MONEY
4Create more income
Looking for ways to making extra
income on top of what you’re making at work? A side hustle aligned with your passion can be fulfilling personally, and also to your purse. One in four Australians are already going online outside of their regular job to pursue extra income. If you’re looking to get in on this action, look around to see what type of work you might have the time for, as well as what you want to gain out of it. Extra dollars means more opportunities! ACTION: Always be on the lookout for more ways of generating income. A bigger slice of life comes from having a bigger pie.
5Start an investment plan The idea of investing should centre
on ways of putting extra dollars in your purse. Getting started may mean you need to create a pool of money first. Saving as little as $14/day means within a year you’ll have over $5,000 savings. When invested, this can start creating more income for you. Many people avoid investing because they see it as too risky. However, whilst there is an element of risk when investing, there is also an unseen risk if you are not investing at all. Getting advice on the benefits to you is a great place to start. ACTION: Book an appointment with a specialist who can show you investment options appropriate for you and discuss the pros & cons.
6Round up your savings It may not sound terribly exciting,
but saving money is one of the most imperative practices you could possibly master. And it starts with small steps! Even the smallest contributions
can make a significant difference. Automated tools which capture and invest the change you receive from your daily purchases are great. For example, if you spend $9.67, the extra 33 cents to $10 is captured for you to use later. When you do this on all your purchases, you’ll be surprised at how quickly it all adds up. ACTION: Find and use and automated tools for capturing extra savings.
24 MARCH | APRIL 2018
7Bust your debt
If there’s one thing that will keep
you down and submissive to your money this year then that is the ugly four letter word – debt. Being in debt means you have a noose continuously around your cash. When you have debt, money is
being swept out of your purse and slipping straight through your fingers every month. This is money you could otherwise be using for more of the things that you’d love. Eliminating debt releases the
stranglehold, and buys you back your freedom. To get on top of debt in 2018, break
down what you owe into manageable chunks and prioritise what you can pay off first. You could start by making extra repayments on your smallest debt first. Once you have paid that off, use the surplus money to increase your repayments to the next smallest, and so on. Alternatively, you could start with the one with the highest interest rate. Either way, each time you pay off a
debt, you have created surplus cash flow equipping you to knock the next one off even faster. And then they are gone! ACTION: Create and implement a plan to knock off debt.
8Negotiate rates Chances are it’s been a while since
you’ve checked in on the interest rates you are being charged on your loans. Who says you can’t walk into the bank
and ask for a better rate? Go on try it… you never know! You
might just find extra savings sitting right under your nose. ACTION: Go into your bank and ask the manager for cheaper interest rates on your loans.
9Getting sexy with your super
Your superannuation is your nest egg for your future, and yet many people don’t keep tabs on what it’s doing. Why not start by consolidating your super into one fund if you currently have multiple funds. You are likely to pay less in fees and grow your lump sum faster
//THE IDEA OF INVESTING SHOULD
CENTRE ON WAYS OF PUTTING EXTRA DOLLARS IN YOUR PURSE.//
when you only have one well performing fund. You might also think about contributing extra to your super in order to grow your balance, which may produce some tax savings for you too. ACTION: Locate all of your superannuation funds and consolidate them into one.
10Re-evaluate your insurance policies
Insurance is typically one of those ‘set and forget’ things we do. However, as the years go by, not only do the premiums change, but so too can our situation. Therefore your policy may no longer be most appropriate. Chances are you can easily swap some of your policies and instantly save dollars. This is also a great time to ensure you
have life insurance, income protection, and insurance cover to support you if something were to happen that prevents you from working – for you & your family’s sake! ACTION: Get all of your insurance policies out and start ringing around for better premiums and coverage. l
Connect with other readers & comment on this article at
www.livingnow.com.au
Deanne Carter – is an investment mentor, speaker, life designer and founder of Women’s Money Forum. She is a 25+ year investment
veteran who’s married her love of learning to her passion for seeing people flourish financially. She showcases how to embed the strategy of money, investing and financial wellness into daily life with absolute ease.
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