6 Steps To Achieving Financial Freedom

July 9, 2021
, , Budgeting

Stepping on the path to financial freedom is not as quick as in Google Maps, where you can plan your route and account for any traffic on the way.

Unless you’re a lottery winner, you have to exert time, hard work and sacrifice to be financially independent. Perhaps that doesn’t sound fun, but even lottery winners had to buy the ticket first. Set yourself on the right financial path to achieving financial freedom with these crucial steps to financial freedom.

Step 1: Define Your Own Financial Freedom & Set Your Own Goals

Financial freedom has a different meaning to different people. Yours should be unique, and it should fit your lifestyle.

Choose how much you want to save, and see if you want to increase from there. Saving up enough cash as a safety net and not stress over money in case of an emergency can be a start. Making enough income to afford a certain lifestyle is doable. Never having to work again for the rest of your life and still live comfortably might be the ultimate goal.

Wherever you are on the financial and lifestyle health scale, having a clear idea of what it means to be financially independent will help you create a blueprint for achieving it.

Step 2: Educate Yourself

How much do you know about your own finances? It’s easier to manage your money if you are financially literate. The more you know, the better equipped and confident you’ll be to handle your finances.

Don’t let those bank account and savings terms confuse you. Financial literacy is a learned skill and not commonly taught in schools.

You can go and learn from financial wellness blogs that don’t make saving complicated. Listen to podcasts, attend local seminars, or just make yourself familiar with financial terms you don’t know. A little research goes a long way.

Stepping up into financial freedom

Step 3: Pay off Debt

Carry as little debt as possible. Check how much debt you’re carrying, and what sort of debt it is.

You should try to pay off any high-interest debt before addressing low-interest or no-interest debt. High-interest debt is costing you the most right now, once you can pay it off, you’ll have an easier time saving up more and paying off any other debts.

Credit cards, cash advance loans, auto loans and store cards are examples of high-interest debts. Student loans, home equity loans and mortgages are some common low-interest debts.

Step 4: Start Investing

Investing can be a good way to let your money grow on its own, and in most cases, the early you invest, the better. To help you decide which ones are right for your investing goals, here are some investment examples.

  • Bank and term deposits – Investing an amount of money with your bank for a fixed period, and then you earn interest. Interest can be paid monthly, quarterly or annually.
  • Bonds – Loaning your money to a company or the government, which will provide you with a fixed return that’s usually higher than what a typical bank offers.
  • Shares – Buying a piece of a company. The more you buy is how much you own the company. Your return depends on how that company performs financially.
  • Managed funds – A managed fund can consist of multiple shares, which your investment is spread over. The performance of the managed fund depends on all the investments that comprise your fund.
  • Property – Buying a property that you believe will increase in value over time.
  • A business – Buying into an existing operation or starting your own business. This is a high-risk investment, and it’s vital that you understand all the details about the business before you invest in it.

Talk to a broker or financial adviser to walk you through these investment options.

Use the finance tracking method that works best for you

Step 5: Track Your Spending

You don’t need to painstakingly write down or input every expense and purchase you make into a spreadsheet, though you certainly can if you prefer that method. There are budget apps and online platforms that track every transaction going in and out of your account. You can categorise your spending and get an overview in simple graphs and diagrams.

Set budgets for each category and get real-time updates on whether you’re going to stay within your monthly budget or not.

Step 6: Evaluate & Make Changes

Monitor your progress as you work through the previous steps to financial freedom and make changes if necessary.

 

Building a life of financial freedom requires discipline and delayed gratification — sacrifice now in return for more choices later in life.

The Best Work Christmas Party Ideas On A Budget

July 8, 2021
, Budgeting

Have you left your work Christmas party to the last minute because you’re on a really tight budget? Have you settled for heading out to a simple lunch or off to the pub for a few drinks due to a lack of ideas? No matter how little money you have, it’s necessary to make an effort to thank your staff.

Showing appreciation and valuing your team doesn’t have to cost you a fortune. Here are some work Christmas party ideas on a budget to spread the yuletide spirit in the office.

A ‘Family’ Christmas Celebration at the Office

The truth is, we spend more time with our office mates than our own families. So why not turn your work Christmas party into a family-like experience?

Set up your conference room into a family dinner table. Throw a festive cloth over some desks, put out a few Christmas appetisers, and stick up a stocking for each staff member—filled with their Kris Kringle presents.

