Top 5 Tips on How to Declare Bankruptcy in Australia

The majority of Australian’s have only seriously contemplated bankruptcy when playing a game of Monopoly with their mates! Despite this, there are approximately 13,000 individuals that file for bankruptcy each year in Australia. It’s astounding how rapidly individuals can go from being in a healthy financial position to facing a mountain of debt. Commonly, situations such as loss of employment, divorce, or unforeseen medical expenditures will result in serious financial complications within just a few months. Instead of wrestling with these debts for several years and ignoring the elephant in the room, it’s far better to cut your losses and seek financial guidance immediately.

A few months ago, the Australian Government proposed changes to bankruptcy laws that reduce the bankruptcy period from three years to 1 year. If this proposal is passed, it will have a dramatic impact on the stigma related to bankruptcy and the financial repercussions that bankrupts will experience down the road. While lots of people understand the concept of bankruptcy, lots of people wouldn’t know where to start if they decided that declaring bankruptcy is the best alternative for them. To provide some insight, here are the top 5 tips on how to declare bankruptcy in Australia.

  1. Seek guidance from a registered bankruptcy trustee

If you’ve decided that bankruptcy is the best solution for you, always consult with a registered bankruptcy trustee before making any concrete decisions. There is a vast difference between a firm that charges you to declare bankruptcy and a legally registered bankruptcy trustee firm. Most of the time, bankruptcy firms are not the same as registered bankruptcy trustee firms, so be sure you get the right advice the first time so you can make the best financial decision. The right advice will not only aid you with your decision-making, but also put you in the best position to make a healthy recovery after you have been discharged.

  1. Download the forms needed to declare bankruptcy

If you’ve decided that bankruptcy is the best solution for your individual situation, there are two sets of documents that you will need to complete for you to declare bankruptcy:

  • The Debtor’s Petition, which is a 3 page document (click here to download: https://www.afsa.gov.au/insolvency/how-we-can-help/forms-list/debtors-petition).
  • The Statement of Affairs, which is a 25 page document (visit this site to download: https://www.afsa.gov.au/insolvency/how-we-can-help/forms-list/statement-affairs).
  1. Collect your supporting documents.

In almost all bankruptcy cases, individuals must offer evidence that their claims are accurate by supplying various supporting documents. Generally, this will include the following:

  •  Income statements and personal tax returns
  •  Company tax returns (if you are a business owner)
  •  Centrelink benefits statement (if relevant)
  •  Formal child support notices
  •  Any family law orders
  •  Any court orders
  •  Wills of any deceased estate of which you are the beneficiary
  •  All transaction statements from transferred assets over the last 5 years

It is essential to note that failure to supply accurate information or any effort to conceal information that would otherwise be relevant to your bankruptcy proceedings is a serious offence that is punishable in a criminal court.

  1. Complete the bankruptcy paperwork.

You must reply to every question in your bankruptcy paperwork accurately and truthfully to make sure it gets processed correctly. It is vital that you include the address information of all your lenders in the secured and unsecured sections of the bankruptcy paperwork. In the Debtor’s Petition, you’ll need to provide at the very least two types of ID. If you’re unclear of which forms of ID are acceptable, check the AFSA website (https://www.afsa.gov.au). If you run out of space when answering any questions, simply print out another copy of the same page and use it to fill out further information. Additionally, be careful to include all assets sold in the last 5 years in question 33.

  1. Submit your bankruptcy paperwork.

Before you submit your bankruptcy paperwork, check the date to ensure you are lodging it within 28 days of you signing it. At Bankruptcy Australia, we understand that all the paperwork can be a bit over-bearing, so if you have any inquiries regarding your any of your answers, it’s best to call us on 1300 795 575 to ensure you get it right the first time. Alternatively, visit our website for additional information: www.bankruptcy-australia.net.au.

 

Top 3 Reasons For Personal Bankruptcy in Australia

No one likes to contemplate bankruptcy, which is understandable since bankruptcy will have an effect on your financial situation for several years to come. This may be one of the reasons why a lot of people don’t seek financial guidance in times of need, because they are under the common misconception that bankruptcy is the only way to manage their financial concerns. Sadly, this isn’t the case as there are many solutions available to those experiencing financial difficulties. What many people don’t recognise is the sooner they act, the more alternatives will be generally be available to them.

