The festive season is the busiest time of year for spending because of Christmas shopping, holidays and back to school expenses. However there are ways to offset the Christmas spend and increase your future savings suggested by REI Super.

Don’t waste any windfalls

Often when we receive a nice tax return, inheritance or bonus we tend to spend it on a treat for ourselves such as a holiday or shopping spree, because we didn’t plan to receive this money anyway.

REI Super chief executive Mal Smith said that allocating a percentage of the money to superannuation can leverage into a significant long term sum. For example a 25 year old can accumulate $175,000 by simply placing an extra $50 a month into super.

Salary sacrifice and take advantage of tax benefits

Salary sacrificing a portion of before tax income will allow us to accumulate more in their super, but also save by reducing their taxable income. When doing this Mr Smith said it is important to consider the contributions made by your employer to ensure you stay within the concessional tax limits.

Less than 5% of Australians under 45 contribute extra to their super according to data from the Association of Superannuation Funds of Australia (AFSA).

Keep one super fund

You may be automatically allocated a new super fund when you start a new job. This can result in you losing some of your existing benefits and you also may have to pay fees on multiple super accounts. Compare your new employers chosen fund with your existing fund and decide which one is best for you.

Make sure your employer is meeting their obligations

ASFA estimates that around $2.75 billion of compulsory super is not being paid by Australian employers. Mr Smith said it is important that you make sure that 9.5% of your before tax salary is going in every pay day. He also said that if they aren’t meeting their obligations you should talk to your employer to resolve the issue than contact the Australian Taxation Office (ATO).

Co-contribute

Fund members earning less than $50,454 per annum may be eligible for the Federal Government’s co-contribution scheme. If so, making personal after-tax contributions to your super fund will attract up to $500 extra a year deposited by the Government.

Keep contributing

Super contributions can continue when your older than 65, as long as you meet the work test. This means that if you are aged 65-75 you can make voluntary contributions if you’re at least gainfully employed on a part time basis. You must work for at least 40 hours in a period of no longer than 30 consecutive days.

Article sources:

Tim McIntyre, news.com.au
superguide.com.au

Please contact Integrity One if we can assist you with any of your financial needs.

Phone: (03) 9723 0522

Suite 2, 1 Railway Crescent

Croydon, Victoria 3136

Email: integrityone@iplan.com.au

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This article is of a general nature and does not take into consideration anyone’s individual circumstances or objectives. Integrity One Planning Services Pty Ltd is a Corporate Authorised Representative No. 315000 of Integrity Financial Planners Pty Ltd ABN 71 069 537 855 (which is the holder of AFSL 225051). Integrity One Planning Services Pty Ltd and Integrity One Accounting and Business Advisory Services Pty Ltd are not liable for any financial loss resulting from decisions made based on this information. These articles are not owned by Integrity One Planning Services. We recommend that you seek personal advice from an advisor prior to implementing any of the information contained in this publication.

Every year we all set New Year’s resolutions, whether it be to improve your health or financial situation. Too often we find ourselves not following through with these resolutions. Common reasons for this would be because the resolution is either not realistically achievable or not specific enough. For example a resolution to save money isn’t specific enough, how are you going to achieve this? In this article we provide New Year’s resolutions to improve your financial situation that you can stick to.

Buy less coffee

The amount you aim to reduce depends on how much you currently buy. If you buy one coffee a day then try to reduce it to once per week as a reward. Even better try to avoid coffees completely and make them at home or at work if possible. If coffees cost $3 a day you can save up to $21 a week and over $1,000 a year.

Spend less on transport

If your destination is close enough then walk or ride a bike.

If you spend a lot on Ubers or taxi’s then try to cut the trip short or travel with others to share the cost of the fare.

If you have to drive to your destination such as work then car pool when possible to reduce money spent on petrol. You can also save on parking fees if they apply.

Increase your savings

This depends on how much of your pay you put into your savings. If you currently put away $100 every pay day then try increasing it to $150.

Don’t shop when you are bored

Too often we will online shop when we have a bit of time to kill or when we are simply bored. This leads to us purchasing things that we may not necessarily need or us buying something simply because it is on sale.

Read a book or download an app to play when you are bored to resist the temptation to online shop.