Have each staff member share their family Christmas tradition, if they’re willing. It could be an item, a game, or a song. This is loads of fun and an awesome way to get to know your team a bit more.

Kris Kringle with a Twist

Easily organised, easily implemented, and cost-effective, Kris Kringle is an essential part of Christmas. However, this year you can try something different and give it a twist.

Instead of just buying a gift for their Kris Kringle, the present the staff give is an intentional act of kindness. That is, instead of wrapping up a present, they go and do something nice for their Kris Kringle recipient. It’s wonderful for building a spirit of giving and sharing. This will be a treat and allows people to get creative.

Throw a Dunder Mifflin-Themed Christmas Party

Since you’re already at the office, why not go meta and party like you’re in The Office? (Yep, the TV show.)

Dunder Mifflin Paper Company, Inc. is the fictional paper sales company in the series, so it’s inevitable to have a game of Paper Airplane. All you need for this are copy paper and space.

Set up a tournament, bracket-style, leading to one ultimate champion. Without any assistance, players must fold their own paper plane. A pair of competitors play against one another in a 2-out-of-3 game, where the winner moves onto the next round until a champion emerges.

For your meal, here are some party food ideas to complement the theme:

  • ‘Big Tuna’ sandwiches
  • Michael Scott Paper Company Cheeto balls
  • Beet chips
  • Kevin’s M&M jar

Bring in a Plate

Instead of meeting your staff over a fancy meal at a restaurant, why not host a potluck and ask each person to bring in a plate of food?

Usually, it turns out to be a more intimate gathering. Everyone can enjoy each unique recipe, making for a fun and cost-efficient Christmas.

You can plan and allocate dishes (Carol does entres, Alex handles ham, Peter is on dessert), or you can live on the edge and have each staff member bring in whatever they want. You might end up with one plate of potato and nine different desserts, but it’ll be a Christmas you’ll all remember for a while.

Get Outside

After a busy year, Christmastime should be about unwinding and relaxing. For some, it’s become the opposite and is the most stressful time of the year. Take the opportunity to get back to basics.

Invite your office staff over to your home or a nearby park for an outdoor social event. Create an outdoor cinematic experience by putting the telly outside. Lay some pillows and doonas everywhere, cook on the barbie, and set up a picnic.

You can also grab a Frisbee, cricket set, picnic rug, some food, and play games in the park or head to the beach. Slop on some sunscreen, have fun and relax.

Whatever you decide to do for Christmas, it’s important to enjoy the process and time you spend with your team. Have a fun and wonderful office Christmas party on a budget. Good luck!

If you liked our ‘The Best Work Christmas Party Ideas On A Budget’, read to learn more on ways to save money this Christmas.

 

 

Getting Your Finances Back On Track After The Festive Season

July 7, 2021
, , , , Budgeting

Have you overspent at Christmas? Don’t beat yourself up about it—it’s the holidays, after all. Here’s how to get your finances back on track after the festive season.

The parties came and went. You spent too much on food, presents, or perhaps a holiday trip. Chances are, your bank balance is not looking good after the year-end celebrations. The good news is that you don’t need to panic if you’ve found yourself spending more than usual during the festivities.

If you’re looking for ways on how you’ll get your finances back on track after you’ve had a holiday blowout, these best practices can help you in no time.

Work Out What You Have Spent

First, channel your energy into figuring out how much you spent over the holidays and where you went over budget. Christmas is a time of festive decorations, lots of gifts, over-indulgence, and parties. It’s easy to splurge and forget about your budget during the celebration.

Write down all the costs you forgot to factor into a budget or all the purchases you made when you forgot about the budget itself. A cool new gadget you purchases, shipping fees on all those gifts, extended gift warranties, gift wrapping—they all add up.

You can then set yourself a realistic goal of spending less next time around. Learn from your budget mistakes, no need to sit and stew on them.

Make A Plan To Pay Off Your Debt

Know exactly how much you owe. Create a list that shows each debt and the corresponding repayments that need to be met. The list can include your rent, unpaid bills, loan repayments, credit cards, fines, etc. Anything that you need to pay on a regular basis. These are your expenses.

Sum up all your debts to come up with a monthly total. The number might come as a shock at first, but knowing your total expenses is a crucial step in taking charge of your finances, which is always a good thing.

Following that step is to list your income or the money that comes in every month, this is often made up of your salary or benefits. Now you can compare your income to your expenses and work on a plan to pay off your debt. So long as your income is greater than your expenses, you can allocate some (or all) of that to paying off debts.

