Running a business full-time requires careful financial planning, particularly when it comes to taxes. David Rankin suggests adopting a proactive approach by regularly setting aside funds for taxes. This ensures a seamless transition into the next financial year, even if the Australian Taxation Office (ATO) isn’t a significant cost at the moment. Planning for the Future While the ATO might not be a substantial expense now, it’s crucial to anticipate future changes. Proactively managing tax obligations can prevent financial hiccups and ensure your business remains financially sound. Professional Guidance for Growth As your business expands, seeking professional guidance becomes essential. […]

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Financial management isn’t about limiting all expenses but ensuring each spending decision aligns with your real-life priorities. In this guide, we delve into a practical approach to managing your discretionary funds—those non-essential expenses that make life enjoyable. The Strategy: Creating an Incidentals Bank Account To maintain control over discretionary spending, consider establishing a dedicated incidentals bank account. This account is exclusively reserved for non-essential and emergency expenses, providing a clear boundary between your primary budget and the things that make life more enjoyable. Allocating a Budget Within this incidentals account, allocate a specific budget for discretionary items such as clothing, […]

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Embarking on the journey to achieve personal finance goals can seem like a daunting task, but the road to financial well-being often begins with simple and effective strategies. Crafting a Purposeful Shopping Strategy Embarking on the easiest ways to get started with your personal finance goals involves smart strategies, and one of the essential steps is to shape a purposeful shopping plan. A savvy shopper understands the importance of pre-planning before stepping into a store. This includes creating a detailed list of necessary items along with knowledge of alternative brands. By sticking to this list, you not only save time […]

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Efficient financial management hinges on optimising the structure of your banking accounts, particularly when it comes to payments. By consolidating your regular or recurring payments, such as utility bills and loan installments, into one designated bank account, you simplify the process of payment and tracking. This direct debit account not only streamlines your financial responsibilities but also serves as a convenient source of accessible cash for day-to-day expenses. The Power of a Dedicated Direct Debit Account Having a dedicated account for direct debits ensures that you have a clear overview of your financial commitments. This focused approach can help prevent […]

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