Man with a rope tug a war with money a dollar sign

Saving Up – It’s Hard To Do On A Low Income

March 19, 2018
, , , Budgeting

When you’re in your 20s, you will most likely be on a limited income. You may even be struggling on a minimum wage. That’s a problem because according to experts, you should be saving up to 20 percent of your income each month. This means experts recommend that a significant portion of your income is stored away for the future. Unfortunately, for many people, this just doesn’t seem realistic. With the bills, the unexpected costs and the little things we need, there never seems to be a lot left at the end of the month. How should you deal with this?

How many times in your 20s did you find yourself on your last $50 scraping the barrel till payday? Looking back, you probably spent a lot on things you didn’t really need, like monthly bedroom design updates.

These habits are simply unsustainable. Now that you’re getting older, wiser and more responsible it’s time you built in some good savings habits. Read on for some real tips that take into account the fact you still want to have fun on the weekends.

 

Get A Second Income

You should certainly think about setting up a second income for yourself, especially if you are single. Financial experts tend to agree that without a second income, you will struggle with both spendings and savings each month. We’re not suggesting that you start working both days and nights. Instead, you should be looking for a side hustle. This is something that you can accomplish in your spare time to add a little extra cash. An example of this would be tutoring. If you have any academic skills, then you can easily make a little extra money helping students get passing grades.

If you can afford to survive with your first income, make sure you put all the money accumulated from your side hustle into savings. Don’t fall into the trap of just spending more of the money you make.

 

Build Your Brand

Obviously one of the best ways to deal with a low income is to make sure that it rises in the future. To do this, you need to think about how to obtain a greater position in your career. You can accomplish that by building up your brand online, getting the right attention from potential employers.

Consider setting up your own website. With a website, you will be able to build up a career history and highlight some of your unique skills that will make you a valuable asset. Setting up a website doesn’t need to cost you anything but paying a little extra could ensure that you gain significantly more leads online.

 

Buy Into Budgeting

Finally, you might discover that the reason you’re struggling on a low income is due to the fact that you are simply not budgeting effectively. Here’s how to budget.

  1. First, think about how much you make each month, then subtract all the bills you know about and a 100 or so extra for the ones that could take you by surprise.
  2. Once you have done this, you should then halve the amount left and put that towards savings. Don’t worry if it’s a fairly small amount, every little will help in the grand scheme of things.
  3. The money in the account after this is what you have to spend on little luxuries. It won’t be a lot, and you’ll be tempted to crack into those savings.
  4. That’s why you should treat savings as a tax, a direct debit that leaves your account at the end of each month. That way, you’ll have no choice but to save.

Take this advice, and even on a low income, you should find saving is a lot easier.

Saving Up – It’s Hard To Do On A Low Income

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Thus, you can see simple changes have a direct impact on your budget and savings.

If you are looking for quick loans, a Cigno loan might be right for you.

To apply, simply complete our quick and easy online application and send us a bank statement. Receive up to $1000 in your account with our same day loans offering manageable repayment options. For details, contact us.

Read the original source article: here

 

 

coins from a jar spread out across the table

Strange Ways To Save!

February 14, 2018
, , Budgeting

Now that we are well and truly into 2018, what are you doing to keep those coins in your back pocket? Looking to buy a house? A new car? A splurge item? Whatever is on your ‘need’ or ‘want’ list is achievable, you just need to know how. Not purchasing the smaller items like coffees is an obvious one. Although it’s only an outlay of a couple dollars every day, by the end of the week, it all adds up! But let’s think in more abstract terms about how to save money. These lesser-known ways to save may get you across the line!

What I find fascinating about personal finance is that there is not a ‘one size fits all’ answer or only one way to achieve a goal, there are different ways that suit different people.  Believe it or not some of the most diverse answers come when we talk about different ways to save money….. so here are some of the most unusual ones I have heard lately.

