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The holidays are fun and during this time, it’s easy to forget about your budget and splurge. Wondering how to stretch the budget further after you’ve had a holiday blowout?

The festivities can continue throughout the year with some careful planning. The more preparation you put in, the more you’ll be rewarded. Here are ways you can recover from overspending for the holidays.

Stop the guilt

Christmas came and went. You spent too much and you can’t go back. Stop feeling guilty!

Instead, channel your energy into writing down where you overspent. Take note of all the unaccounted costs and get it’s total — shipping fees, extended warranties, gift wrap, and checked baggage fees.

Learn from your budget mistakes. Set yourself a realistic goal of spending less next time.

‘No-spend’ month

Following the holiday season, it’s the perfect time to challenge yourself to a ‘no-spend’ month. Anything that isn’t necessities or bills (groceries or gas) gets put on the backburner until after the challenge.

It’s up to you how long the challenge goes. It’s recommended to be at least a month.

Holiday leftovers

Using what you have in your home can save you heaps. Start with holiday leftovers.

Check out online for recipe ideas on leftovers. It’ll be amazing what you can throw together without going to the supermarket.

Snowball effect

The snowball effect is a great approach for paying off multiple debts. It emphasises the power of motivation and gives off a sense of accomplishment after paying off a debt.

For example, choose one credit card to pay extra while paying the minimum balances on the others. You then move onto the next card once you pay off the first debt. Continue until they’re all fully paid off.

Note: Start with the card with the highest interest rate or the one with smallest debt balance.

Earn some extra income

You can become a virtual assistant, take online surveys that pay cash, or become an Uber driver in your spare time.

Set new financial goals

Write down whatever you want to accomplish financially after the holidays. It can be building an emergency fund or paying off your credit cards.

Seeing exactly what you want to achieve will help you make it a priority.

Where are you financially?

It’s important to look closely at your bank account to figure out where you are financially. Make sure you can at least pay your usual monthly bills, such as rent and utility.

If you can’t, you may need a loan to help you get back on track. With this approach, be sure to incorporate the repayments into a revised budget.

Emergency loans in Australia

Do you need a fast and small fund?

Cigno Loans can help with their emergency loans, as well as bad credit loans — if you have a less than stellar credit history.

Once your application is approved, cash is moved into your bank account with repayments easily arranged.

Apply now!

Some small changes in your habits can better help with your savings, budgeting practices, and reducing your bills. Follow these tips!

1. Clothes

• When buying clothes, check if you can wash them yourself to avoid dry cleaning services.
• Make sure the clothes you buy can be mixed and matched so you can have more options out of fewer items.
• Look for and take advantage of end-of-season clearances, bargains, and deals to pay less.

2. Food & groceries

• Cut back on how often you go out for dinner.
• Plan meals in advance.
• Make and take a shopping list with you and stick to it.
• Set a shopping budget and just bring the exact amount you need.
• Compare item prices.
• Grow your own food (veggies) at home.
• Before going to the supermarket, eat a snack. You tend to buy more food when you’re hungry.
• When things are cheaper, buy in bulk. You can cut up bulk meat into pieces then freeze them, so you can use it as you need it.
• Shop every fortnight to use up all the food in your pantry before buying again.
• Consider generic products over the brand names you want to buy.
• Always check the ‘best before’ dates on food so you don’t buy things near their expiry date.
• Check the shelves above and below for alternatives as supermarkets promote the items at eye-level.

3. Electricity, gas, & water

• When you’re not using them, turn off appliances.
• Take advantage and use natural light during daytime.
• Instead of turning on the heater or AC, dress for the temperature accordingly.
• Seal up any cracks or gaps around your doors, windows, ceilings, and floors.
• Hang your washing outside or use an indoor clothes rack instead of the dryer.
• Instead of an electric blanket, use a hot water bottle.
• When cooking, turn off the stove before the food is done to let the residual heat finish the job.
• Install a dual flush on your toilet and a water efficient showerhead.
• Take showers quickly.
• Turn off the tap when you brush your teeth.
• Fix plumbing leaks around the house.
• Reuse water for your garden.
• When you wash dishes or rinse fruits and vegetables, put a plug in the sink.
• Adjust the water level in your dishwasher or washing machine to match a partial load.
• Use cold water in washing your clothes.

4. Getting fit

• Shop around for the best gym membership deal.
• Do some exercise by walking the dog around your local oval and using free apps.
• Group personal training, boot camps, or team sports can be cost effective.

5. Reduce bank fees

Look for financial institutions that offer basic bank accounts, with:

• no minimum deposit amounts
• no account keeping fees
• no overdrawn fees
• free monthly statements.

Emergency loans in Australia

Do you need a fast and small fund?

