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Saving Money On Rainy Days

Fran Sidoti — Thu, 09 Feb 2012 05:00:46 +0000

Here in my small town, it’s been raining fir the best part of 18 months. We’ve honestly never seen a summer like it, with the exception of Christmas day and the weekend just past, we’ve been rained in.

It’s easy to see the downsides- wet washing, lawns that are impossible to keep in check. And all people ever talk about is saving money for a rainy day.

But when that day comes, instead of spending it, how about we look at some positives for our finances?

Spend Free Day

We often think about trying to limit our spending, and one great tool is to aim to have one spend-free day a fortnight (or a month, whatever you can stretch to). This doesn’t include necessities that you’ve already paid for- electricity, groceries, your train ticket. Really, it illuminates how much we spend on non-essentials.

It’s amazing how often I’ll think I haven’t spent any money, and then remember the quick coffee I slipped in while waiting for the train or the app I bought on iTunes because I was bored. A genuinely spend-free day is no easy task, but it’s amazingly worthwhile, both as a way to break bad spending habits and to save some actual dimes. And, let’s face it, it’s easier to save money on rainy days than days when the sun is shining.

Use It

Something about sunny days makes it harder to work. If you’ve got some grey skies, instead of getting down about it, use it to your advantage so you’ve got no errands to run when the sun starts shining again. One hour on your financial records and the rest of the day can be yours. Do some of the tasks you’ve been meaning to do for months; check that your pay rate is similar to those advertised online.

Have a quick look at how your super is being invested and whether that suits your current financial goals. Set up an automatic savings deduction. Then sit back with a cup of hot chocolate and watch a movie.

Lose It

Finding it hard to wash all your clothes and keep the house tidy? Now is the perfect opportunity to go through everything you own and downsize. Rainy days are perfect for going through your wardrobe, photographing everything you want to sell on eBay and putting the rest aside for Vinnies. For every rainy day, hit up one room. Kitchen can be next, lose any appliance you don’t use regularly. If you’re really keen, you can look at doing your storage spaces. Your sunny day self will thank you for it. And we’ll save significant money if our greater awareness of what we currently own can be reflected in our spending behaviour.

Living a pared-down lifestyle is a financial boon- we’re less likely to buy unnecessary items and less likely to have to find creative ways to store everything we own. The ramifications are huge- a bit of control, and we have to buy less storage space, rent fewer storage units and don’t constantly have to worry about finding a bigger space for all our stuff. The start of which can be achieved on our rainy days!

Saving Money With The Three Rs

Fran Sidoti — Mon, 06 Feb 2012 11:45:39 +0000

Primary school was stuffed full of the three Rs. Reduce, reuse, recycle; we probably recited it in our sleep. I can remember the attention we paid to ensuring recyclable goods went into the right bin, that no rubbish was left on the playground and no piece of sparkly material ever went to waste. It may sound trivial, but a return to those kind of schoolyard values would do wonders for our finances. Here’s how.

Reduce

We spend a lot of time considering how we might reduce our budget without spending the required time trying to reduce our lifestyle, and there are lots of potential saving opportunities in reducing what we use. Household products, like dishwashing detergent and shampoo are a good example. Cut them with a bit of water, they’ll still be effective and will last twice as long. Put a timer in the shower, and turn down the hot water thermostat. Reduce your wardrobe budget by half- you’ll find you’ll invest far greater energy in buying something you really love if you haven’t got a lot of spare money to go towards it.

Reuse

Reusing old items is an important base to reducing our purchasing, and saving money. Nowhere could this be more evident than it what we eat. If your family is anything like mine, we’re constantly throwing out vegetables that have been too long neglected or getting rid of leftovers. Be conscious of what is in your fridge. Two nights a week, make a pact that you will cook only from the ingredients in your fridge and pantry. You’ll notice your grocery bill will go down, and you’ll have a bit of spare money in your food budget, on top of which, you’ll be avoiding unnecessary wastage. I like to check every couple of days what might be getting a bit old, and make sure that I add it into dinner for that night. Get creative- throw together ingredients and see what you can create. Curries and stirfrys are a great way to use a wide variety of ingredients.

