Tag: Managing Money

How to lead a happier life

Written by on 14 May 2026. Posted in Life Balance. No Comments on How to lead a happier life

However, living a happy life doesn’t always come easy. Concerns about money, relationships and the future can often stand in the way of living the life you want. The good news is there are ways to take charge of your happiness.

Measuring happiness

It may sound simple – but what is happiness? How do we quantify happiness?

The World Happiness Report, published by the United Nations Sustainable Development Solutions Network, uses six key variables to determine a country’s happiness levels:

1. Income
2. Healthy life expectancy
3. Social support (having someone to count on in times of trouble)
4. Generosity
5. Freedom
6. Trust (measured by the absence of corruption in business and government)

Countries that rank highly in these six areas tend to have ‘happier’ populations, with individual’s reporting higher life satisfaction.ⁱ

Australia ranked highly in the World Happiness Report 2017, coming in equal ninth place with Sweden.ⁱ Norway was first, followed by Denmark, Iceland, Switzerland, Finland and the Netherlands.

Canada and New Zealand were just ahead of Australia, in seventh and eighth place, respectively. The US fell to 14th in 2016 (from third in 2007) due to reduced social support and increased corruption.ⁱ

So, as a country we’re doing well – but what about happiness on a personal level?

Achieving happiness each day doesn’t need to be an elusive goal. By building a sense of purpose, strong personal relationships and financial control, you could be well on your way to maximising your happiness.

A sense of purpose

Off the south coast of Japan lies Okinawa, an archipelago that boasts some of the longest living people in the world.ⁱⁱ Along with various other lifestyle factors, their pursuit of other goals lead to a sense of wellbeing and give more meaning to life.

Okinawans have a strong sense of purpose – what they call their ‘ikigai’.ⁱⁱ An ikigai is what drives you to get out of bed every day, your reason for being. It could be sharing your knowledge and skills with others, looking after your family, cooking delicious food, playing a sport or musical instrument, or advocating for others.

Finding an ikigai, whatever it might be, and trying to live it each day could increase your happiness.ⁱⁱⁱ Ask yourself, what is my passion? How do I find meaning in life? When do I feel most at peace or energised?

Strong personal relationships

Enjoying close relationships with caring, supportive people is a key ingredient of wellbeing.^iv Having someone by your side to share your thoughts, dreams and fears with, and who makes you feel loved and valued, can help you overcome the obstacles life throws your way. But where to start?

Think about who you reach out to – or have reached out to in the past – to connect and share with. Keep in touch with these people, and put in the effort to rekindle any relationships you’ve been too busy for lately.

Join a group or club. From book clubs to sports teams, bushwalking groups to community advocacy organisations, joining a team that shares your passions is a great way to form a deep connection with someone – and even live your ikigai at the same time!

Financial control

Financial stress affects nearly one in three people in Australia, according to new research from Core Data, commissioned by Australian start-up Financial Mindfulness.^v

Importantly, Core Data’s research showed that experiences of financial stress was not confined to low-income households but felt more widely across different salary brackets.v These experiences of financial stress could include being unable to pay bills on time, afford a meal with friends or holiday, or raise sufficient funds in time for something important, among others.^vi

So, perhaps minimising financial stress isn’t only about how much money you have – but how well you manage it.

While the idea of reviewing your finances and setting up a budget may provoke feelings of gloom, it could be an effective way to reduce your financial stress and increase your happiness.

If you need further assistance, we are here to offer guidance to help you to achieve your financial and life goals.

Reach out

Remember, it’s not possible to be happy all the time. Many other factors play a huge role in our happiness. If things are getting you down, support is available. Contact beyondblue or call Lifeline on 13 11 14.

By finding your purpose in life, forming strong connections with others and achieving a sense of control over your finances, you can hopefully take charge of creating and maintaining your own happiness. And remember, you’re already off to a good start simply by living in Australia.

Do you want more financial control of your life?

For more help and strategies on taking care of your financial plans, speak to one of our financial planners – to make an appointment, contact us on 02 9328 0876.

i United Nations Sustainable Development Solutions Network (2017), World Happiness Report 2017
ii National Geographic, Blue Zones, Okinawa, Japan
iii World Economic Forum, 9 Lessons from the world’s Blue Zones on living a long, healthy lite
iv Australian Psychological Society (2016), APS Compass for Lile Wellbeing Survey
v Financial Mindfulness, Personal financial stress devastating Australian lives
vi Australian Bureau of Statistics, 6560.0 Household Expensitures Survey, Australia: Sumarry of results 2015-2016

Article by AMP Life, First Published March 2018

General Disclaimer: This article contains information that is general in nature. It does not take into account the objectives, financial situation or needs of any particular person. You need to consider your financial situation and needs before making any decisions based on this information. Please seek personal financial advice prior to acting on this information.

Photo by Priscilla Du Preezk on Unsplash

How to Talk Money With Children – Part 2

Written by on 14 May 2026. Posted in Financial Education. No Comments on How to Talk Money With Children – Part 2

Part 2: Children (9-12)

Australian parents have concerns about how their children will navigate their financial future. More than two in five (45%) are concerned their children will lack the skills they need tobe financially successful once they become independent.
FPA Share the Dream Report 2018

How can I teach my tween to make good choices with their pocket money?

Clinical child psychologist and mother of three, Emma Spencer is often asked how much pocket money children get. There’s no one-size-fits-all answer, so she shares how pocket money works in her home.

1

Never just give your kids money. That is my number one rule. There’s no lesson in just handing them money. They need to understand that money is earned, and certain things have to be paid for. I don’t encourage parents to just give out money. Instead, help your child understand that with work they can earn their own money.

2

Pocket money is “earned” money from parents, it’s not an “allowance”. In my mind, there is no difference between a tween’s pocket money and a teen’s income from a part-time job. Every family is different. In our household we have a list of basic daily chores, and also weekly and monthly age-appropriate chores for which the kids earn money.

3

Help your tween budget their pocket money. Give your tween a budget. With a budget, they can learn to plan, and hopefully, not spend money they don’t have.

In our rampant consumer culture, every toy has a use by date and every piece of tech built-in obsolescence, so you get conditioned to upgrade. A budget will help you have this conversation — try try talking about it over dinner.

4

Be sure your tweens understand that online and digital purchases are made with real money, and those choices need to be budgeted just the same.

5

Don’t share everything. I think it’s important that tweens be aware of the family budget. Let them be aware of household spending and the decisions being made, but don’t worry them with topics that create stress.

Tweens are already going through a very sensitive developmental stage with lots of pressure and changes. The last thing that they need is to worry about a possibly, negative family financial situation.