 

In Australia, personal bankruptcies are on the increase again, with the September 2017 quarter marking an 8% surge in the amount of bankruptcies cases than the last year. In fact, the September 2017 quarter was the ninth successive quarter where the number of debt agreements increased. Like me, you may be wondering why?

 

Well, the economy is doing fine with interest rates still at an all-time low and unemployment stable at 5.6% in February 2018. Whilst the unemployment numbers aren’t optimal, it’s hovering around average levels which definitely wouldn’t trigger an 8% increase in the amount of personal bankruptcies. So, exactly what has caused 4,236 people to declare bankruptcy in the September 2017 quarter?

 

If you’re facing any financial hardship, understanding the top causes of personal bankruptcy will give you awareness into what factors of your finances you need to prioritise. Our world is changing quickly and pinpointing new risks in your own financial circumstance will allow you to proactively address them. To give you some insight, here are the top three causes of personal bankruptcy in Australia in 2017.

 

Excessive use of credit

The leading cause of bankruptcy in Australia today comes from excessive use of credit. This is significant, given that it is the first time since data collection began in 2007-08 that excessive use of credit has taken over unemployment as the primary cause of personal bankruptcy.

 

Clearly, this is an ongoing issue that ought to be addressed. Banks charge extravagant fees and interest charges for late credit card repayments, so if you’re already behind in your credit card repayments, do something about it now. The Government’s MoneySmart website (https://www.moneysmart.gov.au) has lots of online resources that can assist those with credit card problems. Seeking financial counselling is strongly recommended to show individuals how to plan and follow a budget.

 

Unemployment

Unemployment or loss of income continues to be one of the most contributing elements of personal bankruptcy. This doesn’t come as a suprise given that many Australian’s don’t have income insurance or an emergency fund which they can use if they endure an unexpected resignation or termination. With unemployment rates presently at 5.6%, this leaves many Australians without a reliable income source and depending only on Centrelink payments to continue to be solvent. The best way to manage an unpredicted loss of income is to be prepared, which showcases the importance of setting up an emergency fund that can support you and your family for 3 to 6 months.

 

Relationship breakdowns

The third largest cause of personal bankruptcies in Australia originates from relationship breakdowns. Divorce rates are continuously increasing, with the ABS recording 46,604 divorces in 2016. Even though divorces are not uncommon, financial problems arising from divorces are common given the affiliated legal fees, child support, and the abrupt transition into a one-income household. Many people find themselves inheriting debts from their partners or are unable to pay off existing credit because their expenditures have substantially increased.

 

Looking ahead

Irrespective of the reasons for your financial issues, the fact remains that the sooner you seek financial support, the more options will generally be available to you to resolve these issues. Many individuals wrestle with debt for years before seeking help. If you’re juggling your finances and avoiding phone calls, don’t wait any longer. Speak with the professionals at Bankruptcy Australia on 1300 795 575, or alternatively visit our website for additional information: www.bankruptcy-australia.net.au

 

The Difference Between Good Debt and Bad Debt – What You Need To Understand

For the majority of Australian adults, debt is a part of our everyday lives. Whether you wish to advance your skills by obtaining a degree, purchase a property for your family, or buy a vehicle so your family has transportation, obtaining a loan is very common simply because we don’t have enough money to pay for these expenses upfront. It seems that everyone obtains a loan at one point or another, so what’s the problem?

 

The problem is that lots of folks don’t grasp the difference between good debt and bad debt, and as a result, they take on too much bad debt which can trigger significant financial problems in the future. Not all loans are created equal, and normally you’ll discover a colossal difference between your credit card interest rates and your mortgage interest rates. In time, your credit report will have a critical influence on your borrowing abilities, so paying your bills on time and not defaulting on any loans is integral, along with keeping a healthy balance between good debt and bad debt.

 

Each time you apply for credit, your loan provider will inspect your credit report to evaluate your financial history and then decide whether they’ll authorise your loan. Too much bad debt on your credit report will be viewed negatively by lending institutions, as it displays poor financial decisions and behaviours. To make sure that you maintain healthy financial habits, it’s critical that you have knowledge of the difference between good debt and bad debt.

 

What’s the difference?

