Letting Groceries go to waste because you picked up take away on the way home

When you are hungry and tired after a long day at work it can be very tempting to pick up food on the way home, rather than taking the time to cook

To help break this habit you should plan meals ahead with a weekly system. “Takeaway” should also be added to the meal plan on days that you know that you won’t want to cook. To make dinners easier, make extra meals earlier and freeze them. Setting up the slow cooker can also be another option.

Deluding yourself that you will eat leftovers

Always packaging leftovers, telling yourself that you will eat them but knowing deep down that you definitely won’t.

To prevent this make smaller portions so you eat it all.

Telling yourself that you deserve a purchase

Nothing wrong with rewarding yourself for your hard work. However you must ensure that you can afford the treat. If you haven’t saved or budgeted for this reward then it probably isn’t a good idea.

If you plan on treating yourself to an expensive reward, then ensure that it is in your budget and that you have saved for it. Try and reward yourself in the most fulfilling, yet affordable way.

Waiting to save money

Postponing savings because you believe it will be easier to save in the future when you are either earning more or don’t have as many expenses.

To prevent this you should start saving a small amount and then increase your contributions when your income increases or expenses decrease. You can even have a percentage of your pay go directly into a savings account, that way your savings automatically increase or decrease depending on your income. You also won’t notice the money leaving your spending account.

Losing receipts

People tend to either throw away receipts or keep them in random spots at home or in the office. They are then unable to find them at tax time when they are needed to substantiate claims.

You should organise your important receipts in a folder that can easily be found. They should be sorted into different categories such as car expenses, medical expenses and donations. They should also be sorted by the date of the receipt.

Throwing away items of value

When some people are unable to sell items on places such as eBay or Gumtree they tend to throw them out, even if the item is perfectly good and still has some value in the market.

Instead of throwing them it out, if you can’t sell it then donate it. It could be tax deductible and you will feel better about yourself for making the donation to a worthy cause.

Shopping to increase happiness

That new pair of shoes may lift your spirits, but there is a good chance you are spending more than you can afford if you shop to increase your happiness.

Ignoring your credit card and bank statements

Because we are all going paperless, it’s easier to ignore our financial statements. As a result we might not see recurring charges that we no longer use or an amount charged that is incorrect.

We should be constantly be reviewing our financial statements for recurring expenses and ensuring the amounts are correct. Follow up and dispute them if they are not.

Buying expensive gear or equipment for new hobbies

It’s great to try new things, however if it turns out you don’t like the new hobby you are trying it can be very costly if you have already bought the expensive gear to then not use it.

You can buy cheaper and/or used equipment when you are first starting up. Another option would be renting the equipment before you are certain that you love your new hobby. No need to buy those expensive golf clubs straight away.

We all have our own bad money habits, hopefully not too many of these apply to you. However if they do, they can be broken.

Article source: Nancy L. Anderson, Forbes

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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.

The question sellers want to know, how to add value to your home? You can potentially add thousands to the value of your home by following these tips. This is a must read if you plan on selling or renting out your house.

Pools are not worth it

Yes pools do add value to your home, however they are costly to install and can leave you in debt, therefore it is not worth the investment. They also require a lot of maintenance and are rarely used all year round.

Pools are fantastic during summer and should only be installed if they are for your personal use and not to increase resell value

Granny Flats are a great investment

Granny flats are a great investment because they allow people to move in with a family member, friend or other housemate and share different cost of living expenses.

Houses with granny flats are ideal for families with older children and for families with parents or other family members who have health concerns and want to stay close to them.

Granny flats can also be leased or rented out to assist with the mortgage repayment.

Other items that appeal to buyers include:

• Garage for at least 2 cars
• Ensuite
• Walk in robe
• Butlers kitchen and pantries
• Second dishwasher and fridge

Presentation is the key – Low cost investments that add value

• Fresh coat of paint
• New carpets
• New tapware and bench tops
• Fans in the bedrooms, they are appealing because they can be turned on instead of the air conditioner to reduce the electricity bill and they are useful when the air conditioner is used at full capacity
• New decorations such as cushions, lamps and throws
• Other small updates to the bathroom, kitchen and face of the property can also help

Some of these tips only require a small investment and can significantly improve how the house is looked at by potential buyers or tenants depending if you are selling or renting it out. The value of your house can increase by thousands.

Article source: Lisa Mayoh, news.com.au

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

Phone: (03) 9723 0522

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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.

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

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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.

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

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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.

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.

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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.

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.

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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.