Reduce the amount of drinks you buy out

If you currently spend $200 on drinks when you go out, aim to cut down to $150. You can take cash out for drinks before you go out and only pay with cash and not spend anymore when you run out

Another option would be to go out less and have drinks with friends at home more often to avoid the excessive mark up on drinks at bars. This may also help reduce transport costs.

Try a take-away free month

This is simple but can save you a lot of money, especially if you do it more than once. If you still want to avoid cooking dinner then cook meals in advance or make enough to eat on the nights you don’t plan on cooking.

Stop buying water

Only use a reusable water bottle, bottled water may be cheap but it adds up. Bring water to the gym or work.

These are all simple and achievable, you don’t need to attempt every resolution on the list. Just pick one or two that you feel would save you the most money and that are the achievable for you.

Article source: Maya Kachroo-Levine, Forbes

Please contact Integrity One if we can assist you with any of your financial needs.

Phone: (03) 9723 0522

Suite 2, 1 Railway Crescent

Croydon, Victoria 3136

Email: integrityone@iplan.com.au

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This article is of a general nature and does not take into consideration anyone’s individual circumstances or objectives. Integrity One Planning Services Pty Ltd is a Corporate Authorised Representative No. 315000 of Integrity Financial Planners Pty Ltd ABN 71 069 537 855 (which is the holder of AFSL 225051). Integrity One Planning Services Pty Ltd and Integrity One Accounting and Business Advisory Services Pty Ltd are not liable for any financial loss resulting from decisions made based on this information. These articles are not owned by Integrity One Planning Services. We recommend that you seek personal advice from an advisor prior to implementing any of the information contained in this publication.

Rethinking your retirement needs

If you are planning how much you need to save for retirement, don’t forget to include the costs of aged care. This is not just the cost of residential care, but should also include care in the home or support services to help you live independently as you age.

What changes might lie ahead for aged care

When the Living Longer Living Better reforms were announced in 2012, the government committed to a 5-year review of how the aged care system was operating.

The report on this review (The Tune Review) has recently been tabled in Parliament and put forward 38 recommendations. The key recommendations are outlined in the newsletter.

The wait for home care

Many people defer the decision to apply for subsidised care services until circumstances reach a critical point. This can increase stress levels and put you or your family member at risk because the wait to access care can be long – especially for home care.

The aged care summer 2017/18 newsletter discusses:

• Rethinking your retirement needs
  • The costs of home care
    • Home care
    • Capital expenditure
• What changes might lie ahead for aged care
  • Home care
  • Residential care
• The wait for home care
• Next steps
• Quick facts

Link to summer aged care newsletter

Aged Care Newsletter Summer-2017-18

Please contact Integrity One if we can assist you with any of your financial needs.

Phone: (03) 9723 0522

Suite 2, 1 Railway Crescent

Croydon, Victoria 3136

Email: integrityone@iplan.com.au

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Australians spend billions in retail stores on Christmas gifts which can be a major financial burden.

These tips can help reduce this burden and still manage to spoil your friends and loved ones with amazing Christmas gifts. They can also help reduce the stress of trying to find the right presents for everyone in time for Christmas and the frustration of battling huge crowds at shopping centres.

Plan

Firstly make a list of who you are buying for, what you want to get them and how much you are willing to spend on each person. Create these lists early so you can add to it throughout the year when you think of gift ideas.

Agreeing on spending limits with your loved ones and sticking to them will help keep budgets under control. Also agreeing to a limit with the adults in your extended family is recommended. To save money you can agree to only buy for the kids, or if you want to buy for adults then do a Kris Kringle.

It’s never too early to start buying gifts

The benefit of creating wish lists early and adding to them throughout the year is that when you see an item on sale you can purchase it early. Christmas shopping can cause a lot of financial stress because you’re spending a lot in a short period of time, by starting early you can spread out your spending over a longer period of time.

Shop Online

Many major brands and shops also have online stores. By shopping online you can avoid costs associated with travelling to the shops such as petrol and parking.

It will also save you time which is incredibly valuable around Christmas. It also allows you to shop at whatever time it suits you and in the comfort of your own home.

Look for every possible way to save online

• Follow your favourite brands on social media or via an email subscription service. That way you know when sales and special deals are happening to get any gifts at a cheaper price.
• Search for discount codes to use at the checkout.
• Search the sales section of a retailers website
• Don’t just search on the retailers website, you may be able to find it cheaper elsewhere

Compare prices

Starting your Christmas shopping early also allows you to compare prices between different stores to get the best deal.