The difference between good debt and bad debt is fairly straightforward. Good debt is frequently an investment that will increase in value in time and will support you in developing wealth or providing long-term income. Conversely, bad debt normally decreases in value rapidly and does not add any value to your wealth or produce a long-term return. To give you some insight, the following gives some examples of each of these types of debts.

 

Property

The price of land has historically increased over time, so securing a mortgage is considered a good debt because the value of your land will increase with time. Likewise, mortgages largely have low interest rates and a long term, normally 20 to 30 years, which suggests that the value of your land can double or triple during the life of your loan.

 

Stock exchange

Securing a loan to invest in the stock market is also deemed to be good debt because the returns on the stock exchange are traditionally favourable. Financial institutions generally view stock exchange loans as good debt because you are trying to improve your wealth over time through a solid investment. Be careful though, it’s not wise to invest in the stock exchange unless you have an ample amount of knowledge.

 

Education

Another type of good debt is investing in your education, whether it be university or a trade, given that it boosts your skills and your potential to earn a higher income in the future. In Australia, the interest on HECS loans are equal to inflation which clearly makes them a very appealing option.

 

Credit cards

Credit cards are commonly the worst type of debt an individual can have. Credit card debts shows to lending institutions that you have poor financial habits because the interest rates are remarkably high and you have nothing in value to show for your investment. Individuals with credit card debts frequently have troubles in obtaining future credit from loan providers.

 

Vehicles and consumer goods

Another type of bad debt is loans for cars and other consumer goods. When you take out a loan to buy a car, it instantly decreases in value when you drive it out of the car dealership. The same applies to consumer goods like flat screen TVs, because you are basically paying interest for something that depreciates in value very fast.

 

Borrowing to repay debt

If you end up in a situation where you have to get a loan to repay existing debt, it’s best to seek financial advice immediately. This type of borrowing will only lead to further money problems, and the sooner you act, the more alternatives will be available to you to resolve the issue. If you find yourself facing a mountain of debt, speak with the professionals at Bankruptcy Australia on 1300 795 575, or alternatively visit our website for more information: www.bankruptcy-australia.net.au

 

Best Ways to Repair a Bad Credit Report

Whether we realise it or not, our credit report has a considerable impact on our lives. It’s sort of like our health; we don’t treasure good health until we lose it. Lots of people don’t even know they have a poor credit report until they make an application for a line of credit and it’s rejected. It can come as quite a surprise to some, given that even one missed payment that is disclosed by your creditor can remain on your credit report for a maximum of seven years.

 

So, what is a credit report? A credit report is a report that specifies information about your financial history with creditors. Recently, credit reports have been remodelled to place greater emphasis on favourable history such as paying your bills on time, but overwhelmingly, credit reports are used by lenders to evaluate your ability to repay debts by assessing your past behaviour.

 

When lenders check your credit report, you normally either get a pass or fail so any default irrespective of its severity can have a long-lasting impact on your financial possibilities for years to come. Even though finding solutions to enhance a poor credit report can be tough, there are specific things you can do to enhance it. Luckily, we’ve gathered a list of suggestions that you can try to boost your credit report and your general financial health.

 

Review your credit report for any oversights

The first step is to examine your credit report to learn exactly what it contains. You can do this by paying a small fee to a company like ‘Check My Credit File’ (https://www.mycreditfile.com.au). It’s not uncommon for errors to be made on credit reports which can have an adverse impact on your financial abilities. Read your credit report extensively and challenge any mistakes that you discover to ensure your credit report accurately emulates your financial history. Some typical oversights that can occur are:

 

  •  Mistakes in personal information
  •  Wrongful defaults and judgements
  •  Old defaults and judgements
  •  Incorrect information relating to your credit history

 

If you discover any errors, alert the credit reporting agency in writing so these listings can be adjusted or removed to reflect your true credit history.

 

Pay your bills on time

Individuals underestimate how significant it is to pay your bills on time. Occasionally, individuals can be forgetful considering that they have too many bills to pay, so it’s a wise idea to talk to all your lenders and ask them to automatically debit your bank account each month. Normally, your lenders would be more than happy to do this as delivering paper statements is time-consuming and costly. By placing all your bills on autopilot, you can be sure that they’ll be paid in full and on time, which will have a positive impact on your credit report

 

Add extra information to your credit report

There are a number of details within your credit report which creditors will view favourably. For instance, if you are married, have been working with the same employer for more than two years, or you are a homeowner, then this information will strengthen your credit report. Lenders generally view this information in a positive light and it can assist in future credit applications. If you see that this type of information is missing from your credit report, advise the credit reporting agency and request that it be added.

