Let’s face it, $50,000 is a lot of money! You could buy a business, place a down payment on a property, settle your student loans, or maybe travel the world! The fact is though, weddings are a celebration of two people who commit to devoting the rest of their lives together. Sure, we ‘d all prefer to have the wedding of our dreams, but we shouldn’t lose sight of what’s really important.

Although I’ve never walked down the aisle myself, I have a close circle of friends, and two of them managed to pull off the most memorable weddings on a shoestring. Indeed, it didn’t consist of classy bridesmaid parties and catering for 300 guests, but it was unique, intimate, and everyone who came had the time of their lives. If you’re organising a wedding on a budget and looking for ways to save money, then here’s how.

Location
There’s a number of ways to save thousands of dollars on your wedding venue. One of the most gorgeous weddings I was invited to was in the garden of a friend’s home. Other options you could consider is hiring a community park for the day, or even the beach. The ambience is awesome, you can customise your wedding to exactly how you want it, and the costs are extremely low. If you decide to have your wedding in a public area, just don’t forget to talk to the local council and make reservations well in advance.

Wedding Date
While many people prefer their weddings on a Saturday, the costs of venues are much more expensive on Saturday than any other day of the week. Look at having your wedding on a Friday or Sunday where Monday is a public holiday. The time of year will also have a considerable effect on the price of your venue. If you’re dead-set on having your reception in an indoor location, then reserve your wedding date in winter and you’ll save roughly a third of the costs for venue hire.

Photography
The price of a professional photographer will normally cost roughly $4,000 for the whole day. With the outstanding specs of smartphone cameras nowadays, look at hiring a professional photographer only for the formalities and ask your friends to take photos over the course of your wedding celebrations. You can make a hashtag on Twitter and get your friends to publish their photos, ensuring that there’ll be plenty of natural pictures that emulate the true spirit of your special day.

Food & Drinks
If you really intend to save money, then catering companies are your prime target! They charge exorbitant prices and aren’t all that necessary. Think about putting together your own food and drinks and don’t be afraid to go against the grain here.

You could hire a wood fire pizza truck that offers gourmet pizza, or consider hiring an expert to roast a whole pig in the ground and make the sides by yourself. For me, there’s nothing better than a pulled pork burger with scrumptious sauce and cheesy smashed potatoes! Remember that most of the time, being different is far more memorable than being conventional. Moreover, search for a venue that enables you to bring your own alcohol. You’ll save a pile of money this way, and you’ll have the opportunity to discuss a considerable discount when buying in bulk.

Don’t Borrow Money
It’s not out of the ordinary for people to borrow money to fund their weddings, not realising how hard it can be to repay. Not only will you be borrowing money for the wedding itself, but also interest on top of that, which can often times take years to repay. If you’ve had an extravagant wedding and found yourself in financial hardship, always seek financial guidance sooner rather than later. The sooner you act, the more choices will be available. For any financial assistance regarding your personal situation, reach out to Bankruptcy Joondalup on 1300 818 575, or visit our website for more info: http://www.bankruptcy-joondalup.com.au/

The majority of us have dusted off the mistakes of our 20’s and learned a thing or two, however this decade of our lives is the time when we really should mature and genuinely look into our financial situation. We have to prioritise commitments, such as our children’s education and retirement balance, and take the most suitable steps to obtain a prosperous financial future for you and your family. Life can surely get more complicated in your 30’s, however by focusing on a number of key aspects of your finances, your money doesn’t have to be nearly as complicated.

By making modest lifestyle alterations, you can significantly strengthen your financial circumstance now and in the years to follow, so here are some personal financial goals that everyone in their 30’s should contemplate.

Strengthen your emergency fund
Ideally you launched an emergency fund in 20’s, saving enough funds for a couple of months’ worth of expenses. This is a wonderful goal to achieve in your 20’s, but making more money and having increased financial duties in your 30’s means that your emergency fund becomes considerably more important. Finance specialists stongly advise that people in their 30’s should have at least 6 to 12 months of living expenditures saved in their emergency fund. Keep in mind, moving back in with your parents is far more difficult in your 30’s, especially if you’re a parent yourself.