Decide which are your priority debts and try to pay them first. For assistance, The National Debt Helpline has a guide that can help you to prioritise your debts.

After you’ve wiped off all your debts, fingers crossed, it’s a lot easier to create a budget for next Christmas.

Have A Strict Budget In Place For Next Christmas

Make a budget and stick to it

If your spending has burst out of control last Christmas, you better be prepared and vow to do better for the next holiday. You have to come up with a stricter budget.

Budgeting is undeniably one of the best practices for managing spending. A budget helps you save money and better utilise the money you have. Decide how much you intend to spend on the upcoming Christmas, and divide that number by 52. You now have the amount you will have to put away each week to afford that Christmas budget.

If that number is higher than you would like, there are ways to save money at Christmas. You can suggest doing a Secret Santa instead of buying gifts for every individual member of your family. Or you can set a spend limit as a group, with no gift allowed to cost more than the limit. Or perhaps the adults could agree to buy gifts for kids only. You might also want to try the best apps to save money on shopping.

Start Planning Now

The best time to start planning a budget is now. You should already have your regular budget based on your income and expenses, but there are plenty more expenses to factor in throughout those end-of-year weeks. Consider:

  • Gifts
  • Food
  • Drinks
  • Decorations
  • Parties
  • Entertainment
  • Utilities
  • Travel
  • Charity donations
  • Any other holiday expenses

Factor in all those expenses to make a reliable Christmas budget. Compute how much funds you need to set aside regularly to meet your spending surge in December. With a ballpark of how much this festive season could cost you, it’s time to develop a plan to reach your savings goals. Try running a test, putting aside the amount required to meet your goals, for two months. Is it manageable? Are those goals realistic? Could you be saving even more?

If you can’t reach those goals in your test run, you probably won’t reach them for the rest of the year either. You may need to re-budget your holiday spending into something more attainable and realistic.

 

To help monitor your Christmas savings, consider adding a separate savings account (so long as your bank doesn’t charge you it). Set up automatic transfers from your main account into your Christmas savings account to lessen the hassle of moving money around.

Earn Some Extra Money

Hustle to earn some extra cash

In some cases, it’s not enough to reduce your spending after the holidays. You may also need to increase your income as well.

Make some extra cash through side hustles. They not only help fill your bank account, but they can also be a gateway for transitioning into your own business, develop new skills, and create a network to help with your career.

Freelancing is very popular for most people since it’s straightforward when you already possess skills or talent. It’s also flexible, often done online while earning decent money. Not to mention, you can always turn this into a full-time gig.

Do you have charisma in front of the camera? Have you considered starting your own YouTube channel? There are lots of fan bases you can tap into when you find your niche. Love knitting? Create a knitting tutorial channel with a unique approach. Obsessed with gaming? Look for a new angle and think about what kind of videos to show.

 

If you liked our “Getting Your Finances Back On Track After The Festive Season” and took away something useful, check our blog space regularly to learn more on basic budgeting, how to manage your debts, or, to be more specific, how you can pay down your holiday debt.

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Best Paying Jobs with No Experience Required

January 4, 2020
, Budgeting

Looking for a quick and easy source of income? Australia offers several casual jobs that’ll give your bank account a serious boost – and the best part is they don’t require formal qualifications or years of experience.

Discover some of the best jobs you can get with no experience and our top tips for a successful job hunt.

 

Cleaner

Happy Cleaners - Cigno Loans

If you’re not averse to spray and wipe, working as a domestic or commercial cleaner is a great way to earn good money in a hands-on environment.

Most cleaners work for a cleaning company. There’s a chance you can make more money working for yourself, but you might find it more difficult to get work in the first place.

Cleaners make an average of $26 per hour in Australia.

 

Retail Sales Assistant

Retail Assistant - Cigno Loans

Are you a people person? Being good with customers is half the job of a retail sales assistant. In this role, you’ll give people advice on items, respond to questions and complaints, process transactions and make sure items look presentable.

Retail sales assistants work in a wide range of areas, from footwear and clothing to furniture and electronics.

Retail sales assistants make an average of $25 per hour in Australia. Many workers receive penalty rates (or higher pay rates) when they work on weekends and public holidays.

 

Shelf Filler

Worker Stacking Shelves - Cigno Loans

If you’d like to stock shelves without the customer interaction, a role as a shelf filler (also known as a shelf stacker or ‘night filler’) could be a great fit for you.