 

Steer clear of excessive credit applications

Each time you make an application for a line of credit, it is documented on your credit report. Evidently, too many applications for credit will have a harmful effect on your credit report and the way in which lenders view your financial behaviours. It is imperative that you are reasonable and selective when applying for credit and only apply when you are optimistic it will be accepted. In addition, if you recently had a credit application denied, wait a decent amount of time before applying again.

 

Contemplate a debt consolidation loan

Generally, it can be very challenging to control your debts when then you have lots of them. Overlooking just one debt repayment can turn into a default, which will stay on your credit report for a minimum of five years. Think about a single debt consolidation loan which will accumulate all your debts into one, single, monthly repayment. Generally, interest rates on debt consolidation loans are quite low, and you’ll eliminate any further defaults which will have a positive impact on your credit report. If you’re interested in a debt consolidation loan, contact our friendly team at Bankruptcy Australia on 1300 795 575, or alternatively visit our website for further information: www.bankruptcy-australia.net.au

 

Weddings On A Budget – How To Save Money When Getting Married

We all have a fairly good understanding that weddings can be a costly exercise, but do you really know just how much the average wedding costs in Australia? Slightly over $36,000, according to Australia’s Money Smart website. And that was in 2012! In today’s times, it’s quite likely somewhere around the $50,000 mark. I suppose if you have wealthy parents it wouldn’t be a concern, but unfortunately the majority of us don’t.

Let’s admit it, $50,000 is a considerable amount of money! You could purchase a franchise, put a deposit on a new home, repay your student loans, or maybe travel the world! The reality is though, weddings are a celebration of two people who commit to devoting the rest of their lives together. Sure, we ‘d all like to have the wedding of our dreams, but we shouldn’t forget what’s really important.

While I’ve never married myself, I have a close group of friends, and two of them managed to pull off the most mind-blowing weddings on a shoestring. Of course, it didn’t consist of costly bridesmaid parties and catering for 400 guests, but it was intimate, unique, and everybody who came had the time of their lives. If you’re organising a wedding on a budget and trying to find ways to save money, then here’s how.

Location
There’s a number of ways to save thousands of dollars on your wedding location alone. One of the most stylish weddings I attended was in the backyard of a friend’s house. Other alternatives you could look into is hiring a neighbourhood park for the day, or maybe the beach. The environment is spectacular, you can customise your wedding to exactly how you want it, and the costs are exceptionally low. If you choose to have your wedding in a public location, just remember to phone the local council and make reservations well in advance.

Wedding Date
Even though many people prefer their weddings on a Saturday, the rates of venues are much more pricey on Saturday than any other day of the week. Consider having your wedding on a Friday or Sunday where Monday is a public holiday. The time of year will similarly have a substantial impact on the price of your venue. If you’re dead-set on having your wedding reception in an indoor area, then book your wedding date in winter and you’ll save more or less a third of the costs for venue hire.

Photography
The price of a professional photographer will frequently cost around $4,000 for the entire day. With the exceptional specs of smartphone cameras nowadays, consider hiring a professional photographer just for the formalities and ask your friends to take photos over the course of your wedding. You can create a hashtag on Twitter and get your friends to upload their pictures, ensuring that there’ll be an abundance of natural pictures that reflect the true spirit of your special day.

Food & Drinks
If you really intend to save money, then catering businesses are your prime target! They charge extravagant prices and aren’t really necessary whatsoever. Contemplate organising your own food and drinks and don’t hesitate to go against the grain here.

You could hire a wood fire pizza truck that offers gourmet pizza, or consider hiring a friend to roast a whole pig in the ground and make the sides yourself. For me, there’s nothing better than a pulled pork burger with delicious sauce and cheesy smashed potatoes! Always remember that most of the time, being unique is far more memorable than being customary. In addition, look for a venue that permits you to bring your own alcohol. You’ll save a heap of money this way, and you’ll have the ability to work out a sizeable discount when buying in bulk.