Recycle

No longer is this just about saving the planet, it’s about saving the hip pocket as well. Recycle your veggie scraps into a compost and save on unnecessary fertiliser costs. Sell anything you no longer use on eBay or at a garage sale- your house will be finally uncluttered, and you might even have a few spare bob into the bargain. Try and avoid buying disposables- cloth napkins can be washed, try and encourage the family to use handkerchiefs instead of tissues. Use old jars of jam or peanut butter to hold pens or keys, and save on spending money on equally ugly pen holders. Use old wine bottles as candle holders and old plastic bottles as gardening tools. Creativity and an interest in reducing our lifestyle to the necessities is a crucial step, not only for our environment, but also for our finances. If we can live by the three Rs, living within our means becomes one step closer.

5 Activities To Keep You Healthy And Happy, For Free

Fran Sidoti — Tue, 13 Dec 2011 05:00:46 +0000

Holidays are coming. We think about them all year, and by the time they come around, we can find ourselves at a loose end. What do people do with all their time? And if we can think of activities, then they’re likely to cost us an arm and a leg. Here are five things to rediscover, that will keep you cheery and occupied without costing you a cent.

Reading

Life is so busy, it’s easy to forget the joy of sitting down with a good book and losing yourself in it. And if you think you have to go and spend a fortune on the latest bestseller, you’re wrong. Go look at your own bookshelves, and count how many books you already own that you haven’t read. Ask your friends for the best book they’ve read in the past month, and borrow it. And then, discover your local library. No matter the size, there will always be a treasure trove of books to while away your hours. And the best thing is, it’s an activity that suits any setting. Inside, while it’s raining. A picnic rug at the local park while it’s sunny. Perfection.

Walking

We’re in for a wet summer, which might make our enterprising decisions to be healthy and out there with nature, but it’s still worth grabbing your walking shoes and getting out there. Whether’s it’s an early morning walk to clear your head and grab a bit of composure, or an after-dinner stroll with your loved one, walking is one of the best ways to feel healthy and happy. On top of everything else, a bit of exercise makes the rest of the hours of your day more productive, and leaves you feeling bright for a long time.

Start A Soccer Game

Or a touch football friendly. Exercise can be an expensive activity, but it doesn’t need to be. Why not start up a weekly soccer match every Sunday? Pick a local park and invite your mates. It’s a fantastic way to break up the week, get social and active for free. It’s so easy to limit ourselves by thinking about the hassle of signing up for a team sport or a gym, but you can have all the fun of a team sport without any of the hassle or cost.

Clothing Exchange

Host a clothing exchange at your place. There’s no need to provide food, or people can all bring a plate. The most important thing is that every attendant brings a number of items, which are then put on a table. Attendants can then ‘swap’ their clothes, and take home something new and pretty, completely for free.

A Museum A Week

There are so many amazing things we can do for free, that we never take advantage of. How about visiting a museum a week? Choose a day and head out to an art gallery or natural history museum. They tend to run fun free events as well, showing movies or hosting live music all for free. It’s just a case of doing a bit of research and getting out there.

How To Save A Million Dollars ($1Million)

Alex Wilson — Thu, 03 Nov 2011 09:57:47 +0000

We’ve all been told that if we cut out the latte a day habit and save the money instead, by the time we retire, we could have a million dollars. It’s not my favourite personal finance maxim, as I don’t have the kind of brain to digest that kind of long-term thinking all the time and, anyway, I really like lattes.

So is it possible, with disciplined savings strategies and investment, to save a million dollars?

It would seem the difference between people who achieve significant financial goals, and those that don’t, is not just about how much money each party earns. People who achieve savings goals live within their means and could therefore save money from most levels of income. So if you’re one of those people, like yours truly, who consistently affirms that we could save money if only we earned a little extra, now is the time to flip around that way of thinking.

And, while you’re at it, why not start changing the way you think about saving a million dollars. You don’t have to be swimming in a million dollar coins. What about the equity in your house? Or superannuation?

Here’s how you can be worth a million dollars.