Shelf fillers usually work after the shop has closed to fill shelves with merchandise. They mostly work in grocery stores to restock and face shelves on a nightly basis. Because they work during the night, they don’t need the communication skills of a retail sales worker. Some even work while they listen to music or podcasts.

Shelf fillers make an average of $22 per hour in Australia.

 

Fruit Picker

Fruit Pickers - Cigno Loans

Picking fruit uses a bit of elbow grease, so while you don’t need qualifications or experience, you will need to be pretty fit.

It might be a repetitive job, but it’s an easy way to make some decent coin if you want to work outside and use your hands. Just don’t forget to slip, slop, slap!

Fruit pickers make an average of $21.60 per hour in Australia.

 

5 Quick Tips for Getting the Best Jobs That Require No Experience

Once you’ve chosen the role that’s right for you, it’s time to make yourself as employable as possible with these tips:

1. Tailor Your Resumé to the Job

Make sure you read the job description and highlight the skills you have that relate to that role. For example, if you’re applying to work as a retail sales assistant, you’ll want to focus on your great communication skills.

2. Create a Professional Email Address

We’ve all had embarrassing email addresses in our time. It’s time to give I_luv_puppies@example.com the flick and create a more professional email address to add to your contact information.

3. Make Your Social Media Recruiter-Friendly

In this day and age, chances are every hiring manager or recruiter will check out your social media accounts. Make sure you remove anything you wouldn’t want your new boss to see (or put your account on private) before you send your resumé out.

4. Tap into Your Network

Sometimes it’s who you know, not what you know, that can land you a job. If you know someone who works at a company that interests you, it can’t hurt to put your feelers out and see if there are any positions going there (and ask for a great referral!).

5. Get Personal

It’s so easy to simply attach your resumé to a job ad online these days that we sometimes forget how big an impression a personalised email or phone call can make.

If you’ve applied to a job online, following up with an email or phone call can show you’re serious and keen about the job, and it can also be a good chance to show your personality a little more.

 

If your job hunt is taking a little longer than expected, a small cash loan might help you stay on top of bills and other expenses in the meantime. Apply today with our short-term finance specialists.

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Australia’s Top Money-Making Apps

December 27, 2019
Budgeting

We could all do with a little extra income, whether it’s to stay on top of the bills or fund an upcoming holiday.

If you’re looking to boost your bank balance, why not turn your smartphone into an easy source of income with money-making apps?

There are plenty of money-earning apps that allow you to make some extra money with minimal effort. Sure, some require you to leave the house, but others can get you paid for doing the things you’re already doing – like online shopping.

So what are the best money-making apps to make you a mint? Find out as we review some tried and tested money-making apps that really pay.

 

Pureprofile

Man Doing Survey - Cigno Loans

How would you like to make money just by answering questions about yourself? Pureprofile involves paid activities like filling in surveys, watching videos and visiting websites.

The best part is they’re tailored to you, so you won’t be stuck answering questions about fishing if that’s not what you’re interested in.

It just takes a few minutes of your time each day and you can get paid real money. No muss, no fuss – just cold, hard cash deposited straight to your bank account. You can also choose to redeem your earnings in the form of gift cards, movie tickets, discounts and more.

Download or learn more about Pureprofile.

 

 

Cashrewards

Woman Grocery Shopping - Cigno Loans

Get money back on in-store and online purchases with Cashrewards. This app allows you to get cash back at over 1,200 different stores. From groceries and fashion to travel and alcohol, you could be getting money back whenever you buy your everyday necessities through the app.

The only thing is, it can take up to 100 days for retailers to approve your cash back. But it’s worth the wait.

Woolworths, BWS and Uber Eats are just a few of our favourite participating retailers.

Download or learn more about Cashrewards.

 

Twenty20

Taking Photo of Dog - Cigno Loans

If you fancy yourself a bit of a photographer, Twenty20 is a great way to get paid for your pics. Simply sign up, snap away and get paid a commission whenever one of your photos is licensed for use by a subscriber.

Twenty20 also has competitions that ask you to fill a brief (e.g. take a photo of a dog at the park). The winner gets a cash reward and their photo is featured to subscribers.

Download or learn more about Twenty20.

 

Field Agent

Man Mystery Shopping - Cigno Loans

Get paid to feel like a secret spy with Field Agent. This app requires you to do some mystery shopping, check out local prices, and take photos of things like landmarks and menus.