From piggy bank to online bank account

There will come a time in your child’s life when they’re ready to transition from the piggy bank to something more reflective of the way adults use money. The team at Banqer explains how to make invisible money tangible.

1

Show how ‘invisible’ money is real money. For example: If you’re paying $80 for an item, take your kids to the ATM, get the money out, and get them to watch you hand it over the counter. This will help them understand what $80 really means.

2

Include tweens in basic purchasing decisions. At the supermarket, talk about why you’re purchasing one product over another. At check out, let them use your paywave card. Then next time, lift the plastic mystique and let them pay in cash, so they develop an association between the card and physical money.

3

When you feel they’re ready, give your child a prepaid debit card designed for children under 18. It’s like a regular debit card, except you have ultimate control. You can transfer money, set an allowance, and receive notifications when they transact. You can also lock and unlock the card at any time.

Teach your children about spending with a debit card by asking them to imagine paying cash first.

4

Share your household incomings and outgoings to help your child understand adult financial responsibility. Ask them to help you create spreadsheet showing all of your household expenses, including those relating to the children, so they can get a sense of how money works in everyday life.

5

If you feel comfortable, add your household income to the spreadsheet and get your kids to do the maths to see how much is left over each month. No doubt it will be a big eye opener, not to mention it will give them an appreciation for the work you do.

Next month we will be covering the final age group Teens ages 13-18.

Download the eBook – How to Talk Money with Children PDF

Download the full report on research into raising the Invisible Money Generation – FPA Share the Dream PDF

Need some help on how to guide your teens be money wise?

Why not book an appointment or give us a call and arrange to speak with one of our advisors, contact us on 02 9328 0876.

Article by – FPA and Money & Life | www.moneyandlife.com.au

Photo by Annie Spratt on Unsplash

How to deal with financial stress

Written by on 14 May 2026. Posted in Financial Education. No Comments on How to deal with financial stress

These were the findings from the inaugural Financial Stress Index, compiled by global research firm CoreData on behalf of Aussie group, Financial Mindfulness, which indicated financial stress is not only being experienced by low-income households in 2017.ⁱ

Findings from the research

Statistics from the Financial Stress Index revealed the following about financially stressed Aussiesⁱ

More than 66% felt money worries led to feelings of fear, anxiety and/or depression
More than 60% felt their physical health was affected by financial stress
About 75% said they argued about money with their partner or family
More than 70% said they had problems sleeping due to money concerns
Nearly nine out of 10 said they often avoided social functions due to financial stress.

What defines financial stress?

According to the Australian Bureau of Statistics, there are two financial stress indicators-these include financial-stress experiences and missing-out experiencesⁱⁱ

Examples of financial-stress experiences:

You’re unable to pay various bills on time
You spend more money than you receive
You can’t raise $2,000 in a week for something important
You seek assistance from friends, family or welfare and community groups.

Examples of missing-out experiences:

You’re not able to afford a night out once a fortnight
You can’t afford a week-long holiday once a year
You can’t afford friends or family over for a meal once a month
You aren’t able to cover any recreational activities.

Actions that could help turn things around

Create a budget

Writing down what you earn, owe and spend could help you to create a workable budget, and at the same time let you quickly identify areas where you could be saving.

Save a bit of money regularly

Even a small amount of cash deposited on a frequent basis could go a long way towards your savings goals. In fact, 41% of Aussies say they save just a little at a time_;;;

Pay cash and avoid credit card use

Credit cards are handy but they’ll often cost you as they typically charge high interest rates on top of the amount you’ve already taken out.

Put some emergency cash aside

This will help next time you bust your phone or need a last minute trip to the dentist. Plus, an emergency fund means you won’t have to rely on high interest borrowing options.

Talk money with your partner

One in two Aussie couples admit to arguing about moneyiv, so if you haven’t already, sit down and make sure you’re on the same page, and that both parties’ goals are being considered.

Call other providers

You more than likely have several product and service providers, and figures show you could save more than a grand annually on energy alone just by switching from the highest priced plan to the most competitive on the markeP

Consider the value of a back-up plan

Whether it’s life insurance, income protection (which provides up to 75% of your income if you can’t work due to illness or injury), or contents insurance to cover items that may be lost, damaged or stolen, there are a range of insurances that could help should the unexpected happen.

Care about your future income

The government’s Age Pension alone is unlikely to be able to cover a comfortable or even modest lifestyle in retirementvi, so putting a little extra into super could reduce the potential of further financial stress later on.

Where to go for assistance

If you or someone you know are feeling financially stressed, there is help and information available. We are always here to assist. Alternatively, visit the beyondblue website or phone Lifeline on 13 11 14.

Do you want more financial control of your life?

For more help and strategies on taking care of your financial plans, speak to one of our financial planners – to make an appointment, contact us on 02 9328 0876.

i CoreData / Financial Mindfulness Financial Stress Index – 2017 full press release
ii ABS – Household Expenditure Survey, Australia: Summary of Results, 2015-16
iii ASIC’s MoneySmart – How Australians Save Money table 1
iv Finder – Heated conversations: 1 in 2 Aussie couples argue about finances
v Mozo: Sick of high energy bills? Aussies willing to change providers could be saving over $1,000 a year
vi The ASFA Retirement Standard – June quarter 2017

Article by AMP Life, First Published January 2018

This article contains information that is general in nature. It does not take into account the objectives, financial situation or needs of any particular person. You need to consider your financial situation and needs before making any decisions based on this information.

How Australians will use their tax return

Written by on 14 May 2026. Posted in Money Management. No Comments on How Australians will use their tax return

This year more than 75% of Australians expect to receive a tax return, with a large portion of the population planning to use the money they receive to take the edge off their financial commitments.ⁱ

We look at the most common ways people intend on using their tax return and what other ways you could invest this money to get ahead.

How people intend on using their tax return

According to a finder.com.au survey of more than 2,000 Australians, the most common ways people said they’d use their tax return was towardsⁱⁱ:

Savings (31%)
Household bills (23%)
A holiday (12%)
Home loan repayments (10%)
Credit card debt (6%).

Other ways you could use your refund

Put it into super

Contributing a lump sum of money into your super is generally a good way to grow your retirement savings, as what your employer contributes mightn’t be enough for you to live comfortably in the years after you finish working.

Other benefits of contributing to super, depending on your circumstances, may include special tax treatment or other government incentives.

Also note-the value of your investment in super can go up and down, contribution caps do apply, and there are rules around when you can access this money.

