finance

There is no denying that the high cost of living these days can put a real damper on what we’re willing to spend money on. Oftentimes, we’re more concerned with the everyday costs of groceries, petrol, bills and the like that special treats such as cosmetics and a night watching a movie are out of the question.

Are there really ways to treat yourself to something nice, whilst still making room in the budget for the necessities? Of course there are! Here are 5 ways to save money on beauty products, entertainment and food.

1. Sign up to receive special offers via coupon companies like Shop A Docket

You’ll have access to an extensive range of savings all over the country, and you can take part in savings whether you’re at home or even out of town and on holidays interstate. Categories you can search under for great offers include Automotive, Hair and Beauty and even Restaurant deals. With coupon savings, you’ll also get that added thrill of finding a bargain, and the great feelings that come from that, such a satisfaction in staying within your budget, a sense of responsibility for not over-spending and a feeling of achievement in knowing you can take care of your family and still manage to enjoy your money.

2. Buy staple items in bulk

If you’re one of those people that like buying new brands to “test them out” only to run short of money when you need to purchase what you actually went to the shops for, you need to stop! Make a list of what you use regularly, and buy those items – in bulk – first. That way, you’ll have covered yourself by buying what you need, and if you feel like you need to buy that new brand of detergent, you can buy it without feeling like you need it to work out for you. Stocking up on staples like olive oil, toilet paper or green veggies means you will never be without household basics.

With coupon savings, you’ll also get that added thrill of finding a bargain …

3. Don’t be so quick to throw away unfinished items

This is especially important advice if you’re one of those people who has a ton of makeup stashed away because you never finish them. You’ve either grown tired of the red lippie you use, or decided it’s impractical for everyday use. You then abandon said lippie for a more neutral colour, only to discover your new favourite red shade in the shops a few weeks later. You need to remind yourself during these times that you have perfectly fine cosmetics (or clothing, or toiletries) at home, and that you don’t need another slightly different shade of essentially the same thing. Do a quick mental inventory of what you have at home and ask yourself if what you’re buying is really necessary.

4. Sign up for loyalty programs

Aside from signing up for deals from coupon companies like Shop A Docket, you could also sign up for loyalty programs from your favourite stores and restaurants. Hair salons and restaurants are great at sending out vouchers for their clients’ birthdays, and many stores offer loyalty cards that allow customers to gain points with each purchase, which then culminates in a savings of some sort on any one of their products. Because you’ll be doing this through only your very favourite stores, you know you’ll never be disappointed, and, by waiting for the points to rack up, you’ll feel like it’s your “reward” for diligently waiting for the bargains to come your way rather than satisfying your instant gratification urges.

Do a quick mental inventory of what you have at home and ask yourself if what you’re buying is really necessary

5. Think outside the box

There are no hard and fast rules to how you can save your money – you just have to get a little creative at times. Are you a bookworm? Why don’t you check out a secondhand bookstore and purchase your next favourite novel for a fraction of the retail price, or better yet, get a library card! Love the theatre and going to museums? Why don’t you check out the latest exhibit on their free admission days? Can’t afford a trip to Paris (yet)? Why don’t you hold a Parisian-themed dinner party with your friends and ask everyone to bring an appropriate plate? At the end of the night, you can even suggest a movie in the same theme!

These are just some of the many ways you can save some money on the fun things in life such a beauty, food and entertainment, without feeling like you’re missing out. Remember, you can even combine these tips and really get more bang for your buck. The most important thing to realise, though, is that your money is yours to spend in the way you want to, and you shouldn’t feel pressured or feel you need to defend your spending habits to anyone other than your financial advisor. Happy saving!

This article was written in collaboration with Shop A Docket.

Featured Photo Credit: the justified sinner via Compfight cc

Erica Enriquez
Erica is a Sydney-based writer and digital marketer, and can often be found pounding away on a keyboard, writing about everything from travel, lifestyle, well-being and anything in between. When she is not writing, she is STILL writing, developing copy and content for websites and marketing collateral. Erica is passionate about film, literature and culture (high brow and low brow), as well as pro-social causes supporting cultural engagement (counting travelling as one of them). In her spare time, she loves nothing more than to curl up with a good book, go for a nice dinner with friends or spend time with her partner.