Evaluate your insurance coverage
Commonly, people’s circumstances change significantly in their 30’s. You may have bought a new house, a new car, or have started a family, so it’s vital that you evaluate your insurance plans so they’re up-to-date. It’s also a practical idea to take a look at income protection and life insurance along with your existing insurance plans. Even if your personal circumstances haven’t changed in your 30’s, you should nonetheless examine your insurance coverage a few times a year to make sure that you’re receiving the best rates and premiums.

Boost your retirement savings.
Now is the time where you should begin boosting your retirement contributions, particularly if your workplace features a salary sacrifice plan. Making voluntary super contributions is an effective way to grow your nest egg, so if you receive a pay increase, consider using the supplementary income towards your retirement savings. In addition to this, if you start a new job or career, always make certain that use the same super account which will substantially minimise fees and maximise your retirement growth.

Live well below your means.
When you find yourself having more financial obligations, you should examine your budget and make sure you’re living well below your means. The trick to enhancing your wealth is to increase the gap between what you earn and what you spend. You’ll most likely need to cut down some expenses like eating in restaurants or cable TV subscriptions, but the more money you save, the faster you’ll accomplish your financial objectives. It’s also recommended to look at percentage of income saved instead of dollar amounts, as this makes it much easier to ascertain which expenses can be reduced to ensure you’re always saving more than you earn.

Seek financial help sooner rather than later.
If you’re finding it hard to meet mortgage repayments on time or you’re plunging deeper into debt, seek financial assistance immediately. Usually, the sooner you do something about it, the more options will be available to you. Lots of people suffer financially for years prior to seeking help, and not only are they in a far worse position, but it is also completely unnecessary! There are many options available for those in financial difficulties, so if you need any financial help, talk with Bankruptcy Joondalup on 1300 818 575, or visit our website for additional information: http://www.bankruptcy-joondalup.com.au/

The fact of the matter is, the earlier you begin saving money and developing wealth, the better your financial condition will be in the long term. Regardless of whether you want to get married, start a family, or buy a property, there are certain financial targets that every individual in their 20’s should endeavour to achieve in order to secure a better a future. In this blog, we’ll be taking a closer look at these goals and how you can begin establishing healthy financial habits.

Set up a budget
Creating healthy financial habits begins with knowing how to budget. Being able to spend less money than you make is the key to saving money, so start taking control of your finances by setting up a budget and following it! With a paper and pen, write down your monthly income and expenditures. Review your expenditures to find out which can be reduced, or which can be eliminated altogether. A few ways to cut down your expenses are choosing to eat at home as opposed to eating in restaurants and transferring your Cable television subscription to streaming services like Netflix instead.

Remove your debts
Regardless if you’ve travelled overseas or have student loan debts, the quicker you repay these debts, the better. Interest compounds with time, so repaying your debts by cutting spendings or working a 2nd job can save you thousands of dollars in only a couple of years. These savings can then be invested in a high-interest term deposit for example, which will place you in a far better financial position than simply making the minimal monthly repayments on your debts.

Set up an emergency fund
Life hardly ever works out the way you planned, so it is very important to be prepared for any abrupt adjustments that might be required. You could end up unemployed, or in an incident that inhibits you from working, so having an emergency fund will be able to give you some breathing space when you need it the most. Financial specialists highly recommend that all people should have a dedicated emergency fund that can support their living expenses for 3 to 6 months.

Be insured
Insurance protects you financially from any adversarial consequences, for example income insurance should you lose your job, medical insurance for unpredictable medical expenses, and vehicle insurance in case your car is stolen. Even though it’s not always recommended to get every type of insurance available, it’s most certainly a smart idea to evaluate your individual situation to see which is best suited to you. For example, health insurance is highly recommended for everyone due to the high costs of uninsured medical treatment. Without insurance, an unforeseen incident may lead to considerable damage to your financial situation.