Once you download the app and make an account, you’ll be sent jobs based on your profile. Jobs might include tasting foods and drinks at a restaurant, mystery shopping at a retail shop, or checking prices in a grocery store. This app works best for people who live in urban areas, where there’s normally more opportunity for job prompts.

Download or learn more about Field Agent.

 

Receipt Hog

Woman Photographing Receipts - Cigno Loans

This is another one that gets you paid just for buying the things you normally would. Simply shop anywhere and buy anything, take a photo of your receipt to earn ‘coins’ that translate into money, and get paid through PayPal or Amazon gift cards. You can also take short surveys to unlock more coins.

Download or learn more about Receipt Hog.

 

Money-making apps are a handy way to earn easy money. But if you’re still a few dollars short for that bill or other expense, a small cash loan might help you in the meantime. Apply today with our short-term finance specialists.

Cheap Holiday - Cigno Loans

Top 5 Cheap Holiday Ideas

December 21, 2019
Budgeting

Overdue for a holiday? Itching for some time away from home with the family or just your significant other? We’ve all had the feeling of needing a getaway. But when finances are tight, it can be tricky to put some time and money aside for a “proper” holiday.

Here’s the good news: you can experience getaway vibes without breaking the bank. These 5 cheap holiday ideas may not tick any overseas destinations off your checklist, but they’ll still help your family unwind and bond.

 

1. Backyard Camping

Backyard Tent - Cigno Loans

Sometimes the best budget holiday ideas are hiding right under your nose (or right on your doorstep). This one is ideal for treating younger children to a holiday that’s barely beyond the backdoor. Find the furthest patch of grass in your backyard, set up the family tent, and pack all the gear you’d take on a real camping trip.

Apart from using the bathroom, restrict your family from going back in the house. Challenge the kids to see who can last the longest without their creature comforts. This is a great way to reconnect with nature while spending quality time with your family – without any screens.

 

2. Staycation with the Grandparents

Grandparents - Cigno Loans

They love seeing their grandkids. They don’t live too far away. And they have a spare room available (for free).

If you’re looking for family holiday ideas on a budget, staying a few nights with nan and pop checks a lot of boxes.

If this is a viable option for your family, it’s well worth your consideration. You’ll still get some much-needed time away from your own home, and your children will get to connect with their grandparents.

Desperate for a couple’s retreat? Leave the kids with grandma and grandpa, then skip down to idea #4 or #5.

 

3. State Road Trip

Road Trip - Cigno Loans

You don’t need to leave the country – or even your state – to have an exciting adventure. In Australia, we’re spoilt for choice when it comes to road trip options. No matter where you live, you can hit the road and be somewhere new and fascinating within hours. For example:

  • NSW – Conquer the Greater Blue Mountains Drive.
  • Queensland – Straddle the coastline from Cairns to Brisbane.
  • Victoria – Explore the iconic Great Ocean Road.
  • WA – Venture from Perth to Margaret River.
  • SA – Discover the Barossa Valley.
  • NT – Drive from Darwin to Kakadu.
  • Tasmania – Trek the east coast from Hobart to Launceston.

This cheap holiday idea is best suited to couples and families with older kids.

 

4. Airbnb During the Off Season

Apart from flights, accommodation is typically the biggest cost of a holiday. By choosing a self-catered option like Airbnb, you can significantly cut down on this expense. And you can save even further by choosing to holiday during the off season (i.e. not around Christmastime or school holiday periods).

 

5. Couple’s Retreat to Your Nearest Seaside Town

Seaside Town - Cigno Loans

The most refreshing aspects of going on a holiday are discovering a new place and not being at home. You can experience both without flying overseas or heading to an expensive tourist destination. After all, our entire coastline is dotted with delightful towns and villages where you and your partner could enjoy a peaceful weekend getaway.

Finding a seaside sanctuary for a few nights doesn’t have to cost a lot. As long as you avoid the more well-known and notoriously tourist-filled destinations, this can be a reasonably cheap holiday idea for couples.

If you’d like to spend a little more for a fancier holiday, a small cash loan might give you the extra budget for a nicer Airbnb or an extra night away. Apply today with our short-term finance specialists.

blue credit card - budgeting - payday loans

How To Avoid Unnecessary Spending

May 31, 2018
, Budgeting, Payday Loans

What measures do you have in place to curb your unnecessary spending? And more importantly, what are you spending unnecessarily on? These are questions you need to be asking yourself if you intend on saving money, regardless of what you are saving money for?