Pay off your education debt

According to government estimates, the average debt for a tertiary student in Australia is currently $19,100, with the average time taken to clear that debt more than eight years.ⁱⁱⁱ

For many, making a dent in their loan or paying it off in one fell swoop will be a great idea, but given the low-cost nature of Australia’s higher education loan program, maintaining compulsory student repayments while addressing other debts or financial goals could also be worth investigating.

Create an emergency fund

Given more than one in two people wouldn’t have enough savings to last three months if they lost their job tomorrowiv, an emergency fund can provide peace of mind when it comes to unexpected bills.

It can also reduce the need to rely on high interest borrowing options, such as credit cards or applying for payday loans, which can often be an expensive form of finance and create unwanted debt.

Invest elsewhere

Whether it’s property, managed funds, direct shares or term deposits, consider your situation, in particular the amount of time you have to invest and your attitude to risk.

If you’re young, you may have time to ride out market highs and lows, and therefore be willing to take on more risk in the hope of achieving higher returns.

On the other hand, if you’re a bit older, you may prefer a more conservative approach as market changes could be harder to recover from as you move toward or if you’re already in retirement.

If you’d like some advice on the best ways to use your tax return.

Why not book a coffee appointment to speak with one of our financial planners or alternatively call us on 02 9328 0876.

i, ii https://www.finder.eom.au/press-release-jul-2017-were-a-nation-o1-savers-at-tax-time-31-o1-aussies-will-save-tax-return
iii http://www.aph.gov.au/About_Parliament/Parliamentary_Departments/Parliamentary_Library/ pubs/rp/rp1617/Quick_Guides/HELP
iv https://www.finder.eom.au/press-release-may-2017-10-million-aussies-couldnt-last-jobless

Article by – AMP Life Limited.

Can delayed gratification help you with your finances?

Written by on 14 May 2026. Posted in Financial Behaviour. No Comments on Can delayed gratification help you with your finances?

The “marshmallow test”

Instant gratification was first explored about 40 years ago by psychologist, Walter Mischel, in what has become known as the ‘marshmallow test’. This experiment tested children’s ability, or inability, to curb their urge to have one marshmallow immediately (instant gratification) rather than wait and receive two marshmallows, as promised to them, at a later time (delayed gratification).ii

This test still seems relevant today, so it’s not surprising that many of us choose to eat our marshmallow now, rather than wait, and possibly get a bigger reward at a later date.

In today’s materialistic, throwaway society, we’ve been bombarded with messages convincing us that instant gratification makes us feel better. Combine that with the pace of modern life giving us easy access to credit and rapid changes in technology, instant gratification is tempting us all.

But while instant gratification might make us feel good for a while, it may not help us achieve our longer term goals.

Delayed gratification has its own rewards

Delayed gratification, by exercising selfcontrol, allows you to resist the urge to have an instant reward now with the aim of a better reward down the track.iii

For example, you could give up your daily coffee and put the money aside to save for your next holiday, go without sugary treats to help you lose weight, or contribute to your super to help you save for a comfortable retirement.

And while exercising self-control isn’t easy, resisting temptation can have its own rewards, such as imagining how you can indulge yourself once you’ve finally achieved your goal!

How to use delayed gratification to help with your finances

The next time you want to impulse-buy online or at the checkout, pause and think about whether you really need to spend the money now. Divert your impluse and think about what you could do with the money instead.

Some ways you could use delayed gratification to help achieve your longer term goals:

Save up enough money before making a purchase to avoid credit card debt or a personal loan. When you do run up a debt, make sure you can afford to pay it off when the bill comes in or try
to pay it off as soon as possible.
If you invest in a term deposit, don’t get tempted to take it out before the maturity date. Savour the wait so you don’t lose the interest you’ve earned.
If you’re saving up a deposit to buy property, try to save up for a bigger deposit so you’ll potentially borrow less in future. Of course, this may mean you are vulnerable to future market or price changes.
Reinvest any dividends you might get from your shares to increase your total number of shares-this could potentially give you greater returns in the longer term.

Take control of your future

Exercising delayed gratification can help you to take control of many aspects of your life, so why not start with your finances?

Whether your goal is to be debt-free, save enough to buy a property or to have a comfortable retirement, we can help you. Call us for professional advice on how to achieve your financial goals.

Need some help getting started?

Whether your goal is to be debt-free, save enough to buy a property or to have a comfortable retirement, we can help you. Call us for professional advice on how to achieve your financial goals on 02 9328 0876.

Article by © AMP Life Limited.

i https://www.apa.org/helpcenter/willpower-gratification.pdf
ii https://www.apa.org/helpcenter/willpower-gratification.pdf
iii https://www.psychologytoday.com/basics/self-control

Some things never change

Written by on 14 May 2026. Posted in Financial Behaviour. No Comments on Some things never change

Predicting future can be difficult and mostly impossible. Especially if one’s trying to predict things which are completely out of their hands. Like, entirely! But guess what, surprisingly (not really that surprising to the scholars of human behaviour), most predictions are made about exactly those – things that are out of our hands!

We’re in the third week of the New Year and the mainstream media are already saturated with headlines about market predictions, interest rate predictions etc..So I made my own list. However, the difference is, that these are about the one thing we can all fully control, if we choose to – our own behaviour.

I’m almost certain that my forecast won’t make the headlines because it doesn’t contain the information ‘the people want’. It’s not the sensational news or ‘the secret’ information that will bring them wealth. Well, actually it will, but not in the immediate form as they all expect.So without further ado, here are my top 5 behavioural predictions for this year (and in fact every year thereafter, since human behaviour just doesn’t change):

1 . We will keep looking for ‘the right’ product that will ‘save’ us.

Most corporations spend ridiculous amounts of money to employ top marketing agencies to sell their products. These behaviour wizards understand too well how the human brain works and create wonderful campaigns that simply fool us. They play to our basic emotions – fear and desire, but lately also pride, frustration and self-esteem. And the vast majority of the population will follow and buy whatever they’re selling, not realising, the new product won’t make any difference in their long term well-being – financial or emotional. They will happily keep chasing it, year and year again, with their super fund, insurance company, mortgage provider.

2. We will ignore the behavioural (please read boring) issues that actually make all the difference.

After more than a decade of professional practice, I’m yet to see a prospective client who will come to me asking for assistance with their patience, disciplined spending or emotional decision making. They all come asking to check if their super can be ‘’invested better’ (whatever that means) to deliver greater returns, or for better rates with their mortgage, or a cheaper insurance product. When I start explaining to them that it’s not the product that will deliver the outcomes they’re after and that it’s actually themselves who can do that via better money habits and mindful consideration of how they go about things, they get disappointed. Many don’t believe me. They continue pursuing the ‘whatever other crazy issues they’re convinced are important’ as everyone else, which will eventually drive them to the ground.

