Use What You Have

Check out your pantry. If you’re keeping it relatively well-stocked, base your meal around ingredients you already have in bulk (excluding baked beans and stocks of Mee Goreng instant noodles). It’ll keep you from wasting the food in your cupboard and keep purchasing costs down.

Bulk Meals

It might look sophisticated to serve tiny portions of elegant food for 5 courses but it’s not financially practical. Choose main meals that can be made in bulk, taste delicious and go a long way. Greek lamb with twice baked potatoes. A goulash. Get creative with how you accompany your meals- buckwheat as opposed to pasta or rice, a pumpkin salad as opposed to the garden variety, sweet potato mash. The clincher is in the details.

Theme It

Sometimes it’s nice to go to a dinner party where you can just wear nice clothes and be done with it. Other times, a theme can be the best thing to bring people together, get people talking and give your evening a bit of a buzz. Theme it around what you’re serving for dinner. Make a big pot of ratatouille and theme the evening as chic francais. Or an evening of fajitas is a direct cue for a Mexicana fiesta. Giving your entire evening a theme, from food through to dress, will make the entire event memorable.

Starters

The best way to make an evening special is to keep the basics frugal and add small doses of luxury. Make your own sushi, the ingredients are quite frugal and it’ll always be a talking point. Use a couple of slivers of an expensive cheese on top of one of the starters to make it interesting.

Booze

Without a doubt, booze is where the extra cost can come in. In my book, it’s perfectly appropriate to ask people to bring their own. You can make a drink to go with the theme (hawaiian punch, sangria, mulled wine) and people can bring the extras with them. Or stick to a couple of bottles of red and a couple of white, and people can bring anything outside of that with them.

Savings Account

A lot of schools will try and keep costs to a reasonable level, but with the tux or dress, makeup and hair, transport and the tickets themselves, it can constitute a fair chunk of money and undermine a budget without proper planning. If you’ve got the time, why not suggest to your teenager that you both contribute a certain amount each week to a savings account? Or that he/ she sets one up to save money for the expense. It’s also a great opportunity to help you kid learn about the necessary saving when working up to a big event. It’ll also save you last-minute expenditure or panic.

Budget

And as if that learning experience wasn’t enough, why not then sit down with your teenager and work out a basic budget for the process? If they want an expensive dress, working out a budget on paper will show how that decision affects the rest of their evening. An expensive dress might mean looking at a cheaper car, or not hiring transport at all. A budget shows the causal process of expenditure, an invaluable lesson for your teenager (as well as being a helpful way to keep formal expenditure within the ballpark).

Shop Around

Widen your ideas about what is suitable to wear to the formal. A tux is expensive, where a suit might be fine. Maybe your daughter would be happiest in something vintage, or a dress worn by an older sibling or friend? Vintage is actually the easiest way to avoid a dress-cringe moment in later years- if you’re dressing off trend, you’ll always stay in style. Not so true of the countless strapless cocktail dresses seen at my formal.

Made To Order

I would vouch it’s literally impossible for any of us to not know a beauty care professional. Ask your friends. The most frugal option would be to get your daughter and her friends to chip in a modest amount, and to get a (preferably talented) friend to help with the hair and makeup. The other option is to check out TAFE students or students training at colleges. They’re all trained, and are far cheaper than hiring a fully-fledged professional. For accessories, think bold. Go through your collection, and your mother’s collection, to see if there’s anything that really jumps out at you.

Photos And Cars

Your teenager might not believe you, but there’s no need for a professional photographer. Buy them a disposable camera and tell them to have fun with the photos. It’s meant to be about celebrating school, and the friends we made there, so keep it casual. A disposable camera will also avert the risk of losing an expensive snapper. For cars, think about renting a car or piling into a van. Spell out what they will be able to do with the money they save on the car- an extra night at schoolies or dinner out before the formal.

First dates are awkward at the best of times so here are some ideas to get money of the list of worries. Fancy dinners are a cliché anyway!

Picnics

Take a comfy rug, a basket of goodies and go somewhere picturesque. Simple.