Cigno Loans can help with their emergency loans, as well as bad credit loans — if you have a less than stellar credit history.

Once your application is approved, cash is moved into your bank account with repayments easily arranged.

Apply online now!

More and more are leasing a car for business or personal purposes over the past years to afford a preferred car at a lower cost.

As opposed to purchasing a car outright or through a bank loan, you don’t need to put down a deposit when you lease. Thus, freeing up extra cash for other expenses.

Aside from access to a reliable car, leasing offers another huge advantage — a financially viable solution that suits your needs, minus the hassle of ownership — providing great benefits for both the employer and employee.

There’ll be an opportunity to make changes to the lease once it’s up — say, extending the term.

If you’re thinking of leasing a car, here are some factors to consider.

1. Keep a log book

For the first few months, keep a log book for the car in keeping track of personal usage. It’s to make sure the vehicle is being used predominantly for business purposes. There’s no need to keep a log book if personal use is incidental — given that the car is a tool of trade or work ute with a carrying capacity of over 1 tonne.

2. Assets and liability

The value of the asset and the liability for future lease repayments are raised to the balance sheet when leasing a car through the business.

This creates a secured liability on the balance sheet for the business — without an impact to the employee and is restricted to pure tool of trade vehicles.

Employers could use an operating lease to remove this from the balance sheet — which then becomes a rental over the term of the lease.

3. The car to choose

The car you choose under a business lease is essential — suitable for both your business and personal needs and as a reliable asset.

Ask your fleet manager to assist in the process. They can manage the vehicle’s specs and recommend makes and models that suit your needs and the environment. This will also ensure to meet engineering compliance.

4. Test drive the car

Look for the little details, like comfortable seating position and other things that might not seem right. drive the car like you would on a daily basis, and follow these other tips to get the most out of your test drive.

5. Mileage

Every business car lease has an annual miles limit that the user is allowed to travel and agreed upon — usually about 10,000 miles (16,000+ kilometres). Any excess mileage used is charged at a rate.

You can also pay extra for additional mileage if it couldn’t be helped. It’s better to average out to your selected miles per year to avoid any issues.

6. Asset maintenance

When it’s a desired make and model required for business, cars are expensive. Maintenance and service costs can quickly add up.

To reduce the costs of running the car and to extend its lifespan, utilise your fleet manager. He will schedule required servicing and maintenance and stay on top of everything.

Tracking the car also helps in maximising the usage and making the most of this capital asset. Now, this is an additional cost but will prove to be beneficial in the long run — ensuring the car is being used as intended.

7. Residual value vs. Resale value

Consider residual value of the car at the end of life and relates it to resale values. Match the resale value to any debt owing at the end of the lease term.

The residual value, a.k.a. the balloon payment, is the amount a business expects to sell an asset at the end of its useful life. The value outlines the function of the amount and rate of depreciation on the car and can be affected by monthly payments.

Usually, the higher the residual value, the more the car is worth.

Emergency loans in Australia

Do you need a fast and small fund?

Cigno Loans can help with their emergency loans, as well as bad credit loans — if you have a less than stellar credit history.

Once your application is approved, cash is moved into your bank account with repayments easily arranged.

Apply online now!

Have you ever bought a new and shiny car only to be told you should have leased it instead? It can be hard to choose between buying or leasing a car — as both have their benefits and drawbacks.

It pays to have a proper understanding of all the available options if you’re in the market for a new car.

Car lease

A car lease is when a financier purchases a car and then lets you use it over a fixed period of time, where you pay a monthly fee. You need to make a residual or balloon payment at the end of the term if you want to own the car outright.

You should use the car for business more than 50% of the time.

You may also take an interest in another financial product called the novated lease. It’s an agreement involving an employer, an employee, and a finance company. Through salary packaging, the employee could use the car.

Car lease benefits

Car leasing offers both advantages and disadvantages, as with all financial products, which depend on your personal and financial circumstances. Here are some:

• Budget-friendly — A consolidated monthly payment that includes maintenance could be a lifesaver for business owners with an unpredictable cash flow.
• Less cash upfront — It only requires very little in terms of a deposit to set the ball rolling for a car lease. While others require nothing at all, some financiers require a month or two payments upfront.
• New car benefits — Get the latest model and manufacturer’s warranty.
• No obligation to purchase — There’s no obligation for you to make the residual payment and buy the vehicle at the end of the term. For start-ups with an uncertain future, this is particularly beneficial.

Car lease disadvantages

• Lease conditions — These may include the wear and tear on the car or the number of kilometres you’re allowed to drive.
• No modification — You’re unable to modify it in any way even if it’s for work-related purposes as you don’t own the car.
• You don’t own it — In any case, you can’t list it as an asset because the car is not yours.

