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Recent Posts from MyBudget

The 7 Habits of Great Savers

Are you a great saver? If you have any money at all in the bank, you’re off to a great start. Nearly one-in-seven Australians, equivalent to a staggering 2.6 million people, have no cash reserves to fall back on. Part of the challenge is that Australians have one of the highest costs of living in the world and housing, an essential living expense, is especially expensive. So, how do you develop a cash safety net when it feels like all your money is taken up by living expenses? It turns out that people who are great at saving money all practice these seven habits.

Pet insurance: Is it worth it?

Pet insurance is becoming increasingly popular, but is it worth it? In this blog, we look at the pros and cons and explain how pet insurance works.

It was a Sunday and Kylie was taking her two dogs, Molly and Harry, for a walk at the local dog park. The dogs were happily playing together when, in a freak accident, Molly, an energetic Golden Retriever-cross, impaled herself on a sharp tree branch that had fallen to the ground. Kylie and her husband rushed Molly to an emergency animal clinic where the vet recommended immediate surgery. The vet advised them that the surgery would cost about $1800, but should he discover that Molly’s abdomen had been punctured, she would also need intravenous antibiotics and monitoring that may cost up to another $1000.

HomesVic – Helping Victorian’s Get Homes

As rent prices keep climbing, it can be difficult for Victorian renters to save for a house deposit. The Victorian Government has recently launched the HomesVic scheme to help low to medium income-earning Victorians purchase their first home.

Here is some general information you need to know about the scheme:

First Home Buyers
Under the scheme, the Victorian Government will support up to the first 400 home buyers who meet the eligibility criteria, to enter the market early through reducing the amount of money required for their home loan. This applies to both new and existing homes.

The Hidden Costs of Buying a Home — Revealed!

When it comes to buying a house, the deposit is just the beginning. Legal fees, stamp duty, bank and insurance charges, not to mention moving costs, can all add up to tens of thousands of extra dollars on the average home purchase.

Why do lenders talk about a 20-percent deposit?

Twenty-percent is the magical deposit amount where banks will lend to you without adding on an extra margin, called Lender’s Mortgage Insurance (LMI) to reduce their risk. Canstar explains, “Lender’s Mortgage Insurance is a condition of home loan borrowing where your mortgage lender may require you to make a one-off payment to protect them (the lender) against the event where you (the borrower) might fail to make your home loan repayments.” To avoid having LMI added to your repayments, you need at least a 20 percent deposit which, depending on the property and location, could be a hefty six-figure sum.

Tammy’s Tips to a Budget Bali Holiday

Bali was my first overseas holiday. I was in my twenties and, for years, I’d listened excitedly to friends who’d been to Bali and told me all about their trips — the beauty of the beaches and mountains, the friendliness of the people and how cheap it was to eat and shop. For a budget conscious girl like me, it seemed like the perfect destination! And when I got to Bali, I just loved it. I did all the typical “first-time in Bali” things — got my hair plaited and nails painted, had massages on the beach, drank Bintangs (Balinese beer) and Arak (rice-wine spirit) and overpaid for countless amounts of non-genuine branded merchandise. In fact, I loved it so much that I started budgeting for a Bali trip every year. Consequently, I’ve amassed nearly twenty years of budget Bali travel tips that I’m excited to share with you now!

Getting there

7 Ways to Pay Off Your Credit Card Faster

Are you stressed about credit card debt? Feel like you never get ahead? You’re not alone. Australia’s combined credit card debt is worth around $50 billion. But this doesn’t make debt stress acceptable! We have thousands of clients who have proved that you CAN pay off your credit cards faster and start living the debt-free, stress-free life you want.

Here are some tips to get started right now:

1.   Reduce your spending

Every dollar you save is a dollar you can use to pay down your credit card faster.

10 tips to get financially fit

Are your finances feeling a bit flabby? Are you ready for a financially fitter you? Financial health is a lot like physical health — neither can be achieved without discipline and good routine. Not to mention that bad money habits can snowball into serious financial health issues if left unchecked. So let’s talk about how to lose the debt and put on some serious money muscle!

1.  Create a workout plan (also known as a budget)


Equipping the financial fitness nation: a mini manifesto

There’s a lot of talk about financial fitness these days, and rightly so. We have more material things than ever before, and yet financial stress is everywhere. It’s little wonder that people are getting sick and tired — literally sick and tired — of worrying about money.

But there is a bright side. Just like the physical fitness boom that kicked off in the ‘80s, more and more people are becoming interested in getting financially fit, so much so that it’s growing into a global movement of like-minded people who reject the idea that it’s normal and ok to spend life worrying about money.