5 saving graces of giftmas

5 saving graces of giftmas Gift giving is one of life’s joys, until the credit card bill comes through. Here are five ways to maximise the love without blowing your budget.  According to a recent Financial Planning Association of Australia reporti, 85% of us find more joy in giving gifts to others than in getting them ourselves. Though we love the sound of ripping wrapping paper, almost three quarters of us don’t budget for gifts. …

7 Tips to improve your financial wellness

7 Tips to improve your financial wellness What is financial wellness? How you feel, is your wellness. How you feel about your money is your financial wellness. This can be measured by the financial wellness index, which measures a person’s satisfaction with their current and future financial situation. Some days you might feel confident you can meet your needs within the boundaries of your current income, whereas other days you may feel like you don’t …

How Much Superannuation is enough?

How Much Superannuation is enough? When you plan for retirement you will probably develop a financial plan intended to increase the amount you have for retirement. If you are on an average wage of about $85,000 p.a. before tax, you’ll need to save about 15 to 20 times that amount for retirement – about $1.3 to $1.7 million at today’s prices. You’re probably nowhere near that. There are other ways of estimating what you may …

Boost savings with compound interest

Boost savings with compound interest If your goal is to save for the future, or perhaps start putting away for your children’s education – then unless you plan on putting your savings under your mattress, the sooner you start the better. That’s because you could be missing out on earning compound interest along the way that could make a stark difference to the overall amount you save. The difference between simple interest and compound interest …

How do you save for that rainy day?

  How do you save for that rainy day? It’s not just our farmers who keep their eyes on the horizon for rain. Recent research found almost twice as many Australians think saving for an emergency or a rainy day is more important than putting cash away for a holiday. Indeed, saving for a rainy day is our number one savings priority. According to AMP Bank, those aged between 35 and 44 years old are …

Making the most of record low interest rates

Making the most of record low interest rates The Reserve Bank of Australia (RBA) took the cash rate to a record low of 1% in July, bringing mortgage rates to their lowest level in more than half a century. However, the low cash rate also means your money in the bank could be earning less interest. Why did the RBA cut rates? Rate cuts are a way for the RBA to help stimulate the economy. …

How to retire early

How to retire early Whether you choose or need early retirement, having a plan can give your money the best chance of lasting the distance. Whether lifestyle preferences or circumstances beyond your control are behind your decision to retire early, you’ll need to make a plan to help your retirement savings last, while still enjoying a few of your favourite comforts in life. Here are some retirement planning tips to consider when thinking about retiring …

Be aware of your money biases

Be aware of your money biases Knowledge is power. The more you’re aware of how your mind works the more you can adjust your attitude towards money. Six cognitive biases that influence how we save, spend and invest money We like to think we’re rational beings. But the reality is that a lot of our daily behaviour is influenced by our subconscious. Behavioural scientists have looked at the way human beings are wired and discovered …

Why saving is behaving

Why saving is behaving Did you know there are 293 ways to make change for a US dollar, but only 50 for an Australian dollar? Cashiers in America must have jumped for joy when debit cards became the rage. Is your bank taking you for a ride? We all have our own methods of saving money. Some are strict―people who set a budget for the week and won’t buy a fourth glass of shiraz if …

When can I access my Super?

When can I access my Super? Superannuation is generally intended to help fund your retirement, but there are instances where you may also be able to withdraw your super savings early, depending on your situation. Here is a high-level summary as to when super may be accessible to you. When you retire (and have reached your preservation age) Typically, you can access your super when you’ve reached your preservation age and you retire. Find your …