Don’t Borrow Money
It’s not unusual for newlyweds to borrow money to cover their weddings, not knowing how tough it can be to pay back. Not only will you be paying for the wedding itself, but also interest on top of that, which can in some cases take years to repay. If you’ve had a lavish wedding and found yourself in financial distress, always seek financial advice sooner rather than later. The sooner you take action, the more options will be available. For any financial guidance regarding your personal situation, talk to Bankruptcy Australia on 1300 795 575, or visit our website for more details: www.bankruptcy-australia.net.au

Personal Finance Tips – Finance Goals In Your 30’s.

There’s no doubt that hitting your 30’s is a considerable milestone for everyone. Although some of us may have bought their first home, started a career, or even a family, this decade of our lives has a critical financial impact for your future years. For many folks, our financial commitments have probably grown and juggling expenses and responsibilities with saving money for the future is harder than ever before.

The majority of us have dusted off the mistakes of our 20’s and discovered a thing or two, however this decade of our lives is the time when we really have to grow and genuinely look into our financial circumstances. We need to prioritise commitments, such as our children’s education and retirement account, and take the most appropriate steps to acquire a promising financial future for you and your loved ones. Life can definitely get more complicated in your 30’s, however by targeting a number of vital aspects of your finances, your money doesn’t have to be nearly as complicated.

By making minor lifestyle adjustments, you can substantially boost your financial situation now and in the decades to follow, so here are some personal financial goals that everybody in their 30’s should look at.

Extend your emergency fund
Hopefully you created an emergency fund in 20’s, saving enough funds for a few months’ worth of expenses. This is a superb goal to accomplish in your 20’s, but earning more money and having increased financial duties in your 30’s means that your emergency fund becomes increasingly important. Financial advisors strongly recommend that folks in their 30’s should have at least 6 to 12 months of living expenditures saved in their emergency fund. Keep in mind, moving back in with your parents is far more complicated in your 30’s, especially if you’re a parent yourself.

Examine your insurance policies
Commonly, people’s circumstances change significantly in their 30’s. You may have purchased a new home, a new vehicle, or have started a family, so it’s critical that you review your insurance plans so they’re up-to-date. It’s likewise a smart idea to have a look at income protection and life insurance along with your current insurance policies. Even if your personal circumstances haven’t changed in your 30’s, you should nonetheless assess your insurance plans a couple of times a year to make sure that you’re receiving the best rates and premiums.

Grow your retirement savings.
Now is the time where you should begin developing your retirement contributions, specifically if your employer features a salary sacrifice plan. Making voluntary super contributions is a superb way to grow your nest egg, so if you receive a pay increase, consider using the additional income towards your retirement savings. Alongside this, if you begin a new career or job, always make certain that use the same super account which will significantly reduce costs and maximise your retirement growth.

Live well below your means.
When you find yourself having more financial obligations, you should assess your budget and make sure you’re living well below your means. The key to improving your wealth is to expand the gap between what you earn and what you spend. You’ll probably need to decrease some expenses like eating in restaurants or cable television subscriptions, but the more money you save, the faster you’ll accomplish your financial goals. It’s also advisable to look at percentage of income saved instead of dollar amounts, as this makes it much easier to figure out which expenses can be decreased to ensure you’re always saving more than you earn.

Seek financial help sooner rather than later.
If you’re finding it a challenge to meet mortgage repayments on time or you’re falling deeper into debt, seek financial assistance as soon as possible. Frequently, the sooner you do something about it, the more possibilities will be available to you. Lots of people suffer financially for years prior to seeking help, and not only are they in a far worse position, but it is also completely unnecessary! There are many choices available for those in financial trouble, so if you need any financial assistance, speak with Bankruptcy Australia on 1300 795 575, or visit our website for more information: www.bankruptcy-australia.net.au

Personal Finance Tips – Finance Goals For Your 20’s.

There’s no question that your 20’s is a very cherished stage of your life. There’s an anxious but exhilarating sensation about becoming an adult, moving out of home, and being financially self-reliant. Regardless if you launched a career, a university degree, or spent time traveling overseas and gaining life experience, your 20’s is a momentous decade from both a personal and financial point of view. Regardless of what path you choose, the one constant that will continually remain in your life is money.

The point of the matter is, the earlier you begin saving money and developing wealth, the better your financial condition will be in the upcoming years. Regardless of whether you choose to get married, start a family, or invest in a house, there are particular financial aspirations that every person in their 20’s should endeavour to accomplish to secure a better a future. In this blog, we’ll be taking a closer look at these objectives and how you can start building healthy financial habits.