Invest in a diversified portfolio
If you’ve been able to save a specific amount of money that is otherwise sitting idle in the bank, consider investing this money in a high-interest term deposit. When you’ve got more money saved, think about buying some property, or investing in gold. The key to a sound investment portfolio is ‘diversification’, meaning that you manage the risks of investment by putting your eggs in different baskets, so to say.

Seek financial help immediately
If, for whatever reason, you’ve found yourself in financial turmoil, the best advice is to seek financial assistance immediately. Too many individuals battle with financial complications for years before finding help, which puts them in a worse position as their debts will only compound as time passes. The sooner you seek financial assistance, the more options are available to you, so if you require any assistance with your financial situation, talk to the professionals at Bankruptcy Joondalup on 1300 818 575, or visit our website for more information: http://www.bankruptcy-joondalup.com.au/

Having conducted some research, I’ve found there are a multitude of ways in which we can all save on food expenses. It goes without saying, dining out at restaurants is far more expensive than eating at home, but I’m talking about saving money on your weekly food bills. You’ll be amazed at just how much money you can save by sticking to some practical guidelines, so here are some quick tips that can save you thousands of dollars each year on your food bills.

Plan your meals and write a shopping list
Have you ever needed to throw out food because it’s past its expiration date? I know I have! By planning every meal of the week, you can make sure that you just spend money on food that is needed. Have a look in your kitchen to find what ingredients you currently have, which ingredients you need to buy, and write a list of all the ingredients you’ll need for the next week.

Most of us are regretful of impulse buying at the supermarket, so planning your meals and sticking to the ingredients on your list will drastically lessen any impulse buying. Don’t forget to always keep a pen and paper in the kitchen, so when you run out of a certain ingredient, you can jot it down immediately and perhaps eliminate a second trip to the supermarket. And always shop for groceries on a full stomach!

Don’t bring your kids to the supermarket
Often it can be tricky to organise, but if you go grocery shopping when your kids go to school or at night when there’s someone to babysit them, you’ll save a great deal of money. Not only can you shop faster, but you don’t have to drain your energy by saying ‘NO’ to your kids every aisle. Usually this can become overwhelming, so lots of people will give up occasionally, and these unwanted items will add up over the year a lot more than you’d imagine.

Go shopping at night
Speaking of shopping at night, you’re more than likely to uncover the best prices at this time of day. Big grocery stores will regularly discount goods when they’re overstocked, and perishable goods like bread, fruit and vegetables will also likely to be discounted. While it may seem a tad cruel after a long day, you can bag a lot of bargains by shopping at night.

Buy in bulk
It should come as no surprise that buying in bulk will save you money, particularly on discounted items. Be careful though, you don’t want to buy too much and throw away food, but always bear in mind that you can prepare meals and freeze them for later in the week (or month). Cheese, butter, and bread will last approximately three months in the freezer, and meat products will usually last up to six months. Just see to it that you have enough room in your freezer first!

Have a go at discounted grocery stores
Discounted supermarkets such as Aldi will always have goods that are more affordable than the supermarket giants like Coles and Woolworths. Likewise, some items will be more costly, so try finding bargains at discounted supermarkets before visiting your regular grocery store. Although you may not recognise some of the brands, the quality of the food is just about the same. The design is also different, so it may take a bit of getting used to, but if you need to save money on food then this is a fantastic idea.

If you’re experiencing financial troubles, always keep in mind that there are basic ways to save a lot of money on one of your biggest costs. By making some modest changes coupled with a dash of self-discipline, you could potentially save thousands of dollars yearly on your grocery bills.

If you find that your financial situation is still worsening, it’s always better to seek financial guidance sooner rather than later. Get in contact with the specialists at Bankruptcy Joondalup on 1300 818 575, or visit our website for more financial advice: http://www.bankruptcy-joondalup.com.au/

With the new year upon us, now is an appropriate time to assess your financial situation and plan to track your spending patterns and cut unneeded expenses. After all, saving money means earning more than you spend, so here are the best ways you can save money in the new year to ensure a better future for you and your family.

