Insurance – A Must Have, so how can you save?
35. Don’t automatically renew your insurances
Insurance is something that you cannot really cut out of your budget, but you should review annually. Can you afford to foot the bill if your house burns down? Or if you have an accident and cannot work, do you have sufficient savings for everyday expenses or even medical expenses. Probably not.
Again there are a number of online businesses that compare insurances for you or alternatively talk to an Insurance Broker.
36. You can ask insurance companies to discount your premiums if you take a multi-year policy; sometime you can save over 30 percent per year – you just have to ask!
Superannuation another Must Have
37. Life, total and permanent disability and income protection insurance can all be paid via your superannuation fund – easier on your hip pocket. Talk to your financial Adviser
38. Make sure you are not paying excessive fees. Shop around for your superannuation to ensure that you have a good balance of fees and return.
39. Take an active interest in where the money is invested. Consider how long you are going to continue to work and when can you access your funds – are they invested for the correct time frame.
40. Find your lost superannuation. Have you worked in a number of jobs since you started work? There are a number of internet sites you can find your super from past employment.
41. Consolidate your superannuation. Don’t pay fees on multiple accounts!
42. Consider whether to salary sacrifice. This is something to discuss with your accountant or Financial Planner.
43. Depending on your income level, you could also consider the co-contribution. This is another item to discuss with your accountant or Financial Adviser.
There are savings when it comes to tax – and they are legal
44. File your receipts in a central location to maximise your tax deductions. If they are not filed together when you start your tax return you may forget some items.
45. Pay all your tax deductible expenses before 30 June each year and don’t forget about tax deductions such as donations and income protection. Always get a receipt. If you are ever in doubt as to whether something might be claimable, get a receipt just in case!
46. Don’t forget work related deductions such as self-education expenses, laptop/laptop bags, car and other travel expenses. You may need to keep a log book for your travel. Talk to your Accountant.
47. Talk to a financial planner or Accountant about your money and situation.
At work savings tips
48. Split your weekly or fortnightly salary
A great way to save, even if you don’t have a planned trip on the horizon is to split your pay into different accounts – most employers allow you to split your pay saving you having to remember to transfer money.
49. Carpool. Is there anyone that lives near you who works at the same place (or near the same place) that you do? Why not ride together, alternating drivers each day? You can halve the wear and tear and fuel costs for your car.
50. Find out about all of the benefits of your job. Most people do not utilise all of the benefits available to them. Talk to your Human Resource department or search your company’s website to find out about such benefits as salary sacrifice splitting of your salary, insurances, discount tickets, superannuation and often free financial advice.
51. Take packed Lunch. You can prepare the night before and put it in the freezer. By the time its lunch time, sandwiches will have thawed and be super fresh. It could save you about $60 a week! That’s almost $250 a month!!! That’s a lot of money!!!
Want to read all our tips – Read the Chapter Jan wrote in a published Book – Financial Freedom Explained