Tips to tighten that belt

Accounting, Australian Taxation Office, Finance, Refinancing, Taxation

With interest rates and cost of living increases we should all be thinking about what we can do right now to tighten our financial belts.

Here are a few tips to consider:

  1. Have your loans/ credit cards/ credit accounts reviewed by a Finance broker and see if refinancing can help save and free up some money.
  2. Review your utility costs such as Phone, Internet, Electricity and at the same time review how you are using these. Are you using a dryer when you have a clothesline available?
  3. Look at your entertainment / TV streaming
  4. Have an Insurance broker review your Insurances for correct cover and to make sure you are only paying for what you need to.
  5. Review your private health insurance, are you covered for items you will never claim?
  6. Programs like Flybys and Everyday Rewards can offer savings on a variety of items such as groceries etc so take a look at anything that may benefit you.
  7. Review your spending habits of the last 4 weeks and see what items you could do without. Can you make that morning coffee at home? Can you walk to work?
  8. Start doing a weekly budget. Stick to it where you can but use it to help you understand when you don’t. Consider paying items such as rates, water rates etc weekly so you can’t spend the money as it has already been paid.
  9. Have a cleanup at home, do you have anything that might be worth selling on Gumtree or Marketplace?
  10. Keep up to date with your taxes and keep all of your deductions invoices to ensure you maximise any tax return.
  11. Plan purchases such as clothing or larger household items.
  12. Do a menu for the week and plan your grocery purchases based on the menu.
  13. Set up a savings plan for any emergencies.
  14. Stop online shopping and try to delay purchases.
  15. Consider what food you can grow/make at home instead of purchasing at restaurants or from fast food outlets.

Also think about how you could earn more money?

  1. A Second job, tutoring, delivery person.
  2. Lodge any overdue tax returns, there may be some unclaimed tax refunds?
  3. Increasing your work hours from casual/ part time to full time?
  4. Check that you are being paid the correct amount under your employment Award. Go to fairwork.gov.au
  5. Consult a qualified Financial Advisor for some guidance.
  6. And lastly consider approaching your employer for a pay review.

We all get somewhat relaxed at times with our spending habits. Consider the above tips but whatever your circumstances are remember your situation can most likely be improved with a little hard work and planning.

Perhaps factor in a treat each week/fortnight to keep you happy and motivated.

Good luck.  Please reach out to us if you need any assistance [email protected].