Examine your financial situation
If you don’t understand your financial scenario, then there’s practically no way that you can improve it! Having the capacity to make sensible financial decisions starts with knowledge and understanding where your money is being spent. Most of the time, it’s difficult to track our expenses, so it’s a clever idea to start keeping your receipts and overviewing your expenses each week to acquire a better understanding of your spending habits. This is the most essential step in being able to save money. Now, let’s unveil some specific money saving strategies.

Food
Saving money on groceries is far easier than you would believe. The trick is to arrange your meals a week in advance before you go to the grocery store. Once you’ve planned your meals and the relevant ingredients, prepare a list and stick to it! Don’t go grocery shopping hungry either, that’s a sure way to spend unwarranted money impulsively. It’s also a good idea to have a paper and pen in the kitchen area, so when you run out of a certain ingredient, you won’t have to make a second trip to the grocery store in case you forget.

Electricity
Electricity is another easy way in which you can slash expenses by making some small modifications. The most effective way to save electricity is by turning off appliances at the power point when they’re not being used. Even though the appliances aren’t being used, an active electricity socket nevertheless uses electricity, and these expenses can really aggregate as time passes. Other ways to reduce electricity is to use fans as an alternative to air conditioners, turning off lights that aren’t being used, using hot water bottles rather than electric blankets, and using a clothes line instead of a dryer.

Entertainment
We all need to let off some steam after a hard day’s work, so a glass of wine and some cable television suffices for the majority of people. The fact is, cable TV is a substantial expense that is almost never used to its full capacity. Look into switching to streaming services like Netflix or Hulu which cost roughly $10 a month as opposed to the average $70 a month for cable television. That’s a saving of over $700 a year alone. Additionally, instead of eating in restaurants with friends once a month, opt for hosting a dinner night where every person brings a dish and their beverage of choice. You can rotate hosts, save heaps of money, and never have to worry about being too noisy!

Invest your savings
While these techniques are far from comprehensive, saving money by making trivial changes gives you more financial choices to enhance your life. You could use these savings to enjoy a family holiday once a year, or you might prefer to invest your savings in a diversified investment portfolio. Whatever you chose, the fact of the matter is that we can all make small sacrifices to save money which can be used to enhance our lives.

Struggling with Debt?
If you’ve found yourself in a position where you’re continuously struggling with debt and can’t see any way out, there are a couple of options available for you. You don’t have to live your life in fear and stress, and the faster you act to repair your situation, the more possibilities will be available for you. If you require professional advice on any financial problems that you’re currently facing, don’t wait any longer. Talk with the specialists at Bankruptcy Joondalup on 1300 818 575, or visit our website for more information: http://www.bankruptcy-joondalup.com.au/

If you’ve elected that you want to improve your financial health in 2018, there’s a fair amount of preparation and planning needed. To enjoy considerable financial improvements in your life, it’s pivotal that you address only the things you can control and to revise your progress regularly. To give you some ideas on how you can do this, the following outlines some suggestions that you should follow if you want to enhance your financial well-being in the coming year.

Set clear financial goals
Studies indicates that simply writing down goals markedly increases the probability of you reaching them. In a financial sense, writing down distinct goals with an expected timeline not only increases the probability of you reaching these goals, but you’ll additionally understand what is most important to you.

Several financial goals, for instance retirement, may require the services of a financial planner, but there are many simple, plausible goals that you can arrange on your own, for instance purchasing a car, saving for a home deposit, or building an emergency fund for a rainy day. It is very important that you take small steps to reach these goals, and assessing your progression on a regular basis is the key to success.