3. We will continue focusing on (out) performance.

The ‘timing and selection’ culture we live in is obsessed with being better than average. We were told by our parents we can be the best so we expect nothing less from the results of financial products we buy. Not realising that the consistently best performance can’t be delivered year in, year out, we allow ourselves to participate in the rat race we can never win. Most of us will not want to see that it doesn’t have to be that way. That the best product performance (or the outperformance) isn’t required to pay off our debts fast, educate our kids or retire early. Most of us will not accept that the only real outperformance is the one we can deliver ourselves via long term and disciplined planning, with the help of a third party coach, keeping an eye on our vulnerable money behaviour.

4. We’ll keep buying things we don’t need.

There is a considerable amount of research through books, movies and more about ‘how buying stuff does not make us happy’ (in the long term). Most of us just don’t want to (?) get the memo. It’s actually getting worse and more pathetic, with big companies now skipping parents and market directly to our children. And oh boy, do we all know what a kid’s shitty behaviour does to a parent who is tired, lacking sleep and just wants to have a quiet moment or just wants to pop into the grocery store to only buy milk. So what do we do? We give in. To our kids, to fashion, to our marketing and social media driven culture… but it’s so hard to save money these days, isn’t it…?

5. We won’t listen to financial advice professionals.

Less than 5% of the Australian population has a dedicated financial coach who overlooks their family’s finances and long term interest. How can we expect to get ahead, to live lives on our own terms, to get financially independent, to retire early or whatever the headlines we buy into say if we choose not to have hard conversations about the way we spend money? Well, because it’s easier and so much more exciting to look up stuff online or chat to our friends or read an article about the latest products and hottest suburbs to buy in right now. Therefore, we will continue to choose to not engage a financial advice professional because we’ll continue to justify it to ourselves – don’t you read the paper or watch a TV report about them? It makes us feel better to say that and we won’t have to look for anyone (and use our brain). So we’ll just continue to Google…

Well, there you go. My top five (although the list goes on). I’ll be delighted to check in again in December to see if they came true.

But I’m pretty bloody confident…because they do every year…

Need some help getting started?

If you’d like the prediction for your future to be different, maybe it’s time to look at your financial behaviour, we can help you – call us for professional advice on how to achieve a different future 02 9328 0876.

Article by Michal Bodi | Senior Financial Planner

Earn more, spend less

Written by on 14 May 2026. Posted in Income Strategies. No Comments on Earn more, spend less

Are you living from pay to pay? Sick of borrowing money from family? Do you own a credit card? Perhaps you’re drowning in debt? Maybe you just want some extra cash for weekend splurging? If you fit-the-bill for any (or all) of these categories, keep reading…

It’s time to get a grip on your financial affairs and rethink your values, particularly those related to money. Stop and ask yourself ‘what is truly important in your life?’ It’s so easy to get caught up in our lifestyles that we fall out of touch with our values system and subsequently we end up spending money on unnecessary things.

Below are five techniques to help you attain financial freedom and rekindle your values.

1. Clear out your casa.

Assign a weekend to go through your garage, cupboards and wardrobe to find things you can sell online. Create a profile on sites like Gumtree or eBay and list all of your available products. Not only will you earn more money, this exercise will free up room around your home and teach you to be minimalistic.

2. “A penny saved is a penny earned”.

Review your bank statements to sift out all of the random one-off expenses and ongoing, but underutilised direct debits. If you have a gym membership you never use, cancel it – outside is free! If you own a subscription to a magazine or smart phone apps that aren’t providing any value, get rid of them. If you’re spending a small fortune at restaurants and bars, make an effort to spend more time at home and away from temptation. You have to be brutal and disciplined when it comes to cutbacks.

3. Change your psych.

Instead of forgoing and giving things up – “savour” them instead. Giving up something to save money can make you feel deprived. That is, unless you shift your way of thinking to start “savouring” instead of “giving up.” Don’t feel you have to change your lifestyle; merely change the frequency of your indulgences. Go to the movies weekly? Try once a month instead. It’s psychologically much easier to tell yourself you’re not giving anything up, you’re just going to savour it more.

4. Overtime.

Ask your boss if you can put in a few extra hours at work each week. If this isn’t possible, look for an additional part-time job that will bring you in extra money or sell your products and services online.

5. Compare the Market.

Make sure you’re paying as little as possible for your credit cards loans, utilities, insurance, and phone and internet connections. Use price comparison services to find out if you’re paying over the odds. If you’ve been with the same service providers for many years, there’ll be a good chance switching could save you money or you might be rewarded with a loyalty discount.

Don’t know where to start?

For more help and to take a fresh look at the way you manage your money, speak to your financial adviser at SFP. Or if you don’t have an adviser yet, contact us on 02 9328 0876.

Here’s some free advice

Written by on 14 May 2026. Posted in Financial Strategies. No Comments on Here’s some free advice

“Put that in the bank and don’t touch it!” “I heard that oil price is about to skyrocket, better buy some shares” “Get a fixed rate loan and lock it in!”

Now you need to take a step back and look at where this advice is coming from. Was it your neighbour, Bob the plumber? Or maybe your uncle Lewie, the doctor? Yes, Bob’s a straight up guy who knows a thing or two and you can always count on uncle Lewie for advice because, well he’s a doctor!

But where does their education around managing money come from? The answer is their friends, family and colleagues.

It’s true what people say – we really don’t know what we don’t know. We can never improve our lives, create a life balance, achieve happiness or gain a competitive advantage if we’re not open to new ideas and not prepared to do something different.

So what we find is generations of advice being handed down from people who have never been educated on how to properly manage money. The advice handed down is very often not the best solution for your particular situation, but without the proper guidance from somebody with the necessary training and expertise, you’ll never know any different. So in actual fact, it’s often the free advice that ends up costing you the most.

Looking for some advice?

It can really help to speak with a professional, so why not get in touch and arrange to meet with one of our advisors. To arrange an appointment call us on 02 9328 0876.

Article by Leigh Morris | Senior Financial Planner

Loyal to a fault

Written by Sydney Financial Planning on 27 June 2022. Posted in Property. No Comments on Loyal to a fault

Sticking with the same loan longer than three years can cost borrowers thousands, with competition to win business resulting in new customers paying lower rates than existing ones.

This so-called loyalty tax has become such a hot topic, the Australian Competition and Consumer Commission has recommended mortgage holders review their options regularly and consider switching to secure better terms. Now is a great time to follow that advice and get in touch.

Rush to reset

Homeowner refinancing has hit an all-time record in the past six months, and it’s easy to see why, with interest rates at long-term lows. But it’s not just fixed rates borrowers should have their eye on. Homeowners with variable rates need to check they aren’t unwittingly paying a loyalty tax too.