A three-month holiday. A new, top-of-the-line mountain bike. A fancy degustation dinner at Tetsuya’s.

There are things or experiences that we all want — but more often than not, they’re simply dreams without plans. If you want to make your dreams a reality, it’s important to develop good saving habits.

Recently MoneySmart, a division of the Australian Securities & Investments Commission (ASIC), conducted an online ‘Money Goals’ poll to determine how and what Australians are saving for.

One of the key findings of the poll were the techniques used by successful savers. If you want to know how you can finally cross that item off your wish list, then read on!

1. Know how much money you need

Budgeting for some things is simple. Whether it’s a car, a bike, or even a house — it’s not hard to know exactly how much they’ll cost you upfront.

Then there are things like holidays. Flight prices are always changing, as are exchange rates and hotel costs. And let’s not even start on spending money! That single unplanned activity you stumble across in your travels may end up blowing your budget completely, or maybe it’s that expensive souvenir you simply can’t pass up.

To stay on track with your savings goals it’s important to list out each item, then do your research. Calculate how much money you’ll need in the worst-case scenario and use that as the figure you’re aiming for. It’s easy to want something but there’s some serious savings work involved if you’re actually going to achieve your savings goals!

2. Have a specific saving timeframe

Set a firm deadline for each thing you want to save forHow long are you willing to wait before you reach your savings goal? After all, that new Kate Spade handbag won’t take long to become last season. The two-door convertible you fell in love with in your younger years might not be so practical if you end up having a family. And no one really wants to be in their sixties or seventies before they can finally afford their first house.

Set a firm deadline for each thing you want to save for. Much like work or assignment deadlines, this date will be your motivator!

3. Have a clear savings plan

To successfully save for the things you want, you’ll also need a clear savings plan. Once you know how much money you need for each goal, and set a timeframes for them, you can work backwards and calculate how much you need to put aside each month or each week.

Yes, this will be painful. It may mean going drinking with friends only once a month, selling something to drastically reduce the overall amount of your savings goal, or sending the kids to public schools instead! The key thing is to ensure your targets and deadlines are realistic. Saving for that multi-million-dollar mansion in five years is probably out of reach if you’re on an average office worker’s salary. But you might be able to make the down payment for a modest house or apartment!

4. Regularly review progress toward your goal

…identify periods where you’re not making any progress towards your goalIf your savings plan has long deadlines, it’s important to stay motivated. The best way to do this is by constantly reviewing your progress. It can be a real pick-me-up to see you’re that much closer to your dream holiday, or the sexy convertible you’ve had your eye on for a while.

It also helps you to identify periods where you’re not making any progress towards your goal. Was it because of unexpected emergencies, such as a car breakdown or medical expenses? Or was it because you went on that shopping spree after a particularly terrible week at work or home? By critically analysing your financial habits, you can develop strategies to ensure you’ll stay on track to meet your savings goals.

If you like to see visible signs of progress (who doesn’t?) there are apps such as ASIC’s TrackMyGOALS, available on Apple and Android, which let you set, share, track and review your savings goals. You can also upload pictures of your goals to remind you just what you’re saving for!

5. Tell your family and friends

It’s much too easy to slack off if you’re the only one who knows you’ve slacked off. Accountability is another key motivator, whether it’s your family continually asking how you’re going, or the potential embarrassment of informing your friends that you can’t actually afford the awesome holiday you boasted about all year.

The more people you tell, the more people you’ll have to make excuses to — or explain yourself to — if you don’t meet your goals. And for those of you who prefer the carrot over the stick, if you choose the right people to tell, you’ll have a personal cheer squad to get you to the finish line of your savings goals!