Increase your savings
The majority of people aren’t sure how much money they save each year, so it is vital that you stipulate an actual dollar amount that you aspire to save for the upcoming year. Regardless if you achieve this goal or not isn’t the issue, the fact that you’re setting specific goals and planning ways to accomplish these goals is the most important aspect.

Simple ways to increase your savings account is to increase your superannuation payments (and possibly Government payments), or schedule an automatic deposit into an emergency fund or high interest savings account each week. Irrespective of how you do this, increasing your savings will bolster your net worth and overall financial health.

Track your spending
Understanding just how much you spend each month is critical in being able to increase your financial health. Keeping every bill and receipt and manually creating a spreadsheet is one way to do it, but there are a few excellent apps that monitor your spending on the go, giving you a precise indication of how much you’re spending with minimal effort required.

ASIC’s TrackMySPEND app (https://www.moneysmart.gov.au) is a trusted and reliable tool that helps you understand your average monthly and annual spending, so you can better plan and achieve your financial goals. If this doesn’t satisfy you, there are numerous other apps out there, so don’t be afraid to test a few to find which is best for you.

Assess your home loan and insurance policies
Examining your home loan and insurance policies is a practical way to increase your savings. For example, you should be inspecting how your current mortgage and insurance policies compare with other providers on an annual basis. Banks and lenders adjust their policy structures all the time, so chances are you can receive a better deal if you do a bit of research.

Even small decreases in interest rates can save you thousands of dollars annually, so it’s absolutely worth the effort! If you find a better package somewhere else, don’t hesitate to ask your existing provider to match it, and at the same time, don’t hesitate to switch providers if they don’t. There’s loads of online resources which can thoroughly guide you through this process.

Seek advice as soon as possible if you’re experiencing financial distress
Improving your financial health doesn’t always translate to increasing your savings and emergency funds. Many people suffer through years of stress from financial troubles without realising that there are several options available to them to improve their financial wellbeing.

If you’re encountering any financial suffering, the sooner you seek professional advice, the better your recovery options will be. For any advice pertaining to your financial situation, don’t hesitate to get in touch with Bankruptcy Joondalup on 1300 818 575, or visit our website for further information: http://www.bankruptcy-joondalup.com.au/

For the last 3 years, you’ve had no debts to pay off so your credit history has nothing to show except for a bankruptcy mark next to your name. There’s been no movement on your credit report, so a blank page will make banks and lenders reluctant in lending money to you purely because they can’t analyse your repayment behaviours. Repairing your credit history is the best way to get your finances back in order, and make your recovery process as seamless as possible.

Ways to repair your credit report after discharge?
Due to the fact that lending institutions haven’t been able to analyse your financial management skills for the last three years, you will need to start demonstrating healthy financial habits. Here’s a list of ways in which you can do this

1. Steady employment
Securing reliable and ongoing employment is a fantastic way to enhance your financial security and display to loan providers that you have a regular income stream. Reliable employment will enable you to increase your savings and improve your overall financial condition, resulting in a better credit rating.

2. Increase your savings balance
Your savings account is an asset, so increasing your savings balance in time will display to loan providers that you are financially sensible and are capable of making loan repayments. By putting money into a dedicated savings account each month, even a small amount, will improve your credit rating.

3. Limit your credit applications
Each time you apply for a line of credit, it is recorded on your credit history, so too many credit applications can negatively affect your credit rating. After being discharged, it’s integral that you are realistic and vigilant about the types of credit you apply for to increase the likelihood of approval. It’s best to apply for just one line of credit at once, and remember that secured loans and options with a guarantor or joint accounts will increase the likelihood of approval.

4. Consider a term deposit
If you’ve had the chance to save money during your bankruptcy period, consider putting part of it into a term deposit account. Not only will you accumulate interest and boost your overall financial circumstances, it will also show financial institutions that you are financially dependable. Consequently, the likelihood of acquiring a loan will be increased which leads to an improved credit rating.