Reserve Bank figures show owner-occupiers who took out new variable loans in October 2021 paid, on average, 2.63 per cent interest, while those with existing variable loans paid rates around 0.37 per cent higher rates at 3 per cent.¹ On a loan around $350,000, that’s potentially adding an extra $1,295 in interest each year.

As a customer there’s few things more galling than finding out someone who came to the party late has been given a bigger slice of cake than you. That’s why the most empowering thing you can do is to simply shop around, which is what I can do for you.

Annual review

Being financially savvy is about developing good habits, and one of the best for homeowners is to book an annual appointment to review your home loan arrangements.

The start of a new year is the perfect time to dive in. People usually have a little more headspace before the year really ramps up and finding savings can be a great cure for that summer spending hangover.

Speak to me to check how current variable rates compare, or perhaps it’s a good time to consider locking in a deal. Fixed rates have increased recently and speculation is mounting about a possible official interest rate rise in late 2022 or early in 2023.

More than interest only

Of course, refinancing isn’t always about interest rates alone, although they are a big part of the equation. It may be about building more flexibility into your loan with offset and redraw facilities, the ability to make additional repayments, or unlock equity for a renovation, a major purchase or holiday.

Some borrowers may even want to consider options such as splitting a home loan between both fixed and variable options.

It’s all about what your goals and priorities are right now, and we all know that can change unexpectedly year on year.

Broker insight

The home loan market has never been more competitive and we’re adding more lenders to our panel each year, with more loan products and features. It can be daunting, but it’s also where I can offer you an advantage in guiding you through what’s out there to meet your needs.

I can also help calculate how any potential savings stack up in the short and long term against any search and switch costs. It’s important to stay on top of rates and offerings in a fast-moving market. So, get in touch to arrange a quick check-up for your home loan.

Need some help working out if you can get a more suitable rate for your mortgage?

Get some professional advice from our Mortgage expert Leigh Morris, call 02 9328 0876 to arrange a meeting.

Article by Leigh Morris – SFP Financial

¹ Lenders’ Interest Rates, Reserve Bank of Australia (published monthly online: rba.gov.au/statistics/interest-rates/#lenders-rates-table)

General Disclaimer: While every care has been taken in the preparation of this document, Sydney Financial Planning and Charter FP make no representations or warranties as to the accuracy or completeness of any statement in it.This article contains information that is general in nature. It does not take into account the objectives, financial situation or needs of any particular person. You need to consider your financial situation and needs before making any decisions based on this information. Please seek personal financial advice prior to acting on this information.

Financial stress keeping you awake at night?

Written by Sydney Financial Planning on 28 November 2019. Posted in Financial Planning. No Comments on Financial stress keeping you awake at night?

According to the Financial Fitness Whitepaper, almost 57% of Australians are worried about their current financial situation and 85% say it impacts their wellbeing.¹

Generation Z AKA the iGen

The youngest generation are most concerned about covering everyday expenses², such as food and transport. According to the Australian Bureau of Statistics³, the cost of living continues to rise, which just adds to financial woes. Also, research produced by the Financial Planning Association⁴ notes that the ease of cashless transactions is hindering the youngest generation and those to come.

Millennials

Generation Y (millennials) are those who are doing it the toughest when it comes to financial stress. For many millennials, it’s work-related stress that keeps them up at night, as well as fears they won’t have enough money for retirement and pressure associated with property prices.⁵

Generation X

With worries about at least one financial issue at any given time, Generation X are losing sleep over the ability to pay living expenses and what the future holds financially.⁶

Baby Boomers

While many would believe Baby Boomers are the most well-off generation, they are struggling with the stress of health care and insurance bills, as well as retirement savings.²

What to do

Everyone suffers from it in some varying degree, but stress is one of the worst things for our health, especially our sleep. Poor sleep can lead to weight issues, poor concentration and productivity, and can create a greater risk of heart disease and stroke. It’s also linked to diabetes, depression and lower immunity. Sleep is important. Don’t let your financial stress affect your quality of life.

Sorting through your financial stress is just one way you can get better quality sleep. We can help set up a financial plan, find ways to ease the tension and strategise for the future.

Let us help you get better sleep and ease the stress.

Speaking with one of our financial advisors is a good place to start. Make a booking or call us on 02 9328 0876 to arrange a meeting.

1: Mortgagechoice.com.au. (2019). Financial Fitness Whitepaper. Available at: https://www.mortgagechoice.com.au/about-us/insights/financial-fitness-whitepaper-2019/ [Accessed 28 Oct. 2019].
2: McDowell, E. (2019). Money problems are keeping every generation up at night — check out the biggest financial stressors for every age group. Business Insider Australia. Available at: https://www.businessinsider.com.au/biggest-financial-problems-facing-each-generation-2019-6 [Accessed 28 Oct. 2019].
3: Abs.gov.au. (2016). Media Release – Inflation continues to be subdued (Media Release). [online] Available at: https://www.abs.gov.au/ausstats/abs@.nsf/lookup/6401.0Media Release1Dec 2016 [Accessed 28 Oct. 2019].
4: Erem, C. (2018). The ‘invisible-money generation’ may be in financial trouble, says Financial Planning Association. Mozo.com.au. Available at: https://mozo.com.au/debit-cards/articles/the-invisible-money-generation-may-be-in-financial-trouble-says-financial-planning-association [Accessed 28 Oct. 2019].
5: Banney, A. (2018). Financial stress keeping Australians awake at night. finder.com.au. Available at: https://www.finder.com.au/financial-stress-keeping-australians-awake-at-night [Accessed 28 Oct. 2019].
6: https://s3.mapmyplan.com.au. (2015). The financial fitness of working Australians. Available at: https://s3.mapmyplan.com.au [Accessed 28 Oct. 2019].

Australia’s four gift-giving personalities

Written by Britt Ambrose on 25 September 2019. Posted in Budgeting. No Comments on Australia’s four gift-giving personalities

The FPA created a Gift-Giver Personality Quiz to help people identify their own gift-giving preferences, and those of others within their social networks.