Freebie Movies

Enter enough competitions online and you are virtually guaranteed to win tickets eventually! Just type “win tickets [insert your town’s name here]” into a search engine and start entering.

Museums/Art Galleries

Depending on what you are into, these can provide great conversation starters. Find new and controversial shows and try to stick to public galleries where you won’t be tempted to buy anything!

The Beach

You might not want to get into your swimsuit this early on in the relationship (or in this weather, brr!) but fish and chips on the beach at sunset is romantic in any weather. Go for a stroll, pick up shells and marvel at nature’s creations.

The Arcade

This one, the boys will love!. On a child’s budget, go to your local games arcade and play 2-player games with and against each other. There is something very fun about kicking the virtual-butt of a guy you fancy! Gamers, try and pick a game you haven’t played before- it is no fun for a novice to take on a master.

Paintballing

Nothing gets the heart thumping like the thrill of a cinematic gunfight scene (remember when Luke and Han rescued Lea from the Empire? *swoon*). Just try not to injure each other. A trip to the emergency room is totally not sexy.

Hiking/Walking

Fresh air, sunshine and greenery all around can make you feel like you’re in a lost fantasy world and a little light exercise will have you feeling alive. Set a goal to keep things interesting; hunt for wild blackberries or keep a lookout for a particular species of bird, just like you’re explorers on a new continent.

Geocaching!

This new phenomenon combines traditional orienteering with modern technology and the result is free fun. Players hunt for treasures hidden by other players in locations all over Australia. Pick a cache you’d like to find off the website, www.geocaching.com.au, and then you and your date hunt for it using your GPS receivers (usually in smart phones). Make sure you take a treat to leave behind for the next player and don’t get too obsessive about finding it. Remember now, the goal isn’t actually the cache, it’s having a great time with your date. Oh, and saving money.

I daresay back in mid-20th century that would have been true, but in our modern international market it seems everything is faulty and nothing is built to last.

So how do you get your dollar’s worth?

Keep Those Receipts!

In a paperless world, these little bits of paper get so easily lost but they are your ticket to success in the art of complaining, so make sure you file them away as soon as you get them home. Without a receipt, companies are not obliged to deal with you as it is generally your only piece of hard evidence that you transacted with them.

Now don’t panic if you have lost your receipt. Did you pay by credit card? Eftpos? Did you scan a loyalty card at the time of purchase? Or have a memorable chat with the sales assistant whose name you remember? Maybe you had the presence of mind to register the warranty that came in the box? These are other ways of proving purchase if the all-important receipt has vanished.

Know Your Rights

If you’re going to claim entitlement to a refund, you better know on what grounds you’re entitled. As a consumer, the most important piece of legislation you should know is the Competition and Consumer Act 2010. This statute came into effect on the 1st of January 2011 and replaced all the different state laws about consumer rights with a unified law, the same throughout Australia. Anything you bought anywhere in Australia after 01/01/11 is covered by it.

When you exchange money for goods or services, you are entitled to an implied warranty that the goods or services will be fit for purpose and of a reasonable standard of quality. Basically, if you buy a waffle maker and it doesn’t make waffles, it ain’t fit for its purpose! The “reasonable quality” test is often confusing and depends on the item but generally speaking, the more you paid for an item, the longer you should expect it to last. A $10 watch from a discount variety store probably won’t last a year and if you take it back 12 months later, you may be greeted with little more than a raised eyebrow. A Tag Heuer however, at several thousand dollars a pop, ought to last you forever.

If your item doesn’t do what it’s meant to, has fallen apart or isn’t how it was described or advertised to you, you’re entitled to a refund. Not just a store credit, not just an exchange, but your cash back in your hot little hand.

If in doubt, contact the consumer rights body in your state for more information.

Now, Be Nice…

You’ll catch more flies with honey than vinegar and nobody wants to do a favour for a sourpuss. It isn’t the sales assistant’s fault the item broke, so do be firm but be polite. It’s a negotiation, not a fight and while creating a scene can make you feel better at the time, it’s most likely not going to get you the result you want. Plus, if you call the manager a cantankerous old rip off merchant, you probably won’t ever be able to go back to that store again.

