made up of someone's favourite foods including chocolates, fudge, shortbread and jams
- Send postcards or a letter instead ofChristmas cards
- Save your children’s (or grandchildren’s) holiday crafts and artwork from school each year and use the artwork as Christmas decorations for around the house or on the Christmas tree
- Cuting up old Christmas cards can make wonderful gift tags too
Tuesday, October 13, 2009
Reviewing your finances for the new year? Some money saving tips
Many people refinance their homes or investment properties to reduce their monthly home loan repayments. What other aspects of your finances can you review to help save money?
Review the frequency of your home loan repayments
If you are paid weekly or fortnightly, see if you can change the frequency of your home loan repayments to fit in. The interest on your home loan is calculated daily and making a payment two weeks earlier each month saves you money in the long term. In the short term, it will help make ongoing budgeting easier.
Consolidate debt
If you’re paying high interest rates on your credit and store cards – each of which will probably have an annual charge – think about consolidating all your debts in one loan with a debt consolidation loan. You may very well be able to access a lower overall interest rate, reducing your monthly outgoings and you will also avoid paying duplicate fees. Plus, a single monthly debt repayment is easier to manage than having to pay multiple credit card bills.
Cars
Cars are often the biggest family expense after home loan repayments. But as family needs change over time, and the price of petrol rises, we can find we have more expensive cars than we need. Could you downsize your car/s, not only reducing monthly repayments, but also potentially saving in maintenance, insurance and fuel costs? Have you thought about buying a scooter for short, local trips? Are you getting the best deal for the money you spend on your car insurance and repairs?
Insurance
There are three ways you may be able to save money on your insurance premiums. First, shop around when your renewals fall due rather than simply continue with your existing provider.
Also, you may be able to reduce monthly premiums raising the excess payable, or improving the security of your home.
Finally, some insurers provide discounted rates for bundling together policies such as home, contents, car, health or life insurance. If in doublt, speak to a financial advisor from Intellichoice - they will be able to assist you in finding an insurance policy that suits your needs and budget.
Clear out the shed
Do you have items of value gathering dust in your shed or garage? Whether you hold an old-fashioned garage sale or go onto e-bay, perhaps now is a good time to get money for the belongings you’ll never use.
Financial planning
If you’d like personal advice with regards to your financial future, speak to one of our qualified financial planners at Intellichoice. A financial planner can help you to set goals and implement a plan to help you reach them. Speak to our financial planner now on 1300 55 10 45 for an obligation free appointment.
Review the frequency of your home loan repayments
If you are paid weekly or fortnightly, see if you can change the frequency of your home loan repayments to fit in. The interest on your home loan is calculated daily and making a payment two weeks earlier each month saves you money in the long term. In the short term, it will help make ongoing budgeting easier.
Consolidate debt
If you’re paying high interest rates on your credit and store cards – each of which will probably have an annual charge – think about consolidating all your debts in one loan with a debt consolidation loan. You may very well be able to access a lower overall interest rate, reducing your monthly outgoings and you will also avoid paying duplicate fees. Plus, a single monthly debt repayment is easier to manage than having to pay multiple credit card bills.
Cars
Cars are often the biggest family expense after home loan repayments. But as family needs change over time, and the price of petrol rises, we can find we have more expensive cars than we need. Could you downsize your car/s, not only reducing monthly repayments, but also potentially saving in maintenance, insurance and fuel costs? Have you thought about buying a scooter for short, local trips? Are you getting the best deal for the money you spend on your car insurance and repairs?
Insurance
There are three ways you may be able to save money on your insurance premiums. First, shop around when your renewals fall due rather than simply continue with your existing provider.
Also, you may be able to reduce monthly premiums raising the excess payable, or improving the security of your home.
Finally, some insurers provide discounted rates for bundling together policies such as home, contents, car, health or life insurance. If in doublt, speak to a financial advisor from Intellichoice - they will be able to assist you in finding an insurance policy that suits your needs and budget.
Clear out the shed
Do you have items of value gathering dust in your shed or garage? Whether you hold an old-fashioned garage sale or go onto e-bay, perhaps now is a good time to get money for the belongings you’ll never use.
Financial planning
If you’d like personal advice with regards to your financial future, speak to one of our qualified financial planners at Intellichoice. A financial planner can help you to set goals and implement a plan to help you reach them. Speak to our financial planner now on 1300 55 10 45 for an obligation free appointment.
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