Heartfelt Givers

Spend $103/per month on gifts
Least likely to bulk buy gifts (29%)
More likely to be female (57%)
Most likely to value the gift of seeing a financial planner (64%)

Practical Givers

Spend $104/month on gifts
Most likely to budget for gifts (40%)
Highly value the gift of seeing a financial planner (60%)
Most likely to be older (66% are Gen X or Baby Boomers)

Impulsive Givers

Spend the most on gifts at $112/month
More likely to be female (61%)
Least likely to budget for gifts (24%)
Highly likely to value the gift of seeing a financial planner (61%)

Simple Givers

Spend the least on gifts at $85/month
Least likely to value the gift of seeing a financial planner (53%)
Unlikely to budget for gifts (25%)
Prefer to give cash or an easy gift such as wine or chocolate

Discover your gift-giving personality

Take FPA Gift-Giver Personality Quiz and discover detailed personality profiles with fascinating insights about buying behaviours, preferences and habits.

The FPA “Gifts that Give” national survey of Australians reveals some truly fascinating insights into how we think, buy, plan and spend our money on those we love the most. Did you know Australia is a generous generation and spends nearly $20 billion a year on gifts? This 19-page report is a fascinating read and a great conversation starter with friends and families.

Download the Goodness of Giving eBook.

Download the full report – Gifts that Give.

Would you like some help with reviewing your financial behaviour?

Why not book a meeting with one of our finanical planners to review your saving and spending goals. Make a booking or call us on 02 9328 0876 to arrange a meeting.

Aricle by FPA – Gifts that Give Research Report & Money & Life

Be aware of your money biases

Written by on 23 July 2019. Posted in Budgeting. No Comments on Be aware of your money biases

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 some ‘cognitive biases’ that influence our everyday behaviour.ⁱ

Here are a few of their insights into how our minds work.

1. We tend to discount the future

We value immediate rewards over rewards in the distant future. This tendency to want instant gratification is hard wired from birth. Studies have shown that children find it hard to stop themselves eating a treat even when a bigger and better treat is offered for those who wait for a few minutes. And ‘discounting the future’ doesn’t stop when you reach adulthood. It could explain why it’s hard to get too excited about saving for your retirement in your 20s. But the earlier you start planning, the more you’ll be able to put away.

2. We tend to feel the pain of a loss more than the pleasure of a gain

You can see an extreme example of this sort of behaviour at the casino when gamblers chase their losses. This ‘loss aversion’ can also manifest itself in continuing to commit to a poor investment because you’ve already put a lot of money into it. It can help to think long term and avoid focusing on short-term fluctuations in the value of your investments.

3. We tend to follow the herd

Much as we like to think of ourselves as independent human beings, we tend to look to others for affirmation. Think about the rush to secure seats for the concert when you know that everyone else is using the online booking system. This sort of ‘herd mentality’ can work in a positive way. When it comes to money, this ‘herd mentality’ can manifest itself after stock market downturns, when investors start panicking and selling up, even though rationally this will crystallise their losses. It can help to shut out daily market noise and focus on long-term goals.

4. We tend to think things are more likely to happen than they are

You can see this in the popularity of lotteries around the world. While the chances of winning are infinitesimal, the winners get a lot of publicity, which makes us think it’s more likely to happen. But at least the lottery is relatively harmless. Thanks to the global mass media, this ‘availability bias’ often focuses on bad events like kidnapping, plane crashes or stock market downturns. Investors who experience a market crash like the GFC over-estimate the chances of the same thing happening again, even though statistically it’s unlikely. It can lead to people saving for retirement changing their investment preferences to lower risk investments, even though this may not be in their best interests as their long-term returns struggle to keep pace with inflation.

5. We tend to favour recent reference points when making decisions

This ‘anchoring bias’ can make it easy to overspend in shopping malls. When you first see a pair of shoes for $200 and then a similar pair for $150 it’s easy to anchor on the first amount and perceive $150 as a great bargain. And these days it doesn’t stop when you leave the mall—online shopping means plenty more opportunities for that anchor to embed itself and end up in an unwanted purchase. To counter this, try setting your own ‘base price’ before you set out shopping and stick to it. You can also see anchoring in practice when investors rush in to buy stocks that have just plunged in value without looking at the underlying performance of the company. They have made the mistake of anchoring the recent high point in their mind.

6. We tend to be a bit lazy

We tend to stick with current plans rather than change if it’s too much hassle. This is probably why so many of us stay with our utility providers rather than shopping around for a better deal. If you find yourself suffering from ‘status quo bias’, try making a start with one area of the household finances—say, your electricity bill—to make it more manageable, rather than trying to tackle everything at once.

Do you need help to put a saving strategy together?

Speaking with one of our financial advisors would be a good place to start. Make a booking or call us on 02 9328 0876 to arrange a meeting.

i Source: Thinking, Fast and Slow by Daniel Kahneman; Nudge: Improving Decisions About Health, Wealth, and Happiness by Richard Thaler and Cass Sunstein; Predictably Irrational: The Hidden Forces That Shape Our Decisions by Dan Ariely.

Article by: ©AMP Life Limited. First published March 2019

6 steps to get your money stuff together

Written by on 20 March 2019. Posted in Money Management. No Comments on 6 steps to get your money stuff together

Here are some easy wins to keep you on the right track for 2019

1. Work out your goals

If you don’t know what you’re trying to achieve, you’ll never get anywhere. And different goals need different strategies…saving for a new car is very different from building up your retirement income.

Take a few minutes to write down your goals for this year and beyond. If your goal is to pay for this year’s big trip, you’ll need to start making some savings to free up some cash.

If your goal is to finance your upcoming wedding, you’ll need to think about putting some money away in a fairly low-risk investment option. If your goal is to buy a house, you’ll need to work out where you can afford to live and how you’re going to build up a deposit.

And if your goal is to put your kids through school, you’ll need to start thinking about a long-term investment plan.

2. Go paperless

You might be the kind of person who enjoys paperwork. But for many of us the age of electronic commerce has been a game changer. Unless you want to, there’s no reason to be receiving any bills or statements by snail mail.

You don’t have to sort it all out today. Just make a point of every time a bill comes in, follow the simple instructions to go paperless—most suppliers offer an electronic option these days. In a few months the postie will only be stopping at your door with exciting purchases from Amazon.

3. Start a budget

We’re all different. Some of us work best off a screen, some of us prefer old fashioned pen and paper.

If an Excel spreadsheet sounds too hard, there are a number of apps that can take the hard work out of paying, saving and spending.

4. Shop around for better deals

You wouldn’t willingly pay more for an item of clothing when the store down the road is selling it for less. So when it comes to your home loan, your utility bills or your credit card why shouldn’t the same rule apply?

Talk to your providers about whether you’re getting the best deal for your particular circumstances. And if not, be prepared to take your business elsewhere.

5. Make a will

It doesn’t matter what stage of life you’re at, you don’t want complications for your loved ones in the event anything happens to you. If your needs are fairly simple, you might want to consider setting up a will online. If your needs are a bit more complicated, your financial adviser, a solicitor or a public trustee can help.