Roof Over Your Head

My grandfather has always maintained that property is the way to go. Sure, the market goes up and down. But it is a fantastic way to get your foot in the financial door, and start paying off what will hopefully be an appreciating asset. It’s important to maximise your chances of securing a profit when you sell, by setting up a mortgage repayment level you can achieve, saving first for house maintenance and being patient if the market is in a slump.

Investing

There’s an idea in Taoism that life is like being a ball on top of the water. You go up. You go down. To resist is only to get seasick. Never have I come across a more appropriate way of approaching the stock market. Shares are a great long-term investment, but you have to be in it for the long haul. Patience and sensible investing will usually pay off, it’s the unthinking knee-jerk reaction that’ll let you down.

Feeling Super

Superannuation for me is a godsend, as I am quite likely to burn any money within the realm of my reach. So having compulsory measures that remove money away from my clutches for my retirement is a gift.

With voluntary contributions, your super could easily comprise a large part of your million dollar goal by the time you retire. And if you’re over 55, look at the transition to retirement offer, which enables you to minimise your taxable income- a measure introduced by the government to improve the super accounts of Baby Boomers.

One Million Dollars

So perhaps you won’t be able to see six zeros in your bank account but with prudence and discipline, you’ll be able to be worth a million dollars- in home equity, shares and superannuation. And even if you miss the goal, it’s certainly an aim worth having.

Making The Nest Egg Last

Fran Sidoti — Tue, 18 Oct 2011 16:38:22 +0000

You know when you’re on holiday, and everything is going along swimmingly, until you chance to see your bank account and realise you don’t really have enough money to comfortably see out the rest of the trip? We all know the feeling, and I can’t imagine anything worse than feeling it with regards to my retirement nest egg. Terror is a word that comes to mind. So what are some good ideas when it comes to making your nest egg last? Inspired by MSN Money.

Bad Year? Take Out Less

While that might seem blatantly obvious, it can be a lot harder to do in practice. If it’s been a tough year, the last thing you want to have to do is cut back, yet it’s exactly what is called for. Everyone has to ride the ups and downs that is the world’s economy, and in retirement, that need becomes all the more important. While it might be tricky, make some cutbacks in the tougher years. Trim your budget, and stop the larger parts of your spending on luxuries. It might seem a bit harsh at the time, but it’ll be far harsher down the road if you don’t make the changes.

Plan It Out

Having said that, beyond trimming down your budget and withdrawing less in the slower years, try not to overreact should the market take a downturn. As mentioned in the MSN article, you are exposed in those years with a low income and your assets are at their highest, and it can certainly feel like you are quite vulnerable. Having a retirement plan can steer you through when things are slack, and will avert your emotional side getting in charge of the decision making. Assets are long-term, and plans need to be as long-term, balanced and rational to match them.

Take The Good

If you’re properly set up, you should have diversified assets. If things are a bit bumpy, look to withdraw money from your better performing assets so you’re naturally selling high. It will also help you maintain balance over the long-term, as some assets will perform well in some years, while others come to the fore later on.

Develop An Income Stream

Just because you’re retired, it doesn’t mean you have to sit, drinking cocktails with ostentatious umbrellas all day, every day. You’ll be maintaining your interests and hobbies, why not look at turning some of them into a supplementary income? It could be anything, from blogging through to the Grey Army. It will supplement your retirement savings and can be a form of income that you can step up when your assets aren’t performing as well as hoped..

Climb The Ladder Now

Want to make your nest egg last all the longer? Now’s the time to make the move, before you retire. If you can hold on for a year or so longer, and move one position further up the ladder, you could put yourself in a better position for your super interest, or the pension. And it could just be a matter of talking to your seniors or holding on for an extra year.

Gadgets That Will Save You Money

Fran Sidoti — Tue, 11 Oct 2011 05:00:40 +0000

I wish I was an inventor- someone who sees a gap, and then can work out a way to fill it. I can’t imagine a world without the innovations of a man like Steve Jobs, a very obvious fact as I type it on my iPad and google from my iPhone. Some inventions – like those from Apple- change the way we think, others just make life a little easier. Here’s a list of new gadgets out there that can save you time and money. An article inspired by Bright Hub.

