Prior to my wife and I getting married together we had never seriously looked at getting health insurance before. We knew it was something important for us to consider now as we readied for marriage, because there was a strong possibility we were going to have children. So with a little foresight we both signed up for individual health plans with one of Australia’s largest private health insurers. I signed up thinking I was minimising my tax and paid for the lowest coverage possible, whereas my fiance took out the policy with kitchen sink.
Every once in awhile when I look at my bank account I find myself wondering the same question, “How much should I be saving every month?”. According to a few personal finance gurus (like Dave Ramsey and Scott Pape) a good target you should be aiming to save of your gross salary is around 15%. But let’s look at how this broken down in a little more detail. Go Annualised It can be easy to focus on a month and think that this “normal”, but until you expand your budget to other months of the year you begin to realise that maybe the month you thought was good, was good because the other subsequent months were taking more of the expenditures.
The financial year cycle for Australians starts from the 1st July in the previous year and ends on 30th June in the current year. When reporting to the government your financial activities you will be using transactions that were incurred during that period of time. Nobody likes to pay tax yet for some we don’t know what we should be claiming for to help us legally minimise our tax. One popular method to help minimise your tax is to declare your work related travel expenses.
It can be quite exciting on the cusp of a new car purchase, especially when there’s a slight financial advantage to doing so, but before you jump into signing on the dotted line, you might want to check an unbiased independent calculator first to determine whether the new novated lease arrangement will truly be worth it for you.
If there’s one area within your budget that you can easily save a few dollars every week - it’s your groceries. It can be a very difficult to think outside the box when you want to change your eating habits. We’ve become highly accustomed to eat foods that we enjoy only because we were raised on them. Not only do we have our tastes competing against our wallet, but we also have more variety and diversity when it comes to food today.
If you’re looking for an insurance aggregator that can scan a variety of home and contents insurers and present you with the best quote then start with Compare the Market’s home and contents insurance comparison website . Our Recent Experience Recently I looked around for quotes from insurance companies to see if I should renew with my current insurer or whether I should look elsewhere. As we pay annually I had a limited time to try and find a new insurer otherwise we would just renew - the easy way out!
In today’s post we’re going to look at how you can save hundreds of dollars by doing a few simple comparisons when your home and contents insurance is up for renewal. With rising insurance costs and growing premiums every year it’s more important to try and find the best deal you can by putting in a little bit of time and effort. We look at 3 methods you can easily do that shows you how to easily find the best deal.
It’s that time of year again for us. Yep, time when our home & contents insurance is up for its annual renewal. I prefer paying for our insurance bills annually as it helps me to find a better deal just before the current one is up for renewal. We have paid our insurance over a monthly timeframe, but because it’s always there you tend to forget about it. Anyway, last year we found the best insurance coverage for us was with NRMA, but this was primarily due to good discounts we obtained by packaging our car insurances with them.
Another thing I came to realise after when my wife, and I did our first budget together and compared it against our actual transaction history was just how much we spent on fast food/takeaways! When I saw how much I had spent my wife pointed to my belly and gave me that assuring nod of “and we can all see where that investment has gone”. So seeing that this was a budget killer my wife decided I take some healthy food for lunch.
One very important element when you start budgeting is to be able to compare your budget to your actuals to make sure you’re on target. Now the banks I have either personally banked with or have had to do banking with have been pretty good in helping users to categorise their transactions. There’s generally something available, the problem though is whether you can use it. Here’s where a great free service for Australians can help!