tips Archives - Credit Simple

Five ways to save through the recession

Credit Simple — Wed, 02 Sep 2020 23:12:35 +0000

Our current economic uncertainty along with some tough restrictions still in place has forced us to re-evaluate how we spend and save our hard-earned dollars.

With that in mind, here are some easy ways you can maximise your savings potential, even during COVID times.

1. Holiday at home

The average 10-day holiday usually costs $5364¹, and that’s not including flights.

Given Bali, Queenstown and Rome are out of the question for now, have you thought about holidaying closer to home by staying at home?

A staycation not only costs you less, but also means you save on travel time and is more environmentally friendly! Plus, you’ll be supporting local businesses.

A staycation could potentially save you: $5000

2. COVID-proof your wedding

More than 100,000 Australians were expected to get married this year, and the average wedding costs more than $30,000.

Engaged couples and their guests can save hundreds of thousands of dollars by Covid-proofing their weddings. It might mean changing the date, or the size, or format.

Uninviting guests is acceptable this year!

Eloping or having a small wedding could potentially save you: Hundreds of dollars.

3. Reign in take-away

How often are you really ordering food delivery? In the week leading up to 2 August 2020, food delivery had a whopping 341%² increase from the week prior. That’s a lot of pizza and burgers…

So, if you’re looking for an easy way to save, reviewing your everyday spending habits could yield positive returns!

Ditch the food delivery and you could save: Around $50/week, depending on what you spend now.

4. Examine your essentials

You can also find savings across your essential expenses.

For example, when was the last time you changed telcos? There might be a better deal out there if you switch providers.

Or, are you paying too much interest on your credit card?

Transferring your balance could save you hundreds.

Switch providers to save: Hundreds a year.

5. Dissect your discretionary spending

Online gambling has also seen an increase of 74% over the one week period up to 2 August 2020³.

Keeping track of your discretionary spending, whether that’s gambling, food delivery, streaming services and anything in between could see you come out of COVID on top.

Big and small changes to your spending could see you with thousands of dollars in the bank account.

Cut out the extras to save: Hundreds a week

The information in this blog post is general in nature and does not constitute personal financial or professional advice. It is not intended to address the circumstances of any particular individual. We do not guarantee the accuracy and completeness of the information and you should not rely on it. Before making any decisions, it is important for you to consider your personal situation, make independent enquiries and seek appropriate tax, legal and other professional advice.

1. https://www.finder.com.au/average-holiday-in-australia
2. https://alphabeta.com/illiontracking
3. https://alphabeta.com/illiontracking

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Here are the best ideas from our Small and Medium Enterprise survey

Credit Simple — Mon, 17 Aug 2020 23:22:53 +0000

Recently, we sent out a survey to find out about the challenges facing our members’ small and medium-sized enterprises (SMEs), as well as what products and services might better support them in these challenging times.*

We know there’s no one better placed to give business advice to SMEs than – you guessed it – other SMEs. So with this in mind, as part of the survey, we asked our members for their advice for SME businesses facing the same challenges as them, and they came back with some great answers.

The five best answers won a $100 gift card, and we’ve published them below. Read on to find out what we selected as the top five.

Tips for your small to medium business

“Never give up, never compromise your business plan and deal with only like minded companies.” – Trevor Glass, Queensland.

“Think about your buyer persona (target market). Put yourself in their shoes, ask yourself what they want and need right now that you can provide – and give it to them.” – Matthew Doyle, Queensland.

“Speak to peers for advice/research for help/speak to your bank/cash forecasting/reduce every expense possible except marketing/ask creditors for help, extensions, payment plans, reduced interest/keep your eyes and ears open for diversification or different income streams or new products and services you can offer.” – Rhonda Burton, NSW.

“Don’t be afraid to ask for help; to ask questions and to use the people around you. Other business owners are often in the same boat and can cheer you on / support you.” – Barbara Penn, VIC.

“Spend more time listening; understand what matters most to potential clients because that might not be a detailed solution or the lowest price but for example reducing their risk; sell according to what they care most about.” – Joe Woodhouse, VIC.

Congratulations to our Small and Medium Enterprise survey winners!

*The survey competition is now closed.

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6 personal finance podcasts to change your money mindset

Credit Simple — Tue, 30 Apr 2019 23:18:08 +0000

Ready to change your money mindset? These fantastic money podcasts may be just the inspiration you need…

My millenial money
This Aussie podcast is perfect if you want to sort out your financial future but aren’t sure where to start. Join Glen James and John Pidgeon for a laidback discussion on heaps of financial themes particularly relevant to those in their 20s, from HECS debts to ‘rentvesting’.

So Money
In this daily podcast, financial expert Farnoosh Torabi interviews people from all walks of life about their finances and answers questions from listeners. Perfect for if you need a bit of inspo to start the journey towards your financial dreams.

Afford anything
This is a practical podcast for anyone who wants to improve their decision-making around money. Paula Pant interviews financial experts as she blogs her way to financial freedom, covering themes like financial independence, wealth creation, retiring early, and how to afford your big goals.

Planet Money
Focussed mostly on the US economy, NPR’s Planet Money tells stories that explain real-world economics in an entertaining and engaging way. Its genius lies in how it can make seemingly boring topics fascinating, diving deep into the money behind everyday things.

HerMoney
Financial editor of NBC’s ‘Today’ show, the best-selling author of 11 books, Jean Chatzky talks personal finance for women, covering the intersection between money and career, family, relationships and more.

The Tim Ferris Show
More of a business and self-improvement podcast, but with a big money focus, Ferris interviews top entrepreneurs to find out what makes them tick. Each episode, he chats with experts in their field to find the routines, habits and strategies that make them successful.

These are just a handful of our favourite financial podcasts, but there are plenty more podcasts (and blogs) out there that can help you take the first steps to financial freedom.

What are some of your favourites?

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