“This article first appeared in ‘Samara Magazine’, and online magazine for women interested in business and entrepreneurship. Please note that this information is general in nature and is not intended to be a recommendation for your specific circumstances.
Personal budgeting expert Tammy May explains why insurance should be an essential part of your personal finance strategy.
They say that the only thing constant in life is change. How true. Yet, while it’s impossible to predict the future, it is possible to safeguard your finances against some of life’s more common risks. That’s where insurance comes in by providing an extra safety net for you and your family should things not go to plan. Continue reading
In the decade before the Global Financial Crisis, personal savings in Australia had fallen to an all-time low. But the tide has turned. Recent studies show that Aussies are reducing debt and starting to save again. Find out what Australians are saving for and where they stash their cash.
From the mid-1980s to the mid-2000s, household savings significantly fell in Australia. Much of the decline was attributed to relaxed lending rules that allowed more people into debt and encouraged home owners to use the equity in their properties for investment purposes.
Since about 2006, however, the household savings rate has started to climb again. The result is credited to two main factors: 1) Australia’s superannuation system, and 2) the tightening of lending regulations since the Global Financial Crisis.
Bank deposits have also been increasing while demand for home loans has been declining, suggesting that Aussies are being more careful with their money. The effects of economic instability, job insecurity and the rising cost of living are showing in the data with more people saving for rainy days and big ticket items. What are you saving for in 2015?
More infographics on debt and saving:
How big is your slice of the household debt pie?
12 years to pay off the average credit card debt
Every year around this time, I start asking the question “what are your goals for next year?”. Goal setting is one of the most important components to succeeding in life and one of the biggest keys to achieving financial fitness. Not surprisingly, people who have goals are more likely to achieve their dreams than those who don’t.
I’ve been posting this goal setting guide every year since 2013 and the feedback is always positive. It’s designed to be a simple process that any person can do. Combined with your personal or household budget, it helps create a map for achieving your financial goals over the next 12 months and beyond.
I hope you had a great Christmas and New Year! It’s understandable, however, if your wallet is feeling a little stretched at the moment – the “silly season” is one of the most expensive times of the year. That’s why this month’s video blog is all about dealing with a post-Christmas cash crunch.
Tammy May’s January 2015 video blog
Do you want to save thousands of dollars without drastically changing your lifestyle? Take a look at your discretionary spending—that’s the money you spend on non-essential items. Small changes can make a huge difference.
I figure it’s too late for Christmas budgeting tips—unless of course you’re looking for homemade gifts that people will actually use or thrifty last minute presents. I suspect what’s more welcome 48 hours before C-Day is a bit of light distraction, so here’s my handpicked selection of Christmas cracker jokes for 2014, updated for pop culture and still guaranteed to make you groan. Continue reading
What a year it has been! If yours has been anything like mine, it’s been one of change, challenges and adventure. The highlight for me was the arrival of a baby girl in August. She has added yet another layer of love and logistics to the constant challenge of balancing life’s demands.
As the year draws to an end, this is a good opportunity to reflect on your achievements in 2014. It only takes a few minutes to take stock of life’s blessings—everything from the food in your fridge to the people you care about. What did you achieve? What did you learn? What are your goals for next year? Continue reading
How is your Christmas shopping going? Too busy, too tired or too over it to hit the shops? There’s time and money to be saved by doing your Christmas shopping online. Here are some handy pointers. Continue reading
Happy festive season, everybody! In this month’s video blog, I talk about Christmas budgeting and how to ensure you have a fun and stress-free time over the coming weeks.
Tammy May’s December 2014 video blog
P.S. Don’t forget to check out 10 homemade Christmas gifts that people will love to receive.
Photo via kojo-designs.com
Crocheted doilies, cross-stitched handkerchiefs, little soaps in the shape of a rose—these are the sorts of homemade gifts each of us has received (and/or given) at some time or another. No offence to doilies, but let’s control-alt-delete the standard homemade gift list and replace it with cool items that people will actually love and use. Make sure you get the kids involved, too. Continue reading