Set up a budget
Creating healthy financial habits starts with discovering how to budget. Being able to spend less money than you make is the key to saving money, so start taking control of your money by putting together a budget and following it! With a pen and paper, write down your monthly income and expenditures. Review your expenditures to find out which can be cut down, or which can be eliminated entirely. A few ways to reduce your expenses are opting to eat at home as opposed to eating in restaurants and switching your Cable television subscription to streaming services like Amazon instead.

Eliminate your debts
Whether you’ve travelled the globe or have student loan debts, the quicker you repay these debts, the better. Interest compounds over time, so repaying your debts by cutting down expenses or working a second job can save you thousands of dollars in only a couple of years. These savings can then be invested in a high-interest term deposit as an example, which will place you in a substantially better financial position than only making the minimal monthly repayments on your debts.

Start an emergency fund
Life rarely works out the way you planned, so it is essential to be prepared for any unforeseen changes that might be needed. You could end up unemployed, or in an incident that hinders you from working, so having an emergency fund will be able to give you a bit of breathing space when you need it the most. Financial advisors propose that all individuals should have a dedicated emergency fund that is capable of supporting their living expenses for 3 to 6 months.

Be insured
Insurance protects you financially from any adverse consequences, for instance income insurance in case you lose your job, health insurance for sudden medical expenses, and vehicle insurance in the event your car is stolen. Though it’s not always advisable to get every form of insurance available, it’s undoubtedly a wise idea to examine your individual situation to see which is best suited to you. For instance, medical insurance is highly recommended for everyone due to the high costs of uninsured medical treatment. Without insurance, an unexpected incident may lead to significant damage to your financial position.

Invest in a diversified portfolio
If you’ve been able to save a specific amount of money that is otherwise sitting idle in the bank, look into investing this money in a high-interest term deposit. When you’ve got more money saved, contemplate buying a property, or investing in gold. The key to a sensible investment portfolio is ‘diversification’, meaning that you manage the risks of investment by putting your eggs in different baskets, so to say.

Get financial assistance as soon as possible
If, for whatever reason, you’ve found yourself in financial hardship, the best advice is to seek financial assistance immediately. Lots of individuals struggle with financial troubles for many years before getting help, which puts them in a worse position as their debts will only compound over time. The sooner you seek financial guidance, the more options are available to you, so if you need any guidance with your financial situation, speak with the professionals at Bankruptcy Australia on 1300 795 575, or visit our website for additional information: www.bankruptcy-australia.net.au

How You Can Save Money On Food

We all suffer through stages in life where money is tight. Luckily for us, there are a number of expenses that we can quickly eliminate, like cable television, gym memberships, and eating out at restaurants. On the contrary, there are other expenditures that we simply can’t avoid. Rent, debt repayments and school tuition are just a number of the necessary expenses that are fixed and there’s little we can do about it. Having said that, there is one necessary expense where we can all save a considerable amount of money; and that expense is food.

Having undertaken some research, I’ve found there are a multitude of ways in which we can all save on food expenses. Of course, eating out at restaurants is far more expensive than eating at home, but I’m referring to saving money on your weekly food bills. You’ll be surprised at just how much money you can save by adopting some basic guidelines, so here are some simple tips that can save you thousands of dollars each year on your food bills.

Plan your meals and create a shopping list
Have you ever had to throw away food because it’s past its expiration date? I know I have! By planning each meal of the week, you can be sure that you just spend money on food that is needed. Take a look in your kitchen to find what ingredients you currently have, which ingredients you have to buy, and create a list of all the ingredients you’ll need for the next week.

Most of us are guilty of impulse buying at the supermarket, so planning your meals and purchasing only the ingredients on your list will drastically reduce any impulse buying. Don’t forget to always keep stationary in the kitchen, so when you run out of a particular ingredient, you can write it down straight away and perhaps prevent a second trip to the supermarket. And always shop for groceries on a full stomach!

Don’t bring your children to the supermarket
In some cases it can be difficult to organise, but if you go grocery shopping when your children are at school or in the evening when someone can babysit them, you’ll save a great deal of money. Not only can you shop a lot quicker, but you don’t have to drain your energy by saying ‘NO’ to your children every aisle. Commonly this can be over-bearing, so many people will give up occasionally, and these unneeded products will accumulate over the year much more than you’d imagine.