And remember, if you experience major life changes like embarking on a new relationship, starting a family or splitting up with your partner, you need to make sure that your will is up-to-date.

7. Get your tax sorted

If you’re the kind of person who’s already got their receipts filed in date and alphabetical order, you can skip this bit.

But if you’re like many of us, you tend to approach tax time with trepidation. Your receipts are all over the place, you’ve forgotten the work HR password to retrieve your payslip and you still haven’t got around to looking into the Medicare levy surcharge.

It’s time to get back to basics. Don’t worry about how disorganised you’ve been in the past, focus instead on getting your affairs in order for the future.Create a simple spreadsheet for your tax receipts to make your next tax return much easier.

You’ll be surprised at what difference a few really basic steps can make to your personal finances. A phone call here, an online form there…and before you know it, you’ll be well on the way to getting your money stuff together this year and beyond.

If you need help getting your money stuff together, give us a call.

Is your credit card debt sinking you?

Speaking with one of our financial advisors would be a good place to start. Make a booking or call us on 02 9328 0876 to arrange a meeting.

i https://corporate.amp.com.au/newsroom/2018/january/new-year–new-financial-resolutions-

6 ways to reduce your credit card debt once and for all

Written by on 15 February 2019. Posted in Money Management. No Comments on 6 ways to reduce your credit card debt once and for all

Now, perhaps that’s no drama if we’re not paying too much to access credit and we’re managing to avoid interest charges by paying back what we owe on time.

But we paid a collective $1.5 billion in fees in 2016-17.ⁱ And we’re taking out new credit cards at an increasing rate. Two in five Australians are juggling more than one credit cardⁱ and 300,000 new credit cards accounts were opened over the five years to 2017, bringing the total number of cards in Australia to a staggering 14 millionⁱⁱ.

So given all this it’s not surprising that almost one in five of us are struggling with credit card debt.ⁱⁱⁱ

Getting to grips with your existing debt…

If you’ve realised you might have a problem with your credit card debt, it’s time to take back control. Sit down, take a deep breath and work out a step-by-step plan.

Stop all but essential spending on your credit card. Try and get by without your credit card and use cash wherever possible while you work on your plan. You could even set yourself a challenge not to spend any money for a week!
It sounds basic, but start by listing how many cards you have and what you’re paying for them in interest.
If you have more than one card, start chipping away at the low-hanging fruit. Consider paying the card with the highest interest rate off first or if the rates are similar, work on clearing the smallest debt.
If you can’t pay a card off in full, see if you can pay more than the minimum each month to reduce your balance more quickly and save on interest. It could be worth setting up a direct debit on your payday to pay a fixed amount.
Once you’ve paid off a card, close the account and work towards having a single card to help make your finances easier to manage.
If you feel that your interest rate is too high, you could consider transferring any remaining balance to a card with a lower interest rate or rolling the debt into an existing personal loan or mortgage, these tend to have lower interest and fees. Many providers offer great rates to consolidate, but make sure you pay the card off during any honeymoon period with the new provider so that you don’t start accruing interest. Check the fine print – what interest rate will you pay after any promotional period ends? You don’t want to just kick the can down the road.
If all else fails, don’t be afraid to ask for help from your credit provider. There may be a way you can work out a spending plan that takes into account your financial circumstances.

…make sure you don’t build up more credit card debt…

Congratulations. You’ve consolidated your debt, set up a direct debit, closed a few cards and set yourself well on the way to pay off any remaining debt.

But how do you make sure you don’t fall into the same credit trap again? It’s all about developing more healthy financial habits.

Reduce your credit card limit to take temptation off the table.
Try not to use credit to pay for the basics like food, groceries and utility bills. See if there are any ways you could adjust your household budget or make savings elsewhere so you’re only using credit as a last resort.
Avoid cash advances because they may attract higher interest rates.
Be wary of store cards and any fees you’ll pay – they are just another form of credit card.
Keep track of your spending

…and take advantage of credit card reforms

The good news is that the Government is introducing reforms on 1 January 2019 to help Australians manage their credit card debt.

You can cancel your card or lower your limit online for all new accounts.
You won’t be charged any back-dated interest.
And you’ll be assessed on your capacity to repay your debt when you ask for an increase.^iv

Once the credit card’s sorted, it could be time to move on to any other debts you might have. Come and speak to us about taking control of your overall debt.

Is your credit card debt sinking you?

Speaking with one of our financial advisors would be a good place to start. Make a booking or call us on 02 9328 0876 to arrange a meeting.

i Australian Securities & Investments Commission, REP 580 Credit card lending in Australia, July 2018, The credit card market in Australia, section 81, pg. 17, https://asic.gov.au/regulatory-resources/find-a-document/reports/rep-580-credit-card-lending-in-australia/
ii Australian Securities & Investments Commission, REP 580 Credit card lending in Australia, July 2018, Snapshot of the market, 2012-17, section 92, pg. 20, https://asic.gov.au/regulatory-resources/find-a-document/reports/rep-580-credit-card-lending-in-australia/
iii Australian Securities & Investments Commission, REP 580 Credit card lending in Australia, July 2018, section 99, pg. 24, https://asic.gov.au/regulatory-resources/find-a-document/reports/rep-580-credit-card-lending-in-australia/
iv National Consumer Credit Protection Amendment (Credit Cards) Regulations 2018, Schedule 1 – Amendments, https://www.legislation.gov.au/Details/F2018L00504/Explanatory%20Statement/Text

Love and money? It’s not about control

Written by on 20 November 2018. Posted in Financial Behaviour. No Comments on Love and money? It’s not about control

Our approach to managing household finances can make a big difference to the health of a relationship. Thankfully, the old line about “I earn the money. She spends it” no longer has relevance in modern relationships. Today’s lifestyles, housing commitments and our career ambitions mean that in many households both adults work, each making a valuable contribution to overall income.

Yet the question of who controls the purse strings continues to throw up some interesting responses. There’s no shortage of research on this issue, and the general gist is that the majority of men say they make the financial decisions in a household while the majority of women believe they control the money. Confusing, right?

Harness the power of two

The thing is, the real issue shouldn’t be who controls the cash but rather how you manage your finances as a couple.

This is an area where there are plenty of variations, and there’s no right or wrong approach. Some couples like to maintain almost entirely separate financial lives by only pooling money where necessary to pay the mortgage or rent and other shared bills. Others maintain a joint account, pooling most or part of each individual pay packet to cover household expenses, and holding only a limited quantity of cash in individual accounts to cover personal spending like hobbies or treats.