5. Always make repayments on time
One of the most important things you can do as a discharged bankrupt is to make any kind of repayment on time. Regardless if it’s your rent, electricity, or even a secured loan in your name, making these repayments on time will certainly improve your credit rating and increase the confidence that loan providers have in your financial management capabilities.

6. Don’t be afraid to talk to financial institutions
If you want to request a line of credit after your bankruptcy period, or find out what types of options are available to you, don’t hesitate to speak with lenders or other financial institutions to review your circumstances. They are in the best position to advise of your eligibility, and offer advice on what options would work best for your individual circumstances.

Beware of credit repair firms
There are a number of credit repair agencies that will make all kinds of promises to improve your credit report. Even though some of them are effective in challenging any incorrect listings on your credit record, they may not be able to do anything else to improve your credit record. The Government’s MoneySmart website (https://www.moneysmart.gov.au/) advises discharged bankrupts to be “very careful” of these companies since they “may not always be able to do what they claim they can”.

If you’re in need of any help in repairing your credit history, or have any questions with respect to your recovery process after bankruptcy, it’s always best to seek advice from qualified professionals. Talk with Bankruptcy Joondalup on 1300 818 575, or alternatively you can visit our website for more information: http://www.bankruptcy-joondalup.com.au/

Although some people have the financial capacity to pamper their loved ones with high-end gifts and lavish celebrations, many of us should be watchful to spend within our means so our Christmas joy can smoothly sail into the New Year. So with this being said, I’d like to share with you some practical ways of celebrating Christmas, without breaking the bank.

1. Set a Budget

While it may sound cliché, it’s critical that you determine a budget and stick to it. Compose a list of all the gifts you’ll be giving and calculate the total amount. Most of the time, it will be much more than you pictured. Use this as encouragement to think outside the box (pardon the pun!) and make some revisions so you can stick to your budget. You could have a yard sale and sell belongings that aren’t being used anymore, speak with family and friends about a setting price limit for presents, or even think about making gifts yourself! ASIC has launched an excellent app to track your Christmas spending called TrackMySPEND (https://www.moneysmart.gov.au/) which I’m certain many of you would find valuable.

2. Shop Online

While lots of people find excitement in strolling through department stores and basking in the spectacular Christmas displays, almost all the same goods are offered on the net at much cheaper prices. Utilise comparative shopping websites such as Google Shopping, Nextag, or PriceGrabber to locate what you’re looking for. These websites are exceptionally competitive and will nearly always have discounts that can save you a bunch. Although shopping online will be more affordable, you have to take extra precaution to ensure you get what you paid for.

3. Rethink your Christmas Cards

If you’re one of the many people who send Christmas cards to all your family and friends, you’ll know that the costs of this exercise can be rather expensive. It’s no surprise that only a few of your friends and family will in fact keep these cards so it’s essentially just money down the drain. Rather, why not send a family Christmas video message online? There are plenty of apps on smart phones and tablets that allow you to send quirky and entertaining Christmas videos that can be delivered electronically at no cost at all. Alternatively, you can always create your own Christmas cards with personalised messages and have your kids draw pictures to make them super special!

4. Wrapping Paper

A beautifully wrapped present can make a remarkable difference, even with the cheapest of presents. Christmas paper can be quite expensive, so look into purchasing plain brown paper and adding a festive ribbon from a craft shop which will look much better than Christmas paper. You can even re-use brown paper bags that are typically given at clothing stores. In contrast, consider buying plain green, red, or gold paper which can also be used as birthday gifts throughout the year. Don’t forget, certain department stores will wrap your presents free of charge, so don’t hesitate to ask!

As you can see, Christmas celebrations doesn’t need to break the bank. Sadly, however, many individuals spend beyond their means and end up in financial turmoil in the New Year. If you end up in this position, it’s better to seek professional advice sooner rather than later. There are many options available to you; all you need is the right advice. For any assistance on financial difficulties, get in touch with the specialists at Bankruptcy Joondalup by phoning 1300 818 575, or alternatively visit our website for further information: http://www.bankruptcy-joondalup.com.au/