The Fold-Up Ladder

Not your average fold-up ladder, this one can fold-up into the boot of your car. The sheer brilliance of a ladder that small, that can extend up to 12.5 feet, which (as someone who experiences a fair amount of vertigo looking at the gap when stepping onto a train) really should be enough. How does it save you money? Well, at that size you could invest in one for an extended family and move it around. Or it could just be something that makes all your friends really jealous, which is of course worth it’s weight in gold.

The Multi-Charger

If, like me, you own several Apple products, you’ll know the rigmarole of charging them all. It’s like a dance- I charge my phone for a while, then flirt with my computer, and then relapse back to my phone. Some genius has invented a multi-charger, where you can charge all your gizmos simultaneously. And if, like me, you continue to lose your chargers and are concerned you’ll have to buy several new ones, this is a big money saver. A sigh of relief was heard by all.

See-Through Toaster

Burning the toast not only dampens the day, but is also a big waste of those slices. So why not invest in a see-through toaster next time you need to buy one? Like all truly great inventions, you fail to see how someone couldn’t have invented it before now. This way you can cook your toast to the perfect level of golden-brown, absolutely to taste. And you won’t lose time having to do it all over again.

Video Message

Admittedly, I can see no real way this will save you money. But the possibilities! A device that can be attached to a fridge, bathroom mirror, door (wherever it is you usually leave messages) and plays a video message you have pre-recorded. You have to admit, that is genius. If your children do something really annoying, you can leave them a Howler. Again, worthy of the Weight In Gold gong.

Clip-On Mosquito Repellent

Damn straight- attach it to your belt, and you are mosquito free. No longer do you have to buy copious cans of suspect chemicals, or ruin your clothes (you should see my zig-zag stockings, a casualty of a particularly virulent repellent) with mosquito repellent. And you’ll never forget to reapply.

A Pivot Power Board

I bow my head in gratitude. If, like me, you live in a house with few power points, you’ll understand the horror of having to string power boards and extension cords along the floor. The agony of the moment when you realize a cord won’t fit around a corner, or you can’t fit in that unbending power board. This is a power board that bends. Around corners. Snugly into nooks. I know, sheer genius. Save you a fortune in extension cords.

4 Ways Your Hotel Room Can Save You Money

Fran Sidoti — Tue, 27 Sep 2011 05:00:30 +0000

When travelling, you spend half your life trying to cut corners and save a little bit of money. You drive around, looking for cheaper petrol. You eat takeaway and drink McDonalds coffee, saving that extra dollar per cup. And when it comes to accommodation, you check every website to see the best on offer. So, once you’ve arrived, how could your humble abode for the evening save you a dime?

Loyalty

Before looking at ways a hotel room can save you money, it’s important to note that there is a quick way to save money on your hotel room to start with. Loyalty programs when it comes to hotel rooms are ridiculously simple- get a card and save ten percent every time you stay at another hotel of the same franchise. There are often additional deals available on top of that. So, if you’re traveling a lot, you’re likely to have a preferred network anyway. Often with the ten percent off, it’ll make your hotel the best bargain.

Staple Goods

While you may want to spend the extra money on self-catering, sometimes it’s not an option. In those instances, there are a couple of staple items you can have with you that will save you a lot of money. Depending on how much you are willing to stay in, think about carrying instant miso soup or instant noodles for the times you need a quick snack or cannot find the energy to leave the room. All you’ll need is a kettle. The same goes for instant porridge- there are little travel packs available from the supermarket where all you’ll need is boiling water. If you get lucky, you’ll have a microwave and then the world is your oyster. Well, at least the world of 90 second rice. It might not sound like culinary delight, but when you’re traveling, something that is a filling, cheap and low GI option is close to golden goose of food. Having a couple of quick and easy options, especially breakfast alternatives, will save you a lot of money on the road.

Tiny Bottles

My Dad travelled tonnes when I was a little kid. It was always so exciting, the little bottles of shampoo and conditioner, bubble bath, sewing kits, shoe horns. And if you’re traveling often enough, those little bottles can save you any need to buy those items for yourself. It may not seem like a huge amount of money, but every little bit counts. And you would be amazed how often you end up needing things like traveling sewing kits or the unexpected shower cap situation. You may never need to buy shampoo again, which is no small boon.