Go shopping in the evening
Speaking of shopping at night, you’re more than likely to uncover the best prices at this time of day. Large grocery stores will usually discount goods when they’re overstocked, and perishable goods like bread, fruit and veggies will also likely to be marked down. While it may seem a bit cruel after a long day, you can bag a lot of bargains by shopping at night.

Buy in bulk
It should come as no surprise that buying in bulk will save you money, especially on discounted items. Be careful though, you don’t want to purchase too much and waste food, but always remember that you can cook meals and freeze them for a later time. Cheese, bread, and butter will keep as much as three months in the freezer, and meat products will usually last up to six months. Just ensure that you have enough room in your freezer first!

Have a go at discounted grocery stores
Discounted grocery stores such as Aldi will always have goods that are much cheaper than the supermarket giants like Coles and Woolworths. Conversely, some products will be more expensive, so try finding bargains at discounted supermarkets before visiting your regular supermarket. While you may not recognise some of the brands, the quality of the food is just about the same. The design is also different, so it may take a bit of getting used to, but if you need to save money on food then this is a superb idea.

If you’re experiencing financial issues, always keep in mind that there are simple ways to save a great deal of money on one of your biggest expenditures. By making some modest changes as well as a dash of discipline, you could potentially save thousands of dollars each year on your grocery bills.

If you discover that your financial position is still worsening, it’s always better to seek financial guidance sooner rather than later. Get in contact with the professionals at Bankruptcy Australia on 1300 795 575, or visit our website for additional financial advice: www.bankruptcy-australia.net.au

Great Ways To Save Money And Enhance Your Life

In today times, saving money is an aspiration that everyone wishes to accomplish, though frequently it can be a strenuous task for lots of folks. Mortgage repayments, bills, groceries, and everyday needs build up quickly, leaving most families with little to no savings. Being able to save money and enhance your life appears to be a paradox, as we primarily associate a better life with spending more money! Irrespective of this, small lifestyle changes can have an impressive effect on your savings balance as time passes, and investing these savings sensibly will definitely enhance your life in the future. All it takes is some self-discipline, determination, and knowledge.

With the new year upon us, now is an ideal time to examine your financial state and plan to keep an eye on your spending habits and trim unneeded expenses. After all, saving money means earning greater than you spend, so here are the leading ways you can save money in the new year to secure a better future for you and your family.

Inspect your financial situation
If you don’t understand your financial condition, then there’s pretty much no way that you can improve it! Having the capacity to make reliable financial decisions begins with knowledge and understanding where your money is being spent. Most of the time, it’s complicated to track our expenses, so it’s a sensible idea to start keeping your receipts and reviewing your expenses weekly to gain a better understanding of your spending habits. This is the most vital step in being able to save money. Now, let’s unveil some specific money saving practices.

Food
Saving money on food is a lot easier than you think. The trick is to plan your meals a week in advance before you head to the grocery store. Once you’ve planned your meals and the relevant ingredients, create a list and stick to it! Don’t go grocery shopping hungry either, that’s a sure way to spend unneeded money impulsively. It’s also a great idea to have a paper and pen in the kitchen area, so when you run out of a certain ingredient, you won’t have to make a second visit to the grocery store in case you forget.

Electricity
Electricity is another manageable way in which you can slash expenses by making some small modifications. The most effective way to save electricity is by switching off home appliances at the power point when you’re not using them. Even if the appliances aren’t being used, an active electricity socket nonetheless uses electricity, and these expenses can really accumulate as time passes. Other ways to reduce electricity is to use fans as opposed to air conditioners, turning off lights that aren’t being used, using hot water bottles instead of electric blankets, and using a clothes line as opposed to a dryer.

Entertainment
All of us have to let off some steam after a hard day’s work, so a glass of wine and some cable television does the trick for most individuals. However, cable television is a significant expense that is hardly used to its full capacity. Take a look at switching to streaming services like Netflix or Hulu which cost approximately $10 a month rather than the standard $70 a month for cable TV. That’s a saving of over $700 a year alone. In addition, instead of eating in restaurants with friends once a week, consider hosting a dinner night where everyone brings a dish and their beverage of choice. You can rotate hosts, save loads of money, and never need to be concerned about being too noisy!