Write To The Right Person!

Check out the store’s details online. Do they have a customer service department? Who’s the manager? Is there a general manager? What’s their name? Sometimes when there is no information the best you can do is write your letter “attention: The Manager” but addressing someone by name packs a punch and ensures your letter doesn’t get binned by the receptionist.

Stick To The Facts

Keep it short, simple and factual. This is not a therapy session, just a business transaction, so no ranting about how upset or angry you were. If you feel you must convey your annoyance keep it to a single sentence. The shorter the letter, the more likely it is to be read and taken seriously.

Your letter should include:

• What item you bought
• Where you bought the item
• The date you bought the item
• What is wrong with the item
• When you tried to return the item in store
• Who served you when you attempted the return
• What happened when you attempted the return
• Why you are entitled to a refund
• What you want.

Where’s The Proof?

Attach any receipts, warranties or relevant records you might have. A picture is worth a thousand words so if you have photographs of the damaged item, include them! Never send your originals and always keep copies. These things have a special way of going mysteriously missing.

Options

There’s an old saying, “If you don’t ask, you don’t get” and I find it very true. Don’t be shy about saying, “I would consider this matter resolved if you company offers me such and such” but keep in mind, they might say no. Give the company a couple of offers to choose form and you’re more likely to get one of them than nothing.

Case in point, I recently purchased a top online which arrived with a stain on it. I wrote to the shop and said they could give me a refund if they liked and I’d post it back or, I’d be happy to keep the item and try my hand at washing it if they gave me a 50% refund. In the end I got my refund, kept the top and the stain did come out in the wash. I’m happy with the result and the company maintains my business; it’s win-win.

Is That A Threat?

Don’t threaten court action if you have no intention of pursuing it, they may just call your bluff. In most Australian states it costs at least $100 just to have an action commence and if it drags out, the price can go up and up. Remember, we’re doing this to try and save money, right?

Know When to Hold ‘Em, Know When To Fold ‘Em

For most of us, time is money. Sometimes, it’s just not worth writing a plethora of follow up letters over a $3.60 bag of lollies. Most people are reasonable but some are just jerks. If you have encountered a jerk or a jerk-company, you’d be better off to just cut your losses and channel your energy into making and saving your money elsewhere.

Budget

A budget makes all manner of things possible. If charity is important to you, take $25 a week off your eating out bill. Maybe you’ll head to a cheaper restaurant or not order a bottle of wine with dinner. That’s an extra $100 a month to invest in your favourite cause. Or pack lunch one extra day a week, and give $50 a month to charity. Like all priorities, charity can be easily accounted for with a couple of small changes. Very often, we find ourselves not giving anything because we fear it’s too little. But, like savings, learning to run a half marathon, pursuing a passion, starting small is the only way you can do it.

Tax Deduction

Of course, if you are giving donations, be sure to include it on your tax as it’s included as a deduction. There’s a special section for charitable donations, and all charities you donate to regularly should send you a statement about your contributions for the year. With smaller or one-off donations, generally you’ll get your receipt immediately.

Gifts

The best way to control your gift budget? Give a donation to a charity you know the person supports or a cause they identify with. It not only allows you to get some money to people who really need it, it also keeps your gift budget within reason and is a personal touch for each receiver. Oxfam have a gift system set up, which goes into overdrive come Christmas. If you’re concerned about the amount, simply say on the card that you’ve made a donation to [insert charity here] on their behalf.

Think Outside Dollars And Cents

If you don’t have lots of spare cash, then look at volunteering something else you have. Could you run a computer workshop for local elderly people? Do they need a helper at the local youth centre? There are thousands of great ways to volunteer and never enough people to fill the gaps. There’s a benefit beyond money for you, as well as for others, as research shows volunteering to have a significantly positive effect on wellbeing and feelings of connectedness.

Micro-finance

Micro-finance is charity in a different sense. As in, your money is repayed. There are a lot of fantastic examples of organisations running the program; where people lend small amounts to poorer recipients who need some capital to start their own business. It’s a great way to help people help themselves, and allows you to give really important support without undermining your own financial security. Kiva and Opportunity International are two significant organisations for micro finance in Australia.