Cold Hard!
Yep – you read it correctly when I asked one of my classes the other day how they saved money one lady piped up and said “I have cold hard!”…. “er pardon” was my reply.  I certainly hadn’t heard that one before and my mind boggled as to what that could be!  As she went on to explain that she saves her money as soon as she gets paid putting a set amount of cash in a plastic zip lock bag and putting it in her freezer!!!!  Between the meat and the peas apparently!!!!  She also went on to explain that putting the money into her freezer means that she won’t touch it, whereas if it is in a bank account she will.  She has used this strategy to save for a solar hot water system and is currently saving for a cruise!!!  Obviously this one is not great if you get robbed and the robbers are hungry!!!  But still, I was impressed with her ingenuity!

Coke bottle anyone?
Apparently an empty 600ml bottle of Coke can hold close to $800 worth of coins, according to one guy from my class.  It is often touted on the internet to be $1,000 but my participants claim that is not true and it is more like $800 (what?! something on the internet that is not true!!!).  Being a closet Coke drinker I am keen to give this one a go myself.  I think it is a great way to save for Christmas!!!

Strange Ways To Save!

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Don’t claim the tax free threshold
When you get a job, you fill in a form which asks whether you want to claim the tax free threshold.  Australian residents for tax purposes are entitled to an $18,200 tax free threshold  If you select ‘no’ on the ATO form and don’t claim the tax free threshold, you are taxed on that first $18,200. It means you are paying tax on a sum of money, at your regular tax rate, even though you don’t need to.  As a result you will overpay tax and get a tax refund at the end of the financial year.

Over-pay your rent
This is another popular one especially to pay for Christmas.  Often paying more on your rent means you can have a month off at the end of the year to pay for Christmas.

Saving is a really individual thing, but when you get something that works for you – stick with it.

What is your unusual saving tip?

As you know, and as you have read by now, saving money is a worthwhile investment in time and discipline. However, if you need quick loans, Cigno might be able to assist.

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 same day loans with manageable repayment options. For details, contact us.

Read the original source article here.

A jar with money

Saving Money is Easy

November 23, 2017
, , , Budgeting 1

You can save money through some small changes in your spending pattern. Saving can be easy if you:

Change one habit

Often you end up spending more, thanks to your habit. Stop buying the coffee on your way to office, take home made lunch to work, borrow books and DVDs instead of buying them, and stop useless subscriptions.

Start saving with a friend

Partner with a friend and see who saves most over a period. Share tips, go for cheaper night outs and borrow from one another instead of buying new things every time.

“Small changes can make a big difference to your bank balance. Change one thing you do regularly and you could save money”

Save on clothes

Don’t fall in the habit of buying new clothes every time. Buy something that could go with a couple of things in your wardrobe, and make use of end of season clearances.

Save on food, groceries, electricity and water

Cut down on eating out – start cooking more often. Don’t go shopping while hungry. Check how you can stop wasting electricity and water.

Saving Money is Easy

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Cut your bank expenses

Opt for accounts with

  • No account keeping fees
  • Free monthly statements

Thus, you can see simple changes have a direct impact on your budget and savings. If you are looking for quick loans, a Cigno loan might be right for you.

To apply, simply complete our quick and easy online application and send us a bank statement. Receive up to $1000 in your account with our same day loans offering manageable repayment options. For details, contact us.

Read the original source article moneysmart.gov.au.

phone app train station

Saving While Travelling

November 9, 2017
, Budgeting 1

The best ways to save some dollars while travelling are: opt for budget airlines, avoid travelling long distance by train, share the rides, opt for a cheap rental car or hire a car outside city limits, use a smart card for public transport and use public transport to airport.

“Who claims that it’s too expensive to travel to or live in Australia? The truth is, if you practice healthy spending and saving habits in your daily life, there’s no reason you can’t do the same while visiting Australia.”

Saving on accommodation

Accommodation can be lot cheaper if you: stay in hostels, opt for BNB, use Couchsurf, opt for short term subletting, opt for a work exchange or house sit someone’s pet.

Save on food and drink

Make use of supermarket discounts, shop at larger supermarkets, buy cheap from local markets, use food coupons and discounts offered by food delivery companies, cook often than eating out, opt for pub meals, prefer wine to cocktails, bring your own wine or beer to restaurants wherever possible and dine in Asian restaurants.