This post was sponsored by ASIC’s MoneySmart website. Visit the MoneySmart website to get free and impartial information and guidance about all aspects of personal finance to help Australians make informed financial decisions. The MoneySmart website also has useful free tools such as mortgage calculators and budget planners.

featured image: TruShu

Achieving financial independence requires much more than taking a few considered steps erred heavily on the side of material caution. To be truly in control of your financial future, you have to make creating financial independence front and centre of your fiscal playbook.

This doesn’t mean scrimping and squirrelling at every opportunity you get, turning down nights out with the girls, and saying ‘no!’ to every retail purchase, but it does require conscious spending and smart saving.

Financial independence comes from a holistic approach to all areas of your life which takes into account past, present, and very importantly, future decisions.

“To be truly in control of your financial future, you have to make creating financial independence front and centre of your fiscal playbook”

Try breaking down your actions into three areas:

1. Prevention

If you find yourself feeling as if your finances are quickly spinning out of control, a great place to start is prevention. Prevention is preemptive and should ensure that, whilst you sort out your current cash flow, you don’t dig yourself further into a cavernous black hole of debt.

Really think of the small stuff – bought coffees, quick drinks and take away lunches are all silent ‘killers’ of budget success. A bit of planning in advance and some modesty can make a huge difference to your future.
Set up separate accounts for different types of revenue – this is an oldie but a goodie. The ‘jars system’ is known to work well because it adds visibility to your saving efforts.
See a financial planner – getting advice from a professional is a great way of putting your own personal situation into perspective. Not only will they be able to look at your finances objectively, they’ll also be a great source of ongoing support on your journey. Remember, financial planners aren’t just for the rich, they’re for the smart and also for those wanting to educate themselves for the future.
Set yourself a goal – it might be a lovely dinner out, a weekend away, or a fun purchase. You have to have small rewards to make the efforts worth it.
Seek guidance – friends and family members usually have some great personal tips. Why not discuss saving techniques and challenges with your girlfriends over a few glasses of vino every now and then? Shared tips will help everyone out.

“Remember, financial planners aren’t just for the rich, they’re for the smart and also for those wanting to educate themselves for the future.”

2. Regulation

Getting on top of your spending is one thing, but regulating your ‘good behaviour’ is often the part that people find most difficult. Whilst short-term financial freedom can feel rewarding, it’s ongoing, consistent smart decisions that will create long-term financial success.

Break things down into small achievements – look at each bill and account separately and get them each under control, as opposed to trying to look at the whole picture at once, all the time.
Engage your suppliers early – don’t wait until your third default notice to get things sorted. Many creditors are generally quite happy to develop payment plans to help you avoid stiff penalties.
Set aside time each week to focus your financial future – if you’re part of a couple, do this together. It’s always difficult when only one person feels like they’re carrying the whole burden, and this may help you feel like you’re in it together.
Get the kids involved – make it fun! Kids have great imaginations (as you’ll know if you have any), and having them involved can often be great motivation. Have you ever considered ‘fake take’ nights (homemade meals to replace expensive take-away), or getting them involved in the prep and cooking?

“Many creditors are generally quite happy to develop payment plans to help you avoid stiff penalties.”

3. Revaluation

Lastly, but not at all least important, take stock of your current situation and identify any areas in your finances where you can renegotiate your loans for more favourable terms of repayment. Your situation may change over the lifetime of a loan and oftentimes financial institutions will be understanding of this.

Take time to re-quote things like house and contents insurance, car insurance, phone and Internet plans and health insurance.
Also take time to re-quote the bigger things like credit cards and home loans – it’s amazing how much you can save by chatting with your providers to make sure you’re getting the best deal (but not compromising on quality).

“… take stock of your current situation and identify any areas in your finances where you can renegotiate your loans for more favourable terms of repayment”

Financial tips for this article were kindly provided by People’s Choice Credit Union.

Featured photo credit: Koshiro.kun via photopin cc

When it comes to superannuation, everyone should be aware of the basics behind it – how it works, how to grow it and why it’s important. But for many, superannuation is a confusing conundrum, and if you’re young and starting out in the workforce, it isn’t even a consideration.