Characteristic #1: Awareness

I used to think savvy shoppers were mostly aware of what they need, but the more I read, the more convinced I am that those Kings and Queens Of The Aisles are far more aware of what they don’t need. They’re unlikely to be entranced by a bargain, won’t buy ten cans of kidney beans (guilty) or more meat than the family really needs for the week.

Characteristic #2: Alternative

I don’t mean they’re all wearing big glasses, many-layered shirts and badges and buttons from the 1950s. To be truly alternative means the ability to look beyond labels and names, and buy what actually is the best deal for the family. Savvy shoppers are hip to the tricks of big brands, and are able to work out the truly frugal choice when they’re shopping, as opposed to just accepting that two pairs of designer jeans for $100 is really a better deal than one pair for $20 from Kmart.

Characteristic #3: Foresight

Otherwise known as the ability to distinguish the frugal choice from the cheap one. Savvy shoppers are able to invest a higher amount of capital if the long-term savings are higher. This goes for everything- from a microwave that will work for longer than thirty seconds, through to heating systems that cost more to install but run at a lower cost. It also implies an ability to budget and save for higher expenditure, instead of living at the threshold of our incomes.

Characteristic #4: Patience

Okay, they are beginning to sound somewhat saint-like. Patience is a huge quality when it comes to personal finance in general, and shopping in particular. Savvy shoppers know to buy winter clothes at the end of spring, and summer clothes when autumn shuffles on through. They’re able to resist the immediate sales (like Boxing Day madness) in order to wait for the prices to truly drop.

Characteristic #5: Calm

We shop for a variety of reasons. It provides household necessities, it provokes pleasure hormones in our brains and can be a nice way to spend an afternoon. But a savvy shopper can do all those things and still resist an impulse buy. Like a beacon of light to the rest of us, we watch in amazement as they saunter down an aisle and don’t pick up the latest cleaning agent that won’t work. We goggle as they calmly pay their grocery bill, without picking up a Kit-Kat to get them through. We marvel as they window shop, and don’t talk themselves into the necessity of purchasing yet another woollen wrap. Savvy shoppers are out there to buy necessities, they’re out their to buy items of a good quality and out there to invest their money in luxuries they’ve saved for. I salute them. I hope one day to become one of them. Happy Monday.

1. Healthful Living

So an apple a day probably isn’t enough to stop you getting sick, but prevention is the best cure so get be active and take an interest in what you’re putting in your body. Quitting smoking will save you big bucks on the cancer-sticks alone and the long term implications for your tobacco-free body are all healthier and cheaper. Same goes for booze and junk food.

2. Managing Casual Wages

I worked for years as a casual employee and getting sick was a luxury I just could not afford! Without sick leave entitlements, I was stuck between a rock and a hard place when I fell ill; stay home and heal or work and have money. Sometimes your body will not even allow you the choice!

If you are a casual employee, you will be getting a 20% “loading” on top of your hourly wage, this is to compensate for your lack of leave entitlements. I suggest putting that money, and more if you can spare it, into a rainy day fund. It might just save your backside if you come down with the flu and need a week off.

3. Healthcare Cards

If you’re receiving Centrelink payments, you are probably eligible for a Healthcare card. I’d say you already knew that, but what you might not realise is that even if you are not receiving welfare, you may still be entitled to a Healthcare card! The Healthcare card enables low-income earners to receive heavily discounted prescription drugs and in many cases, reduced fees for doctors’ visits.

A single person earning a gross income of $483 or less a week is usually eligible. Visit Centrelink.gov.au to check if you qualify.

4. Insurance

Health insurance, despite what the companies would have us believe, does not ensure good health. It can however, be very helpful if you suddenly say, throw your back out and needs months of physiotherapy. Certain plans will entitle the patient to free annual dental check-ups with preferred providers and glasses with no further expense. Do your own research or check out comparison websites like iSelect to find a plan that best suits your needs and don’t be afraid to ask questions.