Saving While Travelling

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Save on activities

Hit the beach – its free; Use Groupon or Adrenaline to book discounted adventure activities, go for a coastal walk or trek, visit the national parks, use meetup and couchsurfing for events and excursions, opt for a free city walking tour.

As you can see, you can save your precious dollars in many ways. If you need quick loans, a Cigno loan might be the best solution.

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 same day loans or Crisis Cash Loans with manageable repayment options. For details, contact us.

Read the original source article here.

couple with moving boxes on their heads unhappy

How to Save on Moving Costs

October 31, 2017
, , Emergency Loans 2

Moving can be a very stressful and difficult time.  is one of the most difficult things you’ll ever do reduce your stress during a move and make sure that you have planned for the costs involved

Finding a new home can be challenging, let alone having to think about packing, moving and unpacking. However, new research from ING that delves into the costs of moving home reveal 50 per cent of home buyers don’t budget for the costs associated with moving house, leaving many out-of-pocket. As a result, it comes as no surprise that Aussies individually spend an average of $1,618 physically moving home! To help you save some extra dollars on the cost of moving house, read here about money saving tips to saving money when you’re moving

When they knock on your door, it’s in your best interest that they find you armed with a sizeable emergency fund.

How to Save on Moving Costs

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With the tips outlined above, now you shouldn’t worry about being caught unawares.

And if you find yourself caught up before you build the fund because emergencies are part and parcel of life. feel free to reach out to us for a short term cash advance.

Original source article : bodyandsoul.com.au

man laying back and dreaming about wealth

Think Like the Wealthy

October 28, 2017
, , , Budgeting 2

The only thing holding you back from future financial freedom is you. Maybe all you have to do to reach your goals is change your thinking. According to Grant Cardone you need to think like the rich.

No one would deny that the wealthy think and operate differently regarding money, wealth, finances and investing.

You do not want to be a burden on your loved ones in the future. Get your finances in order today. Stop over spending, start paying off any debt you already have and then start saving. If your needs exceed your pay check, it is time to look into other revenue sources. If getting another job or more hours is impossible, consider passive income. It is a great way to earn money without investing a fortune.

Think Like the Wealthy

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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.

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/

Original source: entrepreneur.com

 

notepad money saving tips written

Tips on saving money with a budget

October 12, 2017
Budgeting

Saving money seems impossible most days. If you change your mindset, however, start you can put some cash away for a big ticket item or a holiday. You will never be able to save a dollar if you are not setting yourself a budget which includes a small amount for your savings. It is just too easy to pay for that cup of coffee you desperately need or buying an item on sale. According to George Leaker being more organised with your money as soon as you get paid makes all the difference.

Yet it’s possible to save money when you’re paying crippling rent prices and trying to lead a normal social life, even on a low income. I know because I do it.

Even if you have plenty of disposable income now, things change and you do not want to be caught unprepared. Simple changes including cancelling all the subscription services you no longer use, investigating better interest rates on your credit cards and making your own designer coffee at home, can all impact directly on your budget.

Tips on saving money with a budget

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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.

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: smh.com.au/money

 

10 Personal Finance Skills You Should Be Using

Do you ever find yourself running out of cash before your next payday?

If you do, then you probably aren’t good in managing your personal finances. If it’s any consolation, you are not alone.

The simple truth is many people in Australia, the United States, and several other countries live paycheck to paycheck, often with little to no money in their rainy day and retirement funds.

But, the reason many people survive on paychecks isn’t because the money they’re making is genuinely insufficient. The real reason is they lack solid personal finance skills.

In this post, we’re sharing the 10 personal finance skills you need to take control of your personal finances and attain financial freedom.

Let’s get into it.

1. Budgeting

To be a prudent money manager, you need a budget.

Regardless of the amount of money you pull in every month, you need to draw up a spending plan.  Without one, you risk blowing your money on things that aren’t essential to you.

To create a budget, start by calculating how much money remains in your account after taxes and other mandatory deductions.