Whether you are building a nest egg for a rainy day, saving for that friend’s overseas wedding or the much desired house deposit, unnecessary spending will put a dent in your plans.

Continue reading to learn more about ways in which you can avoid those impulse purchases, and focus on your financial goals.

Impulse buying is extremely difficult to avoid. Even in the current financial climate the temptation to go shopping can be difficult to avoid and can lead to unnecessary purchasing habits. Fortunately there are ways to limit yourself from spending your money on unnecessary purchases.

Make a list

Make sure you write a list before you enter a shop. It’s very easy to convince yourself you need something that you actually only want. By writing a list you can hold yourself to it and will therefore be less likely to stray. You never know, maybe a list will be the thing which helps you save enough money to start investing, for example in commodities like Gold at BullionVault, shares on the stock market or even international currencies on the Forex markets.

Give yourself a budget

Draw up a budget to follow for every week throughout the year, and make sure you stick to it. Your budget should consist of all of your necessary purchases like rent, bills and food shopping. The rest should be stored away in case of emergency repairs. Budgets are a great way to keep track of your spending and prevent surprise bills in the future.

Don’t justify them

Don’t talk yourself into buying useless junk by justifying it to yourself. If you didn’t need it in your life before, then it is highly likely that you don’t need it now and therefore can avoid buying it. Excuses people often use include: ‘Just this once’, ‘It’s half off’, ‘I deserve a treat’, and ‘What harm can it do?’ To your bank account? As it turns out – quite a lot if you do this kind of thing often.

Ignore deals

I know how tempting it is when you spot a ‘great deal’ in a store. Unfortunately even though there may be money off an item, you still have to pay for it. It might be a reduced amount, but it’s money you could be saving in an emergency fund for accidents, holidays, or adding to your weekly mortgage repayments. Also, a lot of the time these supposed ‘deals’ actually don’t save you money at all. Get savvy and walk past them if you don’t need the item.

How To Avoid Unnecessary Spending

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Avoiding unnecessary spending is a great way to save money. However, it requires an investment in time and discipline. If financial hardship is affecting you and you need a payday loan, Cigno might be able to assist.

To apply, complete our quick and easy online loan application and send us your bank statement. Receive up to $1,000 in your account with our payday loans with manageable repayment options. For details, contact us.

Read the original source article here.

You can read more about this topic in our previous blog post: What Are Payday Loans? Your Guide To Understanding Payday Loans

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Budgeting… Why Bother? Here’s Why!

April 30, 2018
, , Budgeting, Payday Loans 3

A lot of people often ask, why bother budgeting? There are plenty of reasons! Budget setting can be a very powerful tool in saving money and achieving financial independence.

This blog post will outline some of the most effective ways to budget, in order to reach your monetary goals.

We will get into the nitty gritty of budgeting eventually, but first, let’s look at the basics.

Cigno is here to help in times of need. If you are experiencing financial difficulty, get in contact with us today and apply for a payday loan to assist until your wages or salary is paid.

What’s the ultimate purpose of budgeting?

Is it to make sure that you’re not spending too much money on shoes versus cat food versus toilet paper? Of course not.

The point of budgeting is to make sure that at the end of the month, you still have money left over.

The Real Point of Budgeting

The purpose of budgeting, in other words, is to make sure that you’re living below your means, rather than living at or above your means.

Some people use a budget as a tool to make sure that they don’t live payday to payday.

How Budgeting Can Help

One of my good friends used to move money into his savings account at the start of each month. He’d pat himself on the back, thinking that he was saving money.

At the end of the month, in order to pay his bills, he’d transfer money from savings back to his checking account. His savings account wasn’t growing – he was just playing the transfer game.

He fooled himself into thinking that he was saving. He didn’t recognise this fact until he made a budget and began tracking his expenses.

Monitoring his net worth, he says, also helped him recognise the effects of his money habits.

Don’t be like my friend. (Or, if you’re already like him, act like his new, reformed self.) If at the end of the month you’re breaking even and you don’t have any margin of error left over, you’re living for the next payday, and that isn’t a position you want to be in.

Budgeting Basics

A budget is one possible tool that could get you out of that bind. Strictly speaking, a detailed line item budget isn’t necessary.

You don’t need to track or care about how much money you’re spending on restaurants versus clothes, particularly if you’re already debt-free and saving a significant portion of every payday.

How Much Should You Be Saving?

At a minimum, everyone should try and save at least 20% of their income. That divides out as 10 to 15% into retirement accounts, and 5 to 10% into other savings goals.