Free Net

Increasingly, hotels and motels are providing wireless free of charge. This can add up to a significant saving if you’re travelling with some form of portable internet, or have been using your iPhone as I do- trying to book motels, fill in tax forms, send invoices off that tiny screen. Your motel room could even help you earn money, as mine is right now. With a desk, free internet and a bit of time to spare, I’m sneaking in a bit of cheeky work before a show. A night’s accommodation well spent.

Saving Money On A Summer Bod

Fran Sidoti — Mon, 26 Sep 2011 05:00:23 +0000

It’s that time of year, where every one starts talking about ‘getting your summer bod’. Ugh. I love summer, hate the idea of a summer body. But after the winter we’ve had and (let’s be honest) the summer proceeding it, I think every one might feel the need to regain their ‘outdoor’ body. Getting ready for summer can be an expensive business, however, so here are some tips and tricks for keeping it cheap.

Forget The Fake Tan

Not only can fake tan go horribly wrong, it’s also a pricy business. And while my legs are glow in the dark and very helpful on dark nights when I can’t see my way, there’s no chance I’m going to spending hard-earned dollars on artificially changing the fact. Nor would I lose hours to wrinkle up in the sun. Of all aspects of our bodies, our skin colour might just have to be something we accept. Getting out and about will give you all the glow you need, so suck it up, stick on some shorts and save yourself the money.

Keep The Cossie

Why do we update our swimming costume every year? I went to start trying on new swimmers a couple of days ago, and then was struck by the realisation that my pair from last year were still looking pretty good. Sure, if your swimmers are almost see-through, it might be time to upgrade. But if they’re still looking fine, buck the trend of spending $100 upward a year on cossies and wear last years’ style with pride. It’ll probably be retro by that point anyway.

Forget The Gym

If you’re really into exercising, or have great self-discipline, then a gym membership is probably for you. They’re an amazingly cost-effective thing to purchase, provided they’re used consistently and frequently. If that’s not the case, it’ll be wasted money. So in the lead up to summer, test your discipline for free by joining a sports team or going for a swim every second day. You’ll get your summer body, and can work out whether a gym membership is really a worthwhile investment. Just hauling to the gym and signing up in a fervour of healthiness could be a quick way to burn a couple of hundred bucks and not much else.

Youtube It

If exercising outside ain’t your thing and you’re short of dough, think about Youtubing exercise videos. There are literally thousands of options online, in anything from aerobics through to yoga through to weightlifting. Keep a wary eye- don’t attempt anything you feel uncomfortable with, if it hurts, stop. There are shonks out there, so don’t just implicitly follow anything. For a more complete workout, buy a DVD. They’ll cost you $20 and you can fit it into your morning schedule.

Rip It Up

To get the summer look, there’s no need to buy a whole new wardrobe. Just adapt old favourites. Love a pair of jeans? Turn them into denim shorts. Hem the sleeves of a favourite long-sleeved shirt and make it a tee. If you want a mini dress, it’s not too hard to get one out of a maxi dress. Save your money for the real investments- sunscreen, sunnies and some well-timed fish and chips.

More Tips On Eating Out, Cheaply

Fran Sidoti — Thu, 22 Sep 2011 16:22:42 +0000

I ran into a guy last week who had been on a family holiday out west with his family. They stopped off in Leura, Blue Mountains, for lunch and could only find sandwiches that cost $12.50 each. So, for a family, you were looking at a massive chunk of money for a pitstop lunch. So, instead of eating out healthily, they saved the money and went to Maccas. And who can really afford to spend that much money on a sandwich? Who would want to? Here are some tips and tricks for eating out on the cheap.

Spilt It

Sandwiches and wraps can be pricey but they also can often be quite large. If you’re at a takeaway or cafeteria style arrangement, who are they to say you have to eat a sandwich each? A half will probably fill you up just as well, and you’ll spend half the money. If you bring your own coffee cup, the same can be done with a large coffee. And, before you feel guilty about it, think about the profit margins on coffee (especially when people have started charging 5 bucks a pop) and set your conscience to rest.

