How To Make The Most Of Your Family Budget
My Deal Article 21st march 2018
Reporter Julie Hammond interviews Peter Horsfield of SMARTadvice and asked him his 5 tips needed to make a household budget bullet proof.
With the cost of living seeming to rise daily and even more the pressure to stretch the budget the following tips are both easy to apply and sustain in every way.
How to save money, make money and find free fun
Peter Horsfield understands how confusing your finances can be. Which is why his career as a financial planner is so rewarding; he helps others understand their money better and achieve whatever goal they choose. He shared with us some ideas to help families save money, make money and how to have a money-free weekend.
Money Saving Ideas
- “Instead of buying books join a library. Libraries today are more than books; they have DVD’s, newspapers, free internet, books of course. Free. Savings estimated $250 pa+
- If you live close enough to walk/run/ride to work or public transport, only use the car on weekends or alternatively car share. Savings estimated $1,000 pa+
- Hold off expensive purchase/gifts until sale time and/or shop at outlet or online so to minimise risk of overspending and of unnecessary compulsive purchases. Savings estimated $1,000 pa+
- Buy in bulk cleaning, personal care, staple goods when on sale. Savings estimated $1,000 pa+”
Money Making Ideas
- “If you don’t mind branding your car as a moving billboard you can earn approx $5,000 pa
- In your spare time become a mystery shopper/write product reviews/research market group earn approx $2,500 annually in addition to receiving free products.
- Consider ways to maximise your rental return if you have an investment property. Properties furnished white good properties can increase weekly rentals by an additional $50pw or $2,500pa and are depreciable items for tax.”
Have a free weekend
“Once a month set a challenge to have a money free weekend or try the challenge every weekend for a month. You’re guaranteed to find the experience aspirational and your expense account appreciate it.
- Get creative. Write poem, a short story, a song, your memoir, blog, a diary, draw etc
- Sort your old photo album and label where, when and your feeling at the time.
- Visit the library, an art gallery [or] museum in your city. Most, if not all are free entry.
- Attend a free community class, or concert, a free intro offer class, or religious service.”
Sticking to your family budget is all about making smart choices with your money. We know you can do it if you just put your mind to it.
Read the full article at: https://www.mydeal.com.au/blog/post/expert-tips-family-budget