According to research released by ING Direct, buying lunch at work is costing Australians $8.3 billion a year.

The ‘Cost of Going to Work’ study drew on a Galaxy survey of 1000 respondents to find that on average, Australian workers spend $1,548 a year in their lunch hours,  which when weighed against ABS workplace population figures easily passed the $8 billion mark.

The survey also found that simply going to work was setting average Australians back $591 a month. The most significant expenses included an average spend of $179 per month on travel to and from the workplace, plus $129 per month on buying lunch.

ING Direct spokesman David Breen said he was not surprised by the study.

“It all adds up very quickly,” Mr Breen said. “When you’re on leave you really notice how much you normally spend on lunch, transport, dry cleaning and other costs. These habits you form have quite a financial impact when you look at it over an annual basis.”

It is important that we save as much as possible on our lunches as work, because it can be a lot more difficult to avoid the spending on travel.

Nutritionist Amelia Phillips says we can save more than $1,000 a year by cooking our lunch at home and bringing it to work, as well as enjoying the health benefits of this alternative.

“Bringing food from home, you have much more control over the portion size and use of healthy ingredients,” Ms Phillips said. Because you can control the portion size, you don’t get the frustration of paying for an overpriced lunch that either doesn’t fill you up, or that doesn’t taste as good as you would like.

Ms Phillips believes that the main reason people buy their lunch is for convenience. Ms Phillips said making a little extra food at dinner time and packing leftovers for lunch is far more cost effective than buying food. Not only is this cost effective, it is also convenient.

Another option is preparing all of your lunches for the week on Sunday. This is cost effective and saves time during the week because all you’d have to do is simply pack your lunch.

Both of these alternatives might also save you time that you may spend travelling to where you’re buying lunch from, waiting in a line and then waiting for your meal.

Cost effective foods suggested by Ms Phillips include brown rice, quinoa, vermicelli noodles, chick peas and lentils, which keep for a long time and can be bought in bulk.

Article source: Tim McIntyre, News Corp Australia Network

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

Integrity One Facebook

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.

Twenty dollars won’t get you too far these days: perhaps a handful of takeaway coffees, a bought lunch or two, or a single cocktail at a bar on the weekend. However, $20 goes a long way, for a long time in your superannuation and financial future.

Projections by super industry group ASFA show that salary sacrificing $20 a week into super can deliver a 20 year old an extra $435,000 in retirement, or $87,000 in today’s dollars. A 30-year-old can build an extra $198,000 ($55,000 in today’s dollars), for a 40 year old it’s $82,500 ($33,000) and a 50 year old gets $29,700 ($16,500).

SFA CEO Martin Fahy said the numbers highlighted the power of compound interest over many years. “Even small amounts can make a big difference in the long term,” he said.

Dr Fahy said last month’s superannuation rule changes did not negatively affect most people’s super. “We encourage people not to be put off, and have confidence in the system — it’s still the best way to save,” he said.

ASFA is a key supporter of this year’s Super Booster Day campaign, which runs until September 15 and aims to highlight the long term benefits of making extra contributions to superannuation.

Salary sacrifice allows workers to save tax because their money goes into super before their marginal tax rate — of up to 47 per cent — is applied.

Lower income workers can enjoy even bigger benefits through the Federal Government’s super co-contribution, where after-tax deposits into super attract a $500 government injection annually for anyone earning below $36,813 a year and paying in $1000. A smaller co-contribution is paid for people earning up to $51,813.

Financial strategist Theo Marinis said for a young worker, an extra $20 a week into super now would be worth almost $4500 a year in bonus retirement income.

“You give up one coffee a day and then you get $4500 a year extra in retirement and can buy everybody coffees,” he said.

“If your circumstances change you can pull back, and when your circumstances improve you can up it.”

Mr Marinis said people were put off by the constant changes to super rules. “I have been in this game for 30 years and there have been changes to the rules for 30 years. If you kept putting it off you would have missed out on a lot of benefits.”

Making automatic payments through direct debits worked best for most people, he said. “You won’t even notice it, but you will certainly notice it in 30 years’ time.”

Article by Anthony Keane, News Corp Australia Network

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

Integrity One Facebook

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.

Take an hour to plan your week

This can be done whilst watching the footy or your favourite TV show. This doesn’t sound exciting but it will reduce stress about the upcoming week. Check your calendar, email a note to a co-worker or yourself and make a to-do list with the most important tasks to be done first. You should also do the annoying chores that you would often leave to the last minute such as the laundry, laying out your work clothes and preparing your meals for the week. These tasks are easier if they are done earlier and will give you more time to relax during the week.

Eat healthy food and drink plenty of water

Yes after a big Saturday it may be tempting to eat a big fatty meal, however these heavy meals and alcohol can cause you to be lethargic on Monday morning. Aim to have 4 balanced meals on Sunday with high fibre fruits and vegetables to aid digestion and leaving you feeling full. Also have meals containing lean protein and complex carbs to give you steady energy.

Drink plenty of water and try to avoid alcohol on Sundays. Alcohol is dehydrating, which causes sluggishness and increases stress.

Give Sundays a meaning

Do something that’s personally fulfilling. This can be a wide variety of things such as exercise, seeing friends and family, volunteering in the community or participating in a charity event. You can even combine these different things through events such as a run or walk for charity.

