David’s number one Budgeting Tip | Personal Budgeting

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Budgeting Tip

I often get ask what my number one budgeting tip is. My answer is not the oft-quoted budgeting tip of paying yourself first. Nor is it saving ten per cent of your earnings. My top budgeting tip is actually consistency. By, for example, consistently spending the same amounts each week on living expenses (food, drink, petrol and other day-to-day spending). Left to its own devices, this part of your outgoings can fluctuate wildly – hence the importance of making sure it is under control. Consistent debt repayments are a key ingredient of this budgeting tip. Going hard at that credit card or home loan might feel good […]

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Budgeting for the School Holidays

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Budgeting for the School Holidays

School holidays are a great time for our children to relax and wind down after the excitement of the school term and often to venture out for fun family activities. But while school holidays can be memorable events, with children spending quality time with their parents, beating the boredom and entertaining children during this period can often hurt the budgets of Australian families. The school holiday period really doesn’t have to break the bank, though. A well-run budget benefits you, as the budget keeps you on track at a time when it is so easy to overspend. In fact, a […]

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Mandatory Comprehensive Credit Reporting and what it means for you…

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Mandatory Comprehensive Credit Reporting and what it means for you… The Australian Government has proposed a change that mandates Comprehensive Credit Reporting (CCR) from 1st July 2018. Also known as positive credit reporting, the proposed CCR legislation mandates the reporting of positive, as well as negative, credit history – from Australia’s largest financial institutions. So what does this change mean for you? Today your credit history includes credit enquiries (such as applications for consumer credit and credit contracts) and negative information (such as significantly overdue accounts, defaults, serious credit infringements and public record information). Essentially, previously your credit reports only […]

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Teaching children good financial habits

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financial habits

The best way that parents can pass on good financial habits to their children is to be in good financial habits themselves. Children pick things up from their parents by osmosis. If a child grows up in a family where finances are a drama because money keeps running out, the chances are that they will continue that financial roller coaster ride into adulthood. If they experience a childhood in which energy does not get wasted on day-to-day financial transactions because everything just flows, this ease and flow is likely to be reflected in their own finances later on. It’s a […]

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2018 Victorian Car Registration Initiative | Personal Budget

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Victorians will now be able to pay their car registration in quarterly or half-yearly instalments from January, two years after the Government flagged introducing the measure to help low-income families struggling with their bills.   This initiative gives all Victorians options (annually, 6-monthly or quarterly payments) regarding what has traditionally been one of the biggest single payments people make throughout the year – one which has been described by Emma King, CEO of the Victorian Council of Social Service, as an “annual wrecking ball through the family budget.” It’s these type of one-off large payments that people often struggle to […]

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Who’s Who in the Financial Zoo? | Budgeting Advice

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budgeting advice

If there is something you don’t understand about your finances, or something you wish to change, you might well turn to an accountant or a Financial Planner (aka a Financial Advisor), as these are seen as our society’s financial oracles. The only problem with this approach is that the solutions they give you will have a narrow focus – reflecting their respective areas of expertise. Accountants are tax minimisers. Financial Planners are product specialists in the areas of investments (including superannuation) and insurance. So the solutions you get from them will be based on tax, investments or insurance. Which is […]

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