Next, calculate your monthly expenses. This includes the cost of housing, utility services such as water, cable television, electricity, food and commuting. Also, include luxury expenses (anything that you can do without), such as dinner outs and movie tickets.

After adding up your total expenses, assess how they stack up against your disposable income. Do they exceed income? Close match?

Set a monthly spending target, and start cutting down your expenses until you hit the target. That’s how you end up with a budget that works for you!

2. Financial-Service Hunting

What influenced you into opening a personal finance account with your current bank?

If you chose the bank simply because it has a ‘cool factor’ or someone close to you recommended it, you could have made the wrong choice.

Knowing how to hunt for the best products in the finance services market is one of the most important personal finance skills to have. You must evaluate interest rates, transaction charges, maintenance fees and other costs before settling on a bank.

3. Negotiation

Negotiation doubles up as a business and personal finance skill.

While being savvy with your own money is crucial to financial freedom, the amount of income you earn is a major player.

Here’s how negotiation comes in.

Whether you are looking for a job, getting a promotion or hunting for a business contract, you must know how to negotiate for better financial terms.

A salary raise or a bigger business contract will no doubt improve your personal disposable income. This means you can start saving more money for retirement!

4. Personal Investment

No one wants to rely on employment until you can’t physically work anymore. In fact, about 70 percent of millennials want to start a small business.

Making personal investments is the best way to get out of employment and take charge of your financial destiny.

However, investing your personal money is a lot riskier. Get it wrong and you risk spiraling into debt. Therefore, you must have the skills to study various investment markets and pick out excellent opportunities before making a move.

5. Debt Management

Even though debt is undesirable, sometimes it’s the only way to make it through the month. Thousands of people also borrow to start a business.

Whether you borrow from family or friends, payday loan providers or banks, it’s essential to master the skill of debt management.

Don’t borrow more than you need, hunt for the lowest interest rates, consolidate credit card debts when you can, and pay off your loans on time to avoid unnecessary charges.

6. Going Frugal

Being frugal means being economical with your money.

Sure, you don’t have to adopt a frugal lifestyle for good, but foregoing the little (or big) things that make your life fun and worthwhile can help you save money.

If you are movie addict, for instance, you don’t have to buy a movie ticket every weekend. You can surely do with one or two in a month. Can’t you?

Instead of going to the mall over the weekend, how about spending time in the park where you have little chance of making an impulse purchase?

7. Reading Financial Statements

Banks, credit card companies and other financial institutions that handle your money usually issue various financial statements.

Knowing how to read and interpret these financial statements is also one of the most useful personal finance skills.

You will be able to track how money flows in and out of your account and spot any suspicious transactions in the statements.

8. Building Your Credit Score

As we said, sometimes you may need to secure a loan for various reasons.

However, getting approved for a loan is not that easy. You must prove to prospective lenders that you’re able to repay the loan with interest in a specified timeframe.

If you’ve a poor credit history, lenders, especially banks, will turn you down. But having a good credit score improves your chances.

Therefore, you must know how to build your score. Pay bills on time, clear existing loans, and clear credit card balances.

9. Getting Insured

Life is uncertain.

Your employer could go out of business in a few years, your own business could sink or the economy could crash.

Insurance protects you from such uncertainties. With good personal finance skills, you will easily know which type of insurance cover you need most.

If you’re uncertain about your job, then you need unemployment insurance cover. Life, medical and disability insurance policies are also essential.

10. Estate Planning

What happens to your wealth after you are gone?

Estate planning is the process of arranging how your physical assets (like houses) and financial assets (like money in a retirement fund) will be managed.

Even though conversations around estate planning are often difficult, planning ahead is the best way to protect your hard-earned assets and safeguard the future of your loved ones.

Closing Thoughts on Personal Finance Skills

Personal finance skills are a must-have if you want to lead a successful and fulfilling life.

To this end, we hope that you’ve learned about the skills you need to make the out of your own money. Apply them in your everyday life.

And if you need a cash advance to take care of short-term needs as you make adjustments to your personal finances, talk to us today.

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