Category Archives: Money Saving Tips

Ready for March madness? How to budget for fun.

Have you budgeted or March madness?March is just around the corner and it’s the month when Australia comes alive with festivals and concerts. There’s much to look forward to, so let’s talk about the importance of budgeting for fun. Big financial goals are important, but it’s great to have smaller goals in your budget, too. Fun stuff—like budgeting for a concert ticket or a night out with friends—provides a sense of achievement while you chip away at your long-term goals. Continue reading

The rising cost of weddings

Love is free, right? Not according to Bride To Be magazine. Their annual survey has found that the average cost of a wedding in Australia is now over $54,000, and nearly half of all bridal couples go into debt to pay for their big day. Find out where all that matrimonial money is going and see how your wedding budget compares.

More Australians going into debt to get married

The wedding industry in Australia is worth a whopping $6.6 billion a year. So, what is all that money being spent on? The reception, honeymoon and rings continue to represent the largest, single expenses, but bridal couples are finding a myriad of other ways to spend money.

There is, for example, a growing trend for hens and bucks to holiday with their respective friends instead of holding a traditional party. Bonding trips were especially popular among surveyed bridegrooms who, on average, spent over $1,800 celebrating their final days of single-dom. The surveyed brides quickly caught up in the spending department with wedding day hair and makeup costing more than $1,500 on average. This figure does not include pre-wedding health and beauty considerations, such as gym membership, personal fitness training, weight loss programs and skin care. To capture memories of the day, videography is becoming increasingly popular with couples spending nearly $5,000 on average for professional photographic services.

The good news, however, is that nearly all wedding expenses are optional and a beautiful wedding can be achieved at a fraction of the average cost. Check out MyBudget’s other wedding planning resources:

 

Budgeting for love (video blog)

BUdget for loveDid you know that Australians spent over $800 million dollars on Valentine’s Day last year? That’s a lot of flowers and chocolates. The same amount of money would buy a week’s supply of groceries for more than three million families. That’s why this month’s video blog is all about finding more meaningful, less expensive ways to say “I love you” on Valentine’s Day.

Tammy May’s February 2015 video blog

Still want to buy something for your Valentine? Here are 10 gift ideas for under $10: Continue reading

How to choose the right insurance for you

Importance of insurance in your financial strategy

“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

Aussies getting serious about saving

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.

Aussies get serious about saving

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

What are your financial goals for 2015?

What are your financial goals?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.

Your Easy Five-Step Guide to Financial Goal Setting

 

Post-Christmas cash crunch? Here’s what to do.

Post=Christmas cash crunch - what NOT to doI 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

 

Pop culture Christmas crackers

Modernised Christmas cracker jokes - still guaranteed to make you groanI 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