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Save money without changing your life style. It is surprising how a few small changes can boost your savings! Here are a few tips.
Tax related savings (consult with an Accountant or Financial Planner for more details)
- Claim missed deductions: Do you know that one third of Australians are under claiming their tax returns and the missed deductions could be up to 1 billion? Make sure you find a Tax Accountant to help you to claim every dollar you’re entitled to.
- Build a better tax structure to save tax. A good tax structure could save you up to thousands of dollars every year. Talk to your Tax Accountant or Financial Advisor to see how you can achieve this.
Save on mortgages and finance:
- Shop around for a better rate. Try not be limited by one choice. Shop around and compare the best deals. Be careful with the hidden rates such as admin fees. Take them into account when you make comparisons.
- Try to pay a bit more on regular basis if you can. For a $500k loan, if you can pay$100 more per month, you can save close to $40K interest over the term of the mortgage.
- Make use of an offset account. Set up an offset account and deposit your salary to the same account. It will start saving money for you from the minute the money is in there. If you don’t have an offset account, pay your mortgage as early and as frequently as you can.
- Have a budget and a target. As an example, you can set a target as: I need to save$15,000 in a year so that I can travel to Europe. 65% of Australians are confident that they can achieve their saving goals. Once it becomes habit it’s not that hard.
- Make a saving plan according to your budget and stick to it. You can use the budget and saving tools on our website. Track your expenses on at least a weekly basis.
- Use non-essential electric appliances at off peak times. Dry your laundry on the washing line whenever possible. It’s old fashioned! But it does help saving your energy bill.
- Use energy efficient home appliances, including light bulbs. These can really make a difference to your budget.
- Consider getting private health insurance if you’re paying a lot of medical expenses. It will save your tax on the Medicare levy surcharge if you are a higher income earner.
Good luck with your saving!
Declaration: We hope this information and files will be useful to you. Remember, this article has been prepared without specific knowledge of your financial situation. Before making financial decisions or plans be sure to consult with an Accountant or a Financial Advisor.
Declaration: The Excel files and content of this website have been prepared without taking into account your personal financial situation or knowledge of your financial needs. Impact Taxation and Financial Services cannot be liable for any losses or damages arising from using the information provided. It is the user’s responsibility to seek independent advice from a professional accountant before implementing any financial plan.