By doing this you’ll enter the week feeling accomplished and better about yourself. Sometimes we all enjoy spending the day binge watching our TV show, but this doesn’t have to take up the entire day.

Do something to clear your mind

Similar to the activities discussed above, it is important to do a Sunday activity that is engaging to help clear your mind. This can include playing a sport, a computer game, or an old school board games such as Monopoly.

Using Sunday to engage different parts of your mind will help you reset and freshen up for the week ahead.

Look at the positives about the week ahead

It is popular to dread Mondays, but you can’t avoid them. Instead you should focus on the positives and the opportunities that this week will present. It can be as simple as catching up on the weekend’s gossip or completing an exciting project. Having a negative outlook on the week can reduce productivity. Think about how you could enjoy your job more and if you did look forward to going to work in the past, think about why you looked forward to it and how you can apply that now.

Get a good night sleep

A good night’s sleep will help you feel a lot more optimistic about the week and reduce stress. You are also a more alert and energized after a good night of rest.

It is critical to prepare for a good night’s sleep. As stated above you should avoid heavy meals and finish your last meal for the day two and a half hours before you plan on going to sleep. You should also aim to do a decent amount of physical activity on Sunday. Daily exercise helps to improve sleep quality. Also as stated above, alcohol should be avoided before you go to bed.

Source: Stephanie Booth, LearnVest

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

Integrity One Facebook

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.

Regardless of your financial situation, you’ve probably made one of these mistakes at some stage in your life. This article discusses the common financial mistakes made by students, new workers, singles, couples, DINK’s (Dual Income No Kids), families and divorcees and also how to avoid making these mistakes. These are the major risk points in our lives so it is very important to avoid these mistakes because of the setbacks they can cause.

Students

The biggest mistake students can make is deferring a large portion of their debt. This is tempting to do because of how difficult it is to study full time and work. However students should avoid as much debt as they can.

If students find it tough to save and feel like they have to defer their debt, they should work full time for a year and either defer their study or study part time. This will help create a savings gap and reduce your debt at the end of your studies.

New workers

People when they get their first job tend to spend now and save later, but this is a pattern that is risky and tough to get out of. This is risky because you can work hard for years and have very little to show for it.

To avoid this mistake, the moment you start working you should automatically transfer a percentage of your pay to a savings account that you can’t access. This allows you to save whilst leaving you money to also enjoy life.

Singles

Waiting to meet a future partner before building a financial plan is a common mistake made by singles. All singles should have a financial plan and build their own assets.

You should consider taking in a boarder until you can manage a mortgage on your own. Another option is buying an investment property in your own name and renting it out.

Couples

A mistake made by couple is not thinking about protecting themselves financially. This is generally because you are feeling emotionally secure, however the number one reason couples fight is money.

Couples need to talk about money openly. They should also insist on transparency and understand the ramifications of any financial product they buy and what it could mean financially for them. Financial product can vary from a phone, right through to a house.

Dual Income No Kids (DINK’s)

Because DINK’s tend to have a higher disposable income, they run the risk of spending too much as opposed to saving.

Yes it is important to enjoy life, however you should also understand your goals, priorities and values so that you are more motivated to save and not as tempted to spend when you don’t have to.

Families

The biggest risk parents’ face is trying to keep up with others. It can be tough to keep up with friends who spend more on their child than what you can afford on things such as private school education or the newest toys and gadgets.

You shouldn’t feel the pressure to keep up with others and understand that getting yourself into trouble financially now could result in added pressures later.

Divorcees

During a divorce or separation both parties can be emotional and risk things getting messy. In this situation the biggest winners or normally the lawyers involved.

If you are in this situation you should seek good advice early and try to agree early on a fair and equitable split. This allows you to start again with more dollars in your pocket as opposed to a lawyers pocket if things get messy.

Source: Debra Killalea, news.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

Integrity One Facebook

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.

Online shopping and other peer to peer marketplaces such as Gumtree are a great way for businesses to purchase assets such as furniture at a reduced cost compared to retailers and save valuable time that you would have to spend travelling to the shops. However it is extremely important that enough evidence is provided to prove claims to the ATO. These tips below will assist you in verifying claims for online purchases and avoid trouble with the ATO.

Ensure there is documentation to confirm the purchase

To validate the online purchase, it is most important that you provide documentation to prove the purchase was made. The document should include:

• Name of the seller
• Date the document was created
• Date of the transaction
• Nature of goods or services purchased (you may write if the supplier does not specify)
• The expense amount, in the currency it was incurred

A bank statement showing confirming the purchase amount and the date you incurred the expense can be used as substantial evidence.

Prepare your own documentation

This is more likely to be necessary if you purchase off an individual as opposed to a business.

Individuals may just be selling something to get rid of it and therefore don’t provide the documentation you require. If this is the case, prepare a document containing the necessary information about the online purchase as stated in the previous tip and then get the seller to sign the document to confirm the purchase.

Keep photos and screenshots involved in the buying process

Do not delete any messages between yourself and the seller and take screenshots to use as backup in case any messages that can be used as evidence get lost. A screenshot of the item being advertised and a photo of any exchange are a good source of evidence.

Keep related receipts

These may not be directly related to the transaction, but may help show that a transaction took place at a particular time or place such as a bank withdrawal or another purchase at the place the transaction took place.

Source: McKinley Plowman

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

Integrity One Facebook

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.