Surviving on a low income isn’t easy in times when the cost of everything is rising faster than the average wage. Financial obligations can be frustrating and fraught with uncertainty even with proper money management, while saving money can seem almost impossible during lean times. People who want to budget and save money on a low income do have options, but creative thinking is required and diligence is essential.
There are features unique to both financial saving and investing, and understanding their different attributes is important. Saving preserves and protects money, while also accruing compound interest, whereas investing allows money to grow within share market fluctuations. Both saving and investing are used as short and long-term strategies for financial gain.
As the cost of living rises, more Australians are teetering close to the financial abyss. Our consumer driven society has generated tremendous financial rewards for a minority of the population at the expense of everyone else, and the gap between rich and poor is wider than ever. We can’t all be rich, but nobody enjoys being poor, and while opting out of capitalist society is a dream worth considering, it isn’t possible for people with ongoing expenses, obligations, or a family to feed.
Enjoying a delicious freshly-cooked takeaway meal at home is one of life’s simple pleasures. It’s a moment in time when you can relax and unwind with family or friends and sample some of your favourite foods without even having to lift a finger in the kitchen yourself. Unfortunately, for people who need to tighten their financial belts to save money for a house deposit or to pay off that loan, takeaways tend to be one of the first things binned from the luxuries list. That’s without even attempting to find other ways of cutting back and keeping enough cash for a couple of takeaway treats each month.
If you have turned on the TV or been scrolling through your social media feeds you will probably have noticed, you are being bombarded with ads for Solar. From Government rebates to eliminating bills, every ad seems to promise the world. Installing Solar Panels is a great way to reduce your carbon footprint and help the environment but does installing solar really save you money?
The short answer in a lot of cases is yes (if done properly). With rebates available (STC’s), the high cost of power in Australia and technology advances, it does. However, if some poor decisions are made along the way, it can be a massive waste of money.
Over the last few years, there have been plenty of stories in our news sources about mostly casual and part-time employees being underpaid, and it’s not only corner shops and celebrity chefs being caught out, but our big national corporations as well. And while most of the issues have been related to overtime and other entitlements, regular, full-time salaried workers are not immune from being short-changed – especially in the area of superannuation.
Building a business takes a huge amount of time, dedication, and commitment. However, no matter how successful your business is, you will reach a junction, where you will need to make the decision to continue moving forward or sell your business. This can be one of the most difficult decisions for many business owners, and the decision you make can have a big impact on your future.
If you are thinking about selling your business, it’s important you take the time to consider if you are truly ready to let go. The last thing you want to do is to sell your business and regret your decision down the line. Before you decide whether or not to sell your business, it’s always advisable to discuss your options with business lawyers in Melbourne who have experience in this area.
The coronavirus pandemic is pushing many Aussies into financial stress. Job cuts, reduced hours and business closures have affected the take-home pay of millions of Aussies, with a full return to normal still a long way off.
If you’re struggling at the moment or you just want to batten down the hatches, below are eight simple ways to shape up your finances during this time.
Review your spending habits
Marriage has been a pillar of society for centuries. Most young Australians still support the concept, but financial concerns have made them more apprehensive about having large, traditional marriages.
Choosi recently released its Cost of Love Report. The purpose of this report was to understand the views Australians hold about marriage and the decisions they are likely to make.
Some of the core findings are listed below.
The economic impact of coronavirus has seen share market values plunge during recent times. This means there may be opportunities for investors to snap up a bargain, provided they do their research.
For first-time investors, deciding where to put your cash can be daunting, especially while the market is still volatile. The best thing to do when getting started with share trading is to learn more about investment strategies you can follow when entering the market.