The same rules apply for income protection insurance. It can really save your bacon if you find yourself unexpectedly ill for a prolonged period but not all plans are created equal. Some will only cover you if you are unable to do any work, others if you cannot perform your usual work and some will only kick in after you’ve been home sick for two months. Take a look at your superannuation fund as many include an income protection insurance policy that you may already be covered by.

My #1 tip for anything insurance related is, and I really can’t stress this enough, read the Product Disclosure Statement before signing up to anything. Insurance can be a Godsend in times of trouble but every dollar spent on a plan that won’t payout, is a dollar down the drain.

5. Doctor Shopping!

Although now a rare breed, some general practitioners do still bulk-bill. Ring around for doctors in your area to find out who does. When I say “your area”, don’t just limit yourself to your surrounding suburbs. This is a general practitioner, not an emergency room, so a 20 minute drive is not unreasonable. It may be worth travelling a little further to pay a whole lot less.

6. Generic Medicine

Generic medicine is a great way to save money, it’s usually exactly the same thing! We’re not talking about cling film or peanut butter here, chemical companies are simply not permitted to cheap-out on the ingredients of a medicine. All pharmaceutical drugs sold in Australia must comply with the same strict regulations set by the Therapeutic Goods Association, branded or otherwise. The only reason the generic brands are cheaper is that their patent has expired and this allows the government to subsidise them.

The same applies for over-the-counter medicines. A well marketed analgesic with 500mg of paracetamol is just the same as the home-brand version with 500mg of paracetamol. The only difference is with the former, you’re paying for the commercials with all the smiling actors, and I think we know why they’re smiling…

When buying any new medication, check the non-active ingredients for lactose or gluten if you have dietary requirements and if in doubt, ask your health professional.

7. Tax

Keep those receipts because if you spend over $2,000 in a year on medical treatments in Australia, you can get a tax offset. Now unfortunately, this is only limited to prescription drugs and essential services. For example, your GP must refer you to a specialist for it to count, it is not enough that they suggest it. Nonetheless, the offset can provide financial relief if you are struck with a serious illness or have an accident. Keep records and if you exceed the cut-off in any financial year, claim it at question T-9 on your tax return. Visit ato.gov.au for more information.

8. Supplements

Do you really need that multi-vitamin? Get your GP to do a simple blood test and check your levels, you may be wasting money on vitamins and minerals your body already has plenty of. If you find you do need supplements, look at shopping on the internet. Many health products are less than half the price in overseas than in Australian stores and our presently strong dollar sweetens the deal.

Of course before any online purchase, be sure to factor in the cost of postage, look for reputable sites and use a payment method with some buyer protection. Oh, and be sure to keep each order under AUD $1,000 or you’ll be facing an import tax and that doesn’t save you a cent!

Hours

Restaurant owners have called the end to the working week. The banks are doing much the same. The concept of everyone walking out cheerily at 5pm would make many people working in offices laugh. Flexibility and the changes in parental arrangements has been used by a lot of businesses to end the sanctity of the working week, and the effect on families (and personal finance) has been immense. Perhaps the first step would be to look at the amount of hours you’re doing at work. Before immediately writing it off as necessary, write down the pros and cons of your hours. Sure, you might make extra money but maybe you could save that money by working less hours? Or if it’s about career advancement, the time might have come to discuss the rewards of all your hard work with your boss. Consider your priorities, and start thinking about reducing your hours to allow for all your priorities to fit into your life.

Variety

Working at one job for too long is impossible for me. I work in hospitality, not because of the fantastic hours or excellent pay, but because it provides the stimulation and variety I find necessary for my working life. Whatever your job, variety is an important way to stay engaged. Be upfront with your employer, and say you’re looking for new challenges. Start thinking about how best to prepare for the next step in your career. Take a course to find some new skills to bring to the workplace.

Politics

A killer of any workplace; office politics can quite easily make your working life a total drag. Who wants to go, or stay, at work five days a week if you spend half your time ducking for cover? If it’s causing you a lot of stress, consider telecommuting a couple of days a week. You’ll probably be more productive, and far happier in your work.