Get together your gift cards

Too many times we let gift cards expire before we use them. Before you go Christmas shopping get together any gift cards that you still have credit on, some you may have even received as a gift list Christmas. By using gift card credit you reduce the amount of money that comes out of your pocket.

You can also buy gift cards as a present which can then be used during the Boxing Day sales.  The recipient gets more value from their present as a result.

Save on wrapping

To save on wrapping use plain coloured paper and avoid the pricey Christmas wrapping paper. You can then use the excess paper throughout the year as well.

Gifts can also include experiences such as offering to babysit someone’s children while they go on holiday, cleaning their house or cooking them dinner. In some cases you may not have to spend a cent to give a great gift.

Hopefully these tips allow you to spoil your friends and family with gifts they love whilst reducing what you spend. For more tips on saving money during the festive season visit our article on tips to save money during the festive season.

Article sources:
Jacqueline Curtis, Money Crashers
Olivia Maragna, The Sydney Morning Herald
ASIC’s Money Smart

Please contact Integrity One if we can assist you with any of your financial needs.

Phone: (03) 9723 0522

Suite 2, 1 Railway Crescent

Croydon, Victoria 3136

Email: integrityone@iplan.com.au

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This article is of a general nature and does not take into consideration anyone’s individual circumstances or objectives. Integrity One Planning Services Pty Ltd is a Corporate Authorised Representative No. 315000 of Integrity Financial Planners Pty Ltd ABN 71 069 537 855 (which is the holder of AFSL 225051). Integrity One Planning Services Pty Ltd and Integrity One Accounting and Business Advisory Services Pty Ltd are not liable for any financial loss resulting from decisions made based on this information. These articles are not owned by Integrity One Planning Services. We recommend that you seek personal advice from an advisor prior to implementing any of the information contained in this publication.

List expected expenses during the festive season and budget

Firstly make a list of who you are buying for, what you want to get them and how much you are willing to spend on each person. Create these lists early so you can add to it throughout the year when you think of gift ideas. For more on how to save money on Christmas gifts visit tips to save money on Christmas gifts.

List any food and drinks you will need for entertainment purposes then how much you will need to spend.

If you travel during this time of year list the travel that you would do and the estimated costs of your travel. This can range from flights, accommodation, insurance or even petrol if you drive a lot. Try to budget for travel costs as early as possible to allow time to save for expensive travel costs.

Pre-Christmas clean out

Take some time to clean anything out around the house that you may not want such as clothes, book, furniture or jewellery. These can then be sold for some extra cash to spend on Christmas presents, entertainment or travel.

Avoid using your credit card

After you have planned your gifts, stick to the amount you have budgeted and saved. Avoid using your credit card to purchase additional gifts. Another idea could be to take cash and stop spending when you run out. You’ll thank yourself for doing this in January.

Save on Christmas cards

Avoid spending money on Christmas cards, instead do a family video or voice message to send to friends and other family. You also send a text message or email to wish friends and loved ones a Merry Christmas.

You can also create your own personalised cards on paper, or if you have kids get them to draw and design them on a piece of paper.

Track your spending

No point in budgeting for this time of year if you aren’t going to track what you spend to ensure you stick to your budget. For more on tracking your spending view our article on ways to track and control spending.

Enjoy cheap traditions

If you and your family enjoy all of the Christmas traditions then choose the cheaper traditions. Enjoyable low cost traditions include:

• Seeing Santa at the shopping centre
• Baking together
• Watching Christmas movies at home while enjoying the food you baked together
• Reading your favourite Christmas stories
• Looking at the nearby Christmas lights

Share the workload on Christmas Day

If you are hosting the Christmas day lunch or dinner don’t feel the need to take on all the work involved, ask your guests to bring some meats, salads, drinks, nibbles or desserts. You deserve to enjoy the day as well.

Don’t go overboard on food, only buy what you need if you are the one responsible for food.

Make a list of what you need and take advantage of the competition between supermarkets. You don’t have to buy everything at the one supermarket, search around for the best deals.

Plan for next Christmas

Relax and enjoy a much deserved break. However it is never too early to start planning for next Christmas. You can start saving now by opening a high interest savings account and contributing a small amount of your choice every pay day.

Hopefully these help reduce the stress and financial burden of the festive season. To view our tips on saving money on Christmas gifts visit our article on tips to save money on Christmas gifts.