Old-Fashioned Bakeries

There’s nothing I hate more than getting out of the car, wanting nothing but a fresh sandwich or a salad and only being able to find horrific ‘gourmet’ food of oily foccacias with everything covered in cheese. The salvation is the old-fashioned, warts and all bakeries. Sure, the doyen of Australian-style vanilla slices and tea cakes isnt’ fashionable. Nothing here will be gluten-free, lactose-free or soy. But they can whip you up whatever sandwich your heart can desire and they will do it for a couple of bucks. It’s cheap and incredibly tasty, at about 1/6 of of the price of having something gourmet at a cafe.

Skip Drinks

Eating out tends to get all the pricier once you include drinks in the final bill. And it’s a decision we often make without thinking about it- of course you get a coffee with your lunch or a glass of wine with dinner. But it’s not a necessity. Drink water every time you go out, and see the difference it makes on your bill. And if you’re dying for a caffeine hit and don’t have much spare money, 7/11s have coffee for a dollar, and Maccas have steaming cauldrons of the stuff for a couple of bucks. You might still enjoy your cappuccino occasionally, but stick to the cheaper stuff and you could save. The other trick can be to ask for hot water. It’s not a craze that has caught on here yet, but people in Asian countries drink hot water all the time; it’s warming, has no calories and speeds up your metabolism. Do not ask me how. And if you’re buying food, it’s likely to come on the house.

Drink Water

If you drink a couple of glasses of water about half an hour before you eat, you’ll be able to tell much more accurately how hungry you are. This will stop you ordering food you don’t want, and hiking the bill up.

Ditching Cable: Budget Friendly Alternatives

Fran Sidoti — Fri, 16 Sep 2011 11:10:32 +0000

Often, personal finance writers will suggest cable tv subscriptions can be one of the first things to go when you’re trying to cut down on costs. But where does that leave you? Just with digital television? Not on your life. As with everything else, the internet has revolutionized television and movies and can provide some very cost-effective ways to keep up to date and entertained, inspired by a similar article on Yahoo! Finance.

Small Screen

So you think that streaming programs means you’ll have to all crowd around an iPad as a family and desperately try and make out who is who? Think again. Have a look at your kids Playstation or Xbox, chances are you will be able to stream TV shows from the internet to the computer. Or buy a HDMI cable to connect your computer to the TV and stream things that way. The cable should cost you under $20. If you don’t feel like messing around with cables all the time, Apple has gotten in on the action and released Apple TV or the Apple TV box, which allows you to stream your iTunes or lose hours streaming cat videos from YouTube.

Check It

First, check how much free-to-air television you can receive and what antenna is going to work best for you. After all, digital has added more variety to programming and I, for one, am always excited about Friends reruns on Go. Then have a look at Hulu. Generally, you can watch episodes from your favorite shows the morning after they air which, living in Australia, could be construed as pretty exciting.The subscription version, at $10 a month, allows you even moe choice about the range of things you can watch. Hulu will also work on a variety of media, including game consoles.

iTunes and Amazon

I’ve recently started renting movies and episodes on iTunes, after years of avoiding the anger entailed by any trip to the local Video Ezy. It’s very cheap; 99 cents an episode and a couple of dollars for movies. The movies will stay on your iTunes for a week, but once you start watching it, you have 24 hours to finish and then- bam!- it vanishes off your machine. It’s cheap, doesn’t take up space on your hard drive and allows you to keep in touch with programs running elsewhere.There can also be specials- older or less popular movies will be advertised to rent or a buy at a much-reduced rate.

Can’t Hardly Wait

While cable and going to the movies itself can be great, they can be a fairly large drain on the wallet, and a bit frustrating if you’re waiting for something you really want to see. Vudu offers high definition movies the day they arrive, as does CinemaNow and Amazon Instant Video. After a while, I would suspect the chances are high that you would realize how much of what is shown on cable you were not interested in watching. Using the internet as an alternative is not only cheaper, but is more tailored to your interest. For me, also, streaming programs as opposed to buying them and clogging up my lounge room or computer, is a great boon. It’s also worthwhile checking out the free-to-air websites, as sites like ABC’s iView provides lots of programs to stream, free-of-charge, which is especially great if you accidentally missed it.