A car lease suits someone that uses the vehicle primarily for work. This includes tradies, business owners, and companies.

Buying a car

Assuming you understand that buying a car means paying cash and taking full ownership of it. You could also get a car loan and make monthly repayments that are unrelated to your use of the car.

The benefits of buying

Here are a few disadvantages to counterbalance the benefits of buying your car instantaneously:

• Ownership — There’s no greater feeling than owning your vehicle.
• It’s an asset — This is beneficial when you’re looking for a mortgage or borrowing for other reasons.
• Car modification — Well, it’s your car! Want a new set of wheels or big stripe down the middle of the bonnet? Go ahead.
• There’s no limit in driving — Drive the car as much as you like! It doesn’t need to be used for work-related purposes either.
• Sell it if you want — If you decide you no longer need the car or you want to upgrade.

The disadvantages of buying

• Higher initial costs — Generally, you will require a hefty deposit, even if you are borrowing money to buy the car.
• Maintenance costs — Once the warranty is up, you are responsible for all maintenance costs. The following repairs will come out of your pocket.
• Depreciation — A new car loses its value fast. You won’t have to worry about if you renew a lease and upgrade later on.
• Limited choice — This means that you might not get that top of the range model that you want, as you may have to limit your spending when you buy.
• It’s a hassle to sell — Some people prefer a hassle-free experience when changing cars. You need to negotiate a trade-in value or sell the car privately if you decide to upgrade.

Emergency loans in Australia

Do you need a fast and small fund?

Cigno Loans can help with their emergency loans, as well as bad credit loans — if you have a less than stellar credit history.

Once your application is approved, cash is moved into your bank account with repayments easily arranged.

Apply now, online!

A tax return covers any income and expenses from July 1 to June 30 the following year (financial year). At the end of it, you have to lodge your tax returns on or before the October 31 deadline.

Upon completion, the Australian Taxation Office (ATO) will assess your income, expenses, and deductions to determine if you’ll have to pay additional taxes or get a refund.

Documents needed to file a tax return

Make sure you have the documents you may need that’s applicable for your tax return. Aside from income and bank statements, you’ll need to gather these additional information:

• Pay As You Go (PAYG) payment summary
• tax file number (TFN)
• bank account details
• details of any additional income (investments or rental income)
• details of any Centrelink payments received
• details of any other tax offset information
• details of any occupation specific deductions you wish to claim
• interest accumulated from bank account
• medicare and private health care statements

You’ll need the following if you plan to claim more than $300 in work-related expenses:

• copies of receipts or invoices
• home office logbook
• travel logbook
• credit card statements

Lodging your tax return

After gathering information, it’s lodging time! Now, you can always lodge a paper tax return by mail.

Income tax can be complicated and you wouldn’t want to pay a fine or miss out on a refund. If you want to minimise and take some of the stress out of tax time, consider these ways to lodge your tax return.

Lodge online yourself

To get your refund faster, you can choose to do your tax return online 24/7.

MyTax is the easy, quick, and secure way to lodge your tax return online. MyTax is accessed through myGov. You can print and review your tax return before you lodge and see a detailed breakdown of your estimated additional taxes or refund.

You’ll have a quicker and easier experience as most information from your employer, bank, and government agencies will be pre-filled by early August. You can also upload your myDeductions (included in the ATO app) data to pre-fill your tax return.

For employees and sole traders, you can use myDeductions to keep records of your work, general expenses, income, and deductions to make lodging your tax return faster and easier.

Download the ATO app then select the myDeductions icon.

It usually takes up to 2 weeks for the ATO to process and pay your refund.

Note: The deadline to lodge your tax return is October 31.

Lodge using a registered tax agent

Most people who lodge a tax return choose to do so through a registered accountant or tax agent because of obvious reasons.

Every profession varies when it comes to claiming deductions. A registered tax agent understands specific deductions and they are allowed to charge a fee to prepare and lodge your tax return. Their fee is also tax deductible on next year’s tax return.

Most registered tax agents have a special lodgment program and can lodge returns for their clients after the usual October 31 deadline.

Find a registered tax agent or check whether an agent is registered by visiting the Tax Practitioners Board (TPB) website.

Emergency loans in Australia

Being an easy and fast method of receiving small amounts of cash make emergency loans extremely popular in Australia. Unexpected bills arise all the time, and sometimes you can easily find yourself out of cash. Cigno Loans is here to help with their emergency loans!

With Cigno, you can get up to $1000 paid directly into your account with manageable repayment options. You can use the cash for any expenses, such as tax agent fees during tax time.

To apply, simply complete the quick and easy online application and send your bank statement.

All applications are considered and Cigno does its best to find a suitable solution to your needs.