That 20% figure is just a starting point. There’s no harm in saving more, and there’s even a growing movement of people who promote the notion of saving half.

A detailed line item budget is simply a tool that helps you get there. It’s not the solution to your problems; it’s just a mechanism that you can use to help you save more.

Different Kinds of Savings

By the way, when I talk about savings, I’m referring to any activity that ultimately boosts your net worth. I don’t literally just mean money that you stuff into a savings account.

I’m referring broadly to money that you might put into retirement accounts, a health savings account, flat spending accounts, or that you might use as additional payments on a debt.

For example, say your mortgage is $1,500 per month, but you pay $2,000 per month.

That marks the extra $500 as an additional principal payment, so the $500 counts as savings.

Sure, it’s not literal savings in a bank account, but it’s money that directly boosts your net worth. It’s savings nonetheless.

Budgeting… Why Bother? Here’s Why!

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Are you inspired to go and save?

If you find luck just isn’t on your side when it comes to money, Cigno may be able to lend a hand.

Try our loan calculator to decide whether or not the Cigno service is right for you.

To apply, simply complete our quick and easy online application and send us a bank statement. If you prefer give us a call on 1300 88 23 24 and one of our friendly staff will be happy to help.

All applications are considered and we do our very best to find a suitable solution to your needs.

Read the original source article here.

You can also read more about payday loans in our previous blog post: What Are Payday Loans? Your Guide to Understanding Payday Loans

 

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Planning A Vacation? Read This First & Save On Flights

April 16, 2018
, Budgeting, Emergency Loans 1

Planning a family holiday on a budget? Before you do, take a look at the below blog post for some helpful hints on how to squeeze every penny.

We can’t always afford holidays, but we certainly need the relaxation. Whether you are trying to fly locally or abroad, there’s a bunch of clever ways you can get the best for your buck while budgeting for travel.

This will keep more money in your pocket to spend while on holiday!

 

Finding a cheap flight is easier than ever before. You don’t have to be a seasoned traveler, or have an inside track. Just use these tips to determine when flights are the cheapest, so you’ll have more money for food and fun.

 

Fly Unpopular Days & Times

Avoid crowded airports, and overpriced airfare, by flying at off-peak times. Wednesday and Saturday are usually the slowest days of the week, while early morning, meal times and late night, are the slowest times of the day to fly. Since planes are difficult to fill during these times, you can usually find plenty of cheap seats. The airlines would rather offer them up at a discount than have them go empty, and that’s great news, if you can be flexible with your travel plans.

 

Watch Social Media For Fare Blasts

Sometimes airlines do fare blasts on Facebook and Twitter when they have a limited number of seats to unload. These tickets often sell out in hours, or sometimes even minutes, but if you’re paying attention, you can grab an unbelievable deal.

Follow all the major airlines in your area and in any area that you plan to visit soon, so you’ll be among the first to know, when they run a flash sale.

 

Set an Alarm for Tuesday at 3pm

Airlines look to see how many seats they have available at the beginning of the week; then, decide which seats need to be discounted further. As a result, cheaper fares start to appear Monday. But if you want to get the best deal possible, wait until Tuesday at 3 p.m. to book your fare. By then, all the airlines have adjusted their prices to match their competitor’s new prices.

This isn’t the only time you’ll find a good deal on airfare, but from a historical standpoint, it’s the most reliable.

 

Book Early or Late

Airlines usually offer a small number of discount seats early on. Then, make more available later, when they don’t sell out. This means, there are excellent deals to be had for both early birds and procrastinators.

Farecompare.com recommends shopping for flights as far out as 3 to 3 and a half months before your trip and as close in as three to four weeks. For flights to Europe, this window stretches to 5 to 5 and a half months and as few as 30 days before your trip.

 

Search Incognito

If an airline knows you’re interested in booking a particular flight, they may show you a slightly higher fare every time you check prices, to make you feel like you need to book right now. Don’t let them fool you with this artificial inflation. Start all of your trip searches in an incognito browser window (i.e. private browser), so they can’t use your search history against you.

 

Trust the Experts

Price comparison sites, like Kayak and Google Flights do a lot more than compare one airline’s prices to another’s; they also compare current prices to historical data to determine, if you should buy now, wait a bit or consider tweaking your plans by a day or two to save more. You can even set up price alerts, so you receive a notification when prices drop, rather than having to continually check back. Much less stalker-ish and way more effective.