Exactly how you run your system is entirely a matter of choice, and it is a case of determining what works best for you and your partner. Maintaining multiple bank accounts can mean paying more in bank fees though this can be a small price to pay if it gives you both a degree of financial independence – this in itself can be a relationship saver.

Know what works for you

There is virtually no limit to the options available to divide and share a household’s combined income and expenses. What matters is that you take the time to devise a system that works for you. Be prepared to fine-tune your approach, or scrap it altogether, if it isn’t living up to expectations. The whole point of the exercise is to work as a team.

At the very least, both parties of a couple should know where household money is being spent. Having a clear idea of your combined financial position could stand you in good stead – and help you avoid unpleasant surprises if the relationship ever hits the rocks.

In our experience though, working together to achieve shared financial goals can really strengthen a relationship over time.

Contact us for a tailored plan of action that can help you and your spouse or partner achieve financial harmony – and harness the power of two.

Need some help getting started?

Why not book an appointment to discuss any aspects or questions on setting up your financial lives together, contact us on 02 9328 0876.

Article by – Paul Clitheroe AM
Paul Clitheroe AM, co-founder and Executive Director of ipac securities limited, Chairman of the Australian Government Financial Literacy Board and Chief Commentator for Money magazine.

Lessons from the blue zones: secrets of a long life

Written by on 20 November 2018. Posted in Financial Behaviour. No Comments on Lessons from the blue zones: secrets of a long life

We explore how to live longer and uncover the Blue Zones’ secrets of a long life.

There are five global hotspots where researchers have identified that people live longer, healthier lives than the rest of us. Known as the Blue Zones they are:

Okinawa, Japan

Sardinia, Italy

Nicoya, Costa Rica

Ikaria, Greece

Loma Linda, California.

What’s their secret?

These communities each have a high rate of residents over 100 years old, suffer less of the diseases that commonly affect people in other parts of the developed world, and enjoy more years of healthy life.

The formula for these fountains of youth appears to be the following nine lifestyle habits. While some are obvious, others might surprise you…ⁱ

1 Move:

We all know exercise is good for us, but this isn’t about pumping iron or running marathons. It’s about staying active through regular, everyday movements like doing the housework, gardening and walking.

2 Have a sense of purpose:

It could be anything, but knowing why you get out of bed in the morning is identified as a contributor to a healthier life and can add up to seven years to your life expectancy.

3 Reduce stress:

It isn’t that Blue Zone residents don’t experience stress, it’s about what they do to relieve it. While their methods range from prayer to napping to practicing mindfulness, what’s common is that they prioritise stress relief.

4 Eat less:

Instead of overindulging, Blue Zone residents stop eating before they’re full. They also eat their smallest meal by early evening, and don’t eat for the rest of the day.

5 Eat less meat:

This one comes as no real surprise given the links between meat consumption and cancer, but most of the Blue Zone residents are semi-vegetarian, favouring beans, legumes, fruit and vegetables over meats.

6 Drink alcohol:

Blue Zone researchers found it’s ok to drink regularly, as long as it’s in moderation (1-2 glasses a day), and alcohol is consumed with friends and/or food.

7 Spirituality or religion:

It seems the sense of belonging to a faith or belief-based community – regardless of the belief – is beneficial to health. Research shows that attending faith-based services four times per month can add from four to 14 years to your life expectancy.

8 Put family first:

Blue Zone residents commit to a life partner – which can add up to three years to life expectancy, and have a strong sense of family, from caring for their aging relatives to nurturing their children.

9 Have a tribe:

Be it your family or friends, having a social circle that combats loneliness and encourages good habits such as being active, positive and not smoking is good for longevity.

Funding a long and happy retirement

Living longer means you might need more money to fund your retirement or you may need to stretch the money you have further. If you’re worried you might outlast your money we can help you to maximize your wealth and manage your finances accordingly.

Whatever your agenda over summer, it’s important to have a realistic plan when it comes to your money. Give yourself some room for movement and still aim to avoid that financial hangover.

Are you worried you might outlast your money?

We are always here to help and can review your personal situation with you. Make a booking with one of our financial planners or call us on 02 9328 0876.

i https://www.bluezones.com/2016/11/power-9/

Article by AMP Life Limited

10 ways to enjoy summer without spending a fortune

Written by on 20 November 2018. Posted in Financial Education. No Comments on 10 ways to enjoy summer without spending a fortune

If you’ve been saving for something big or are just cringing at the thought of how you’ll keep your budget intact over summer, don’t freak out yet. There are plenty of ways you can still have fun without spending all your savings or racking up serious debt on your credit card.

How to take on summer without spending a fortune

1 Diarise your upcoming events

Knowing what’s happening and how much you’re likely to fork out will help you to manage your cash and allocate what you need for each occasion.

2 Take turns entertaining at home

This can significantly reduce the money you and your mates spend on eating out, particularly if everyone is happy to bring their favourite signature dish, juice of choice or fruit sorbet when temperatures are running high.

3

Make the most of the warm weather

Hit the beach, head to the local playground, or pack a picnic basket and enjoy a barbecue at a nearby park. It won’t involve entry fees and depending where you go, you could load up the fishing rods or even a footy for a friendly game.

4 Look out for meal and beverage specials

There are plenty of places where you can find two-for-one offers and other great deals. Websites like TheHappiestHour can give you some ideas and you may even find some new alfresco venues you haven’t been to along the way.

5 Travel smart

Carpool, get a lift, catch public transport, or ride a bike. Too many Taxis and Ubers can drain funds, particularly if you’re not keeping a record of how often you use them.

6 Cut accommodation costs

Bunk with mates, house-sit, swap accommodation, volunteer your skills for a place to stay, or have a staycation where you check out attractions close to home.

7 Search for holiday deals online

Look at comparison websites for flights, accommodation and transport. Doing your homework can often mean more spending money in your pocket.

8 Stick to using cash as much as possible

When you pay in cash, there’s no risk of you having to pay added interest charges. Plus, leaving your cards at home means you’re less likely to go over your budget as you can’t say—I’ll just take out another $100.

9 Trade with friends

If you’ve got more outings than outfits lined up, rather than hit the shops, borrow something from a mate. It doesn’t have to stop with clothes either. You could exchange homes for the week, swap movies, or trade sporting gear like bikes and fishing rods.

10 Research free events

Look up what’s on in your local area. There are often a variety of things happening over summer, such as food and wine festivals, street fairs and markets.

Whatever your agenda over summer, it’s important to have a realistic plan when it comes to your money. Give yourself some room for movement and still aim to avoid that financial hangover.

Is it time to get some extra help with your money mangement?

Why not book an appointment to discuss your situation with one of our advisors, contact us on 02 9328 0876.