Invest your savings
While the above recommendations are far from exhaustive, saving money by making small changes gives you more financial possibilities to enhance your life. You could use these savings to indulge in a family holiday once a year, or you might choose to invest your savings in a diversified investment portfolio. Whatever you chose, the fact of the matter is that we can all make small sacrifices to save money which can be used to enhance our lives.

Struggling with Debt?
If you’ve found yourself in a position where you’re endlessly battling with debt and can’t see any way out, there are a few options available for you. You don’t have to live your life in anxiety and stress, and the faster you act to rectify your predicament, the more solutions will be available for you. If you need professional advice on any financial troubles that you’re currently facing, don’t wait any longer. Get in contact with the specialists at Bankruptcy Australia on 1300 795 575, or visit our website for more information: www.bankruptcy-australia.net.au

New Year’s Resolution – Improving your Financial Health

The New Year is most certainly a fantastic time to reflect on the previous year and make some resolutions to improve ourselves. Most individuals’s resolutions centre around being healthier, strengthening their career, or improving their financial circumstances. Now most of us appreciate how tough it can be to keep our New Year’s resolutions, so it is essential that you make practical, attainable goals that can be accomplished with a certain degree of willpower and self-control.

If you’ve made a decision that you want to improve your financial health in 2018, there’s a fair amount of planning and preparation required. To develop meaningful financial improvements in your life, it’s important that you focus on the things you can control and to evaluate your progress regularly. To give you some insight on effective ways to do this, the following details some suggestions that you should follow if you want to enhance your financial well-being in the forthcoming year.

Set clear financial goals
Studies have revealed that simply writing down goals substantially increases the chances of you reaching them. In a financial sense, writing down precise goals with an expected timeline not only increases the probability of you achieving these goals, but you’ll additionally understand what is most important to you.

Certain financial goals, like retirement, may require the support of a financial planner, but there are many basic, conceivable goals that you can arrange on your own, such as purchasing a vehicle, saving for a home deposit, or setting up an emergency fund for a rainy day. It is very important that you take small steps to reach these goals, and assessing your progress on a regular basis is the key to success.

Increase your savings
Lots of people don’t know how much money they save each year, so it is very important that you specify an actual dollar amount that you want to save for the forthcoming year. Whether you accomplish this goal or not isn’t the point, the fact that you’re specifying specific goals and planning ways to achieve these goals is the most important aspect.

Simple ways to increase your savings account is to increase your superannuation contributions (and possibly Government contributions), or arrange an automatic deposit into an emergency fund or high interest savings account each week. In any case, increasing your savings will bolster your net worth and overall financial health.

Track your spending
Understanding just how much you spend each month is essential in being able to increase your financial health. Keeping every bill and receipt and manually creating a spreadsheet is one way to do it, but there are a few great apps that monitor your spending on the go, giving you a true indication of how much you’re spending with little effort required.

ASIC’s TrackMySPEND app (https://www.moneysmart.gov.au) is a trusted and reliable tool that helps you understand your typical monthly and annual spending, so you can better plan and accomplish your financial goals. If this doesn’t fit you, there are numerous other apps on the market, so don’t be afraid to test a couple to see which is best for you.

Assess your mortgage and insurance policies
Evaluating your home loan and insurance policies is an excellent way to increase your savings. For example, you should be inspecting how your current mortgage and insurance policies compare with other providers on an annual basis. Lenders modify their policy structures regularly, so chances are you can acquire a better deal if you do a bit of research.

Even small decreases in interest rates can save you thousands of dollars every year, so it’s absolutely worth the effort! If you find a better package elsewhere, don’t hesitate to ask your existing provider to match it, and similarly, don’t hesitate to change providers if they don’t. There’s an abundance of online resources which can adequately guide you through this process.

Seek advice quickly if you’re experiencing financial turmoil
Improving your financial health doesn’t always translate to increasing your savings and emergency funds. Lots of people suffer through years of stress from financial hardship without realising that there are a number of options available to them to enrich their financial wellbeing.

If you’re encountering any financial suffering, the sooner you seek professional advice, the better your recovery options will be. For any advice regarding your financial circumstances, don’t hesitate to get in contact with Bankruptcy Australia on 1300 795 575, or visit our website for more information: www.bankruptcy-australia.net.au