Article sources:
Jacqueline Curtis, Money Crashers
Olivia Maragna, The Sydney Morning Herald
ASIC’s Money Smart

Please contact Integrity One if we can assist you with any of your financial needs.

Phone: (03) 9723 0522

Suite 2, 1 Railway Crescent

Croydon, Victoria 3136

Email: integrityone@iplan.com.au

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This article is of a general nature and does not take into consideration anyone’s individual circumstances or objectives. Integrity One Planning Services Pty Ltd is a Corporate Authorised Representative No. 315000 of Integrity Financial Planners Pty Ltd ABN 71 069 537 855 (which is the holder of AFSL 225051). Integrity One Planning Services Pty Ltd and Integrity One Accounting and Business Advisory Services Pty Ltd are not liable for any financial loss resulting from decisions made based on this information. These articles are not owned by Integrity One Planning Services. We recommend that you seek personal advice from an advisor prior to implementing any of the information contained in this publication.

Not a morning person? Don’t worry you’re not the only one. The first few minutes from when your alarm goes in the morning can set the tone for the rest of your day. These tips on how to get your day off to a great start are easy to follow and can help you make the most of your mornings or even sleep in longer for those who aren’t early risers.

Have a bed time schedule

What you do the night before can have a big impact on your morning. Knocking over quick tasks the night before can help you save time in the morning. These include tasks that you might leave until the morning such as laying out your clothes for tomorrow, preparing and packing meals for the next day and anything other task that doesn’t have to wait till the morning. This will save you extra time in the morning that you can use to exercise, sleep in or however you choose to spend it.

Make yourself get out of bed

This sounds simple enough but we all know how tempting it is to hit the snooze button and stay in bed just a little longer. We also may like to check our Facebook and reply to messages whilst we are still in bed, especially for those who use their phone as an alarm.

Put your alarm or phone alarm close enough so that it wakes you up, but far enough away so that you can’t reach it from bed, therefore forcing you to get up to turn it off and reducing the temptation to hit the snooze button and sleep for a little longer. It will also force you to get out of bed if you want to check your phone.

Sleep in your exercise gear

A lot of people recommend exercising in the morning because of the increased energy levels throughout the day. It is also recommended because you may choose to skip your exercise session later if you’ve had a big day and can’t be bothered.

If you want to work out in the morning then make the decision the night before or well in advance, you should also lay out your exercise clothes for when you get up or even sleep in them.

To improve motivation you can commit to a class that you’ve paid for in advance forcing you to go. Another idea would be to exercise with a friend and that way you can hold each other accountable.

Saving time on getting ready for work

Find a podcast or news app that you can listen to or read while you are getting ready and on your way to work, that way you are on time and already briefed when you get to work.

You should also invest in a couple of fail-safe pieces of apparel such as a large bold necklace, great pair of boots or perfect blazer for days when you just have to throw clothes in quickly.

Another idea would be to set an alarm for the time you want to leave the house to keep you on track when you are getting ready.

Portable breakfast

Don’t skip breakfast, however to save time you can make a breakfast that you can eat on your way to work, while you are getting ready or when you are at work such as a smoothie.

For those working from home

Get up and follow the same routine you would if you were traveling to work. You may have the option to email and do some work in bed but it will still feel like relax time. As a result you won’t be as productive.

There is no correct way to start the day right , but combining these tips will help to start the day on a good note and maximise your time in the morning from when you wake up to when you get to work.

Article Source: Kathryn Dill, Forbes

Please contact Integrity One if we can assist you with any of your financial needs.

Phone: (03) 9723 0522

Suite 2, 1 Railway Crescent

Croydon, Victoria 3136

Email: integrityone@iplan.com.au

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This article is of a general nature and does not take into consideration anyone’s individual circumstances or objectives. Integrity One Planning Services Pty Ltd is a Corporate Authorised Representative No. 315000 of Integrity Financial Planners Pty Ltd ABN 71 069 537 855 (which is the holder of AFSL 225051). Integrity One Planning Services Pty Ltd and Integrity One Accounting and Business Advisory Services Pty Ltd are not liable for any financial loss resulting from decisions made based on this information. These articles are not owned by Integrity One Planning Services. We recommend that you seek personal advice from an advisor prior to implementing any of the information contained in this publication.