 

Travel Off-Season

Most tourist destinations have a peak season and an off-peak season. Plan your trip during an off time, and you’ll save on everything from airfare to hotel accommodations. Farecompare.com lists these as some of the cheapest times to fly.

 

Planning A Vacation? Read This First & Save On Flights

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Buy Direct

While shopping through price comparison sites, like Skyscanner will usually help you track down the cheapest airfare, that isn’t always the case. That’s because some airlines don’t allow their ticket prices to appear on comparison sites, and may even host private sales on their website, that you can only take advantage of, if you go through them. So, before you pull the trigger on any deal, be sure to check the prices on the airline’s website first.

Save Even More: Pair your cheap airfare with one of these free vacation ideas.

Finding a cheap flight is easier than ever before. You don’t have to be a seasoned traveler, or have an inside track. Just use these tips to determine when flights are the cheapest, so you’ll have more money for food and fun.

 

See original source article here.

 

If you are experiencing financial difficulty, you may be able to apply for a loan through Cigno. We offer emergency cash loans.

To apply, complete our quick and easy online application and send us your bank statement. Receive up to $1,000 in your account with our emergency cash loans with manageable repayment options. For details, contact us.

Man asking for help his car is broken down

4 Financial Issues That Can Throw Your Budget Out Of Whack

April 6, 2018
, , , , Emergency Loans

Do you want the secret to staying out of debt? It’s all about budgeting. You need to make sure that you are constantly keeping control of your spending and that you have a check on how much money you have for various different purchases and bills. Unfortunately, this is easier said than done because there are a number of problems that can throw your budget off completely. Let’s look at a few of the issues and some of the best ways to deal with them.

As you’re closing one year and resolving to make the next one even better – in whatever way you have in mind – remember that your financial plan has to be ready for the new year, too. You need to go over what you did with your money in 2017 and consider what expenses you’ll face in 2018. In short, you need a budget.

“While [budgeting’s] not necessarily anyone’s favourite part of the financial planning process, it’s a really important part because that’s where you can uncover opportunities or problems,” says Chantel Bonneau, a financial advisor with Northwestern Mutual. “And it really gives us the data to take action from there.”

 

High Energy Bills

If you own your property, you have probably at some point worried about how much your electric, gas or water usage is costing you. These days, with smart meters, it’s impossible not to keep a check on your energy usage. But that doesn’t mean that an unexpectedly high bill could catch you by surprise. In the winter months, when we use the heating more and stay inside regularly, it’s easy to use far more than the typical amount. Then, when the bill comes in it can be a nasty shock. To deal with this, it’s important that you keep your home as green as possible. Switch out any tech that is costing you a fortune.

 

Car Trouble

Cars can cost drivers a fortune, and we are of course talking about accidents and crashes. If you are responsible for a car accident, you might need to pay damages to any other driver involved in the collision. If there were no other drivers, you might still need to pay for the costs to repair a car. You might think that you can just leave the car damaged. But this won’t be a possibility if you need your car for the commute into work or to drive the kids to school. It’s worth making sure that you do have an excellent insurance coverage. This will guarantee that you do not end up in the situation where car trouble is costing you a fortune.

 

Home Repairs

Another issue that can take your finances through the ringer is a home repair. Renters won’t need to deal with this, but homeowners may one day find themselves facing an expensive home fix such as a broken boiler. This is why you need a rainy day fund. Save a little each month, and you should have enough to stay afloat even when you are hit with a heavy cost like this.

 

Redundancy

Finally, you may find that at some point you experience redundancy. Redundancy can occur without any warning, and you need to be prepared. You should always be keeping one ear to the ground, making sure you know of the job opportunities that could replace a lost income. As well as this, you need to have a plan in place to survive the average six months it usually takes people to find work.

4 Financial Issues That Can Throw Your Budget Out Of Whack

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We hope this helps you deal with some of the financial issues that can throw your careful budgeting off completely and allow you to keep control.

 

Try our loan calculator to decide whether or not a Cigno loan is right for you.

To apply, simply complete our quick and easy online application and send us a bank statement. If you prefer to give us a call on 1300 88 23 24 and one of our friendly staff will be happy to help.

All applications are considered, and we do our very best to find a suitable solution to your needs.

Short-term cash advance solutions to get to your next payday? Receive up to $1000 in your account today with manageable repayment options, contact us: https://staging8.cignoloans.com.au/how-it-works/

Read the original source article: here

 

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