But if you’re a female, understanding superannuation and how it affects you should be a priority. An April 2014 article in The Age states that “women in their 50s and over have roughly half the super balances of men the same age”. When women are more often than not the primary caregivers in their families, and therefore the ones who work part time or stay home full time, their ability to earn consistent money to top up superannuation is depleted.

So what can women do to ensure their superannuation is secure, regardless of life and career stage?

The hard truth about women and super

Aside from the fact that women will spend more time than their male counterparts in either part-time work or without an income due to at-home family responsibilities, the reality is that women live longer than men too, and it’s therefore even more important that women accrue enough in their super to retire. You will also need to take into account that single parents are often women, and therefore the ability to generate money for retirement is harder for a single mother.

But there are ways for women to take care of their superannuation!

“If you’re a female, understanding superannuation and how it affects you should be a priority”

Explain Superannuation to me!

Superannuation is vital because it’s your retirement money. This money is gathered throughout your working life and comes from assistance in the form of contributions from your employer, and at any point can be topped up by you, too. Co-contributions from the government can also make up your superannuation account.

There are many superannuation funds you can chose from and it’s important you read the documentation and make decisions based on what’s right for you. CareSuper, for example, is run only to profit members and not shareholder or financial planners, so that means more of YOUR money goes back to YOU.

Understanding your Super fund

Whether you’re finally getting off the company-set super fund you were automatically given, or simply re-evaluating your super fund options, it’s important to understand what your super fund can do for you, and what areas of your fund you should focus on. When comparing super funds, remember to:

Look out for low account keeping fees
Choose a super fund that has done well in the past 5-6 years or so,and not just last year’s Money Magazine’s top winner
Analyse the fund’s investment options and see if they suit you
Check that you have insurance (life, disability etc.) if you – or your family – want to be covered in the event of a loss of income

“Women more often than not … work part time or stay home full time … their ability to earn consistent money to top up superannuation is depleted”

Building your super – Spouse Contributions

You or your spouse can help the other via Spouse Contributions, a system wherein your spouse/partner makes contributions to your account regardless of your income. The spouse making the contribution can put in up to $3000 into your account each year, and if they’re helping someone that is a low-income earner, they may receive a rebate.

CareSuper offers this facility and is particularly valuable for women who work part-time or stay home full time.

Building your super – Co-contribution

This scheme allows those earning up to $49,488 to be eligible for a tax-free contribution to your superannuation from the federal government, provided you also make an after-tax contribution to your super account. You might receive up to $500 in one financial year as a co-contribution amount from the federal government, however this depends on the amount you also contributed.

“Lost super … is just poor money management, particularly as each account attracts account keeping fees that are probably eating away at the paltry amount of money it holds”

Building your super – Consolidate!

Lost super floating around in the ether in a number of different super accounts is just poor money management, particularly as each account attracts account keeping fees that are probably eating away at the paltry amount of money it holds. If you’re one of those women who have switched jobs often, then consolidating your super is a great way to boost your retirement fund. Track down your lost super via sites like www.findmysuper.com.au or the ATO’s SuperSeeker page.

Building your super – Salary sacrificing

Grow your super – ask your employers about salary sacrificing. This is when you agree with your employer, on top of the 9.5% they must contribute to your super fund, to also pay part of your before-tax pay into your super fund.

Educate yourself

If you’re still unsure about the best ways for you to top up your super, choose a fund that’s right for you or if you have any other general enquiries, it’s important that you get that information cleared up for you.

Featured photo credit: jDevaun via photopin cc

This post is in collaboration with, and has been sponsored by, CareSuper. Terms and Conditions apply to any product you consider. This post contains factual info and my own opinion about super in general. It doesn’t take into account your situation. While Leaders in Heels does not personally recommend CareSuper, information about superannuation can be obtained from their website caresuper.com.au and it’s always good to get your own advice about financial matters.

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