Balance

There are a million reasons we work hard. But if we’re working too hard- and what that means can be different for every person- it can throw the rest of our lives out of kilter. Our health, relationships, ability to manage our lives out of work- these can all fall by the wayside. Try and sit down and take some time to think about your job. What bothers you about it? Can you change it? Can you change your approach to it? Improving your work situation, whether within your current workplace or- if nothing can change- at a new one, will have great benefits to the rest of your life. Happy Friday.

What Do You Need?

You can’t evaluate your bank account until you know how you use it, and how you would like it to help you achieve financial goals. Does it hold your savings, or do you need a separate account for an emergency fund and some savings? Does it calculate higher interest over a certain amount, encouraging you to keep your withdrawal amount smaller? What, at the end of the day, do you need? High interest, low fees, high transaction limits? A transaction account or savings account? One that you can drop into on the weekend, or one where everything is conducted online?

Fees

Fees aren’t as ubiquitous as they used to be, but that doesn’t mean you shouldn’t be completely aware of what fees you may be up for with your account. How many times have you put all your money into savings, only to be slapped with an overdrawing fee because you accidentally forgot a bill was coming out? Other fees can include internet transaction fees, monthly account fees and- of course- ATM fees.

Bundle It Up

If you’ve already got some business with the bank, there might some discussions you can have about creating a better opportunity for you as a loyal customer. Certainly, if you have a home loan or a couple of credit cards with a certain bank, it makes it easier for you (and possibly even financially advantageous) to check out if they can provide an improved offer.

Fine Print

Now that you’re aware of what fees are involved, and your own approach to banking usage, take the time to check the fine print- it is in the detail that we always save money. Can you link your chequebook? Can you use the account for BPay and are there fees associated with using it in this way? A crucial one- as someone who knows, living in a regional town- is whether you actually have enough ATM access. It’s all easily found out online.

Switch It Up

There are heaps of online calculators that can help you ascertain the best bank account for your current needs. It’s certainly worthwhile to review your banking situation every once in a while, what has suited you in the past is not necessarily the best thing for your finances now. For me, I’m going to be sticking with my bank for the time being. Reasonable high interest on a linked savings account. Lots of ATMs. The only fee is a small monthly fee (as long as I keep an eye on overdrawing my account, of course). It works for me. For now.

Step 1: Don’t Panic

People tell you again and again, but it remains hard to believe; you feel instantly better once you start taking action. The most crippling of human feelings are fear and helplessness. As soon as you resolve to redress the scenario and take action, you’ll feel far more empowered and able to deal with the situation. Blame is easy, anger close at hand but- at this point in time- going over the details of how you got here isn’t doing anyone any favours. Accept it, and start thinking about your plan.

Step 2: Know Your Situation

As suggested in Yahoo! Personal Finance, this means a budget. Write out all your liabilities, then look at your income sources. How much space is left for saving? Can you allow some space in your budget for changes in the interest rate over the coming years? Have you extra debts (credit cards, personal loans) that need to be accounted for, along with mortgage repayments?

Step 3: Contact Your Lender

As soon as you know you might have trouble with repayments, get in touch with your lender. Yes, not the most pleasant of conversations, but one that needs to happen as quickly as possible. Yours is not a unique scenario, and lenders are far more likely to be interested in getting their money back at a slower rate than getting none at all. There are options- deferral of repayments, interest-only repayments for a certain period, an extension of the loan so repayments are smaller.

Action The Action Plan

Communication. Consistency. Hitting the goals you’ve set. This is the baseline of your action plan. However you’ve decided to deal with your mortgage stress, stick to the plan. It’ll help alleviate the stress you feel, along with the stress on your finances. Having a plan, and a consistent, routine approach to actioning that plan, is a fantastic tool to start achieving your financial goals and redressing your financial situation.

Communicate

First of all, communicate with those around you. We all go through life as if we’re the only ones to have ever made a mistake. I guarantee, as soon as you mention it, you’ll be amazed the amount of people that can relate. And that’s an amazingly powerful tool in itself; having a support network that can help you through this tricky period. There are financial counsellors you can call in every state, if you need professional assistance and make sure to keep in touch with your lender. You might both have different motivations, but your agenda has the same goal in the end. They can only help if they know what’s going down.