Living Cheaper - What to Wear

Clothing is one area where money can be saved and put towards your saving account or into your managed fund. Learn how... Mix and match clothing is what saves you heaps when it comes to clothing. If you make sure you buy from just a few colour ranges, then everything you have will go with everything else. Experts advise the black, white, gray and beige range, but it these colours don't suit your skin type coloured tops will go with most black, grey or beige bottoms.

Basic items for the working girl are blazer, coat, dress, trousers and skirt. Shoes and bag will also be needed of course, and buying one good quality bag is better than half a dozen cheap ones. It will always look smart and go with everything if you choose a toning colour. Shoes need not break the bank. But buying reasonable quality will save you in the long run because they will last longer and feel more comfortable.

If you have three pairs of shoes for each season you can wear them turn about and so look smart all the time. You don't need to limit yourself to wearing a suit all the time; separates are more fashionable. And if you air a suit after wearing it for one day, there is no need to have it dry-cleaned quite as often.

Is Self-Managed Super for You?

If you were thinking of self managed super funds, experts advise to double check certain salient points. For a start, they tell us that you need to have at least $200,000 to make it financially worthwhile. The cost of running your own fund can be around the $1700 per annum mark. This includes the regular audit and reporting that are mandatory.

Time and expertise are other factors. Creating your own super fund is not as simple as opening a saving account. Unless you have plenty of time to spare and know what you are doing, you could find that managing your own super fund is more trouble than it's worth. You have to choose which investments are right for you and know which should be insured. If you change funds you will be changing benefits and fees too. You need to be sure that the fees are kept down while giving you the most benefits possible. You have to be the trustee of your fund and if something goes wrong, then you are legally responsible, even if it was not your fault.

Help is available for those interested in running their own super fund, but be sure you choose the right help. Unless an accountant is licensed they are not allowed to give advice. They can get into a lot of trouble - and so can you - for giving advice they are not qualified to give.

Managing Mid-Year Finance

Aren't you glad that the end of the financial year doesn't come at Christmas time? Instead, June rolls around and we have to be prepared for all the extra work necessary to sort out our finances, find details of those managed funds investments and get receipts in order. But why not be a wise owl and get in ahead of time? You can save yourself a bit of stress by being prepared. Get all your receipts to hand and do that bookwork right now. And to start with, how about trying to save money? If you inspect all those phone plans and electricity or gas and insurance bills you may find that switching to another provider can save you heaps. Of course, you know to always read the fine print so you don't sign up for something unpleasant.

You can often save in the home, too by donning warmer clothes before turning on the heater or working with the weather to dry clothes instead of using that convenient but costly clothes dryer. Looking at your saving accounts is another way you may be able to save money and make more interest. Electronic accounts are often fee-free and give wonderful rates of interest compared to ordinary savings accounts.

If you've been putting off buying that new monitor or printer for your business, remember that it is tax deductible. But there have been recent changes to what you can claim, so check that out too.

What to Look for in a Savings Account

Each savings account has different features and what suits one person may not suit another. You may want your savings account to act as a place to stash that cash you are saving for a special treat like a holiday. In this case, you will look for high interest rates above other features. Low fees are always attractive, but if the fees are for transactions and you don't plan on doing any, then it won't concern you.

Compound interest is another thing to look for in a saving account, especially if you are simply saving for a rainy day and have no firm plans for a withdrawal date. While it can be tempting to withdraw and spend your interest, if it is left in the account you will be paid interest on your interest.

If you want your savings account to simply be a place where you keep all your money, and you intend to use it to pay all the bills that come in, then you will want other features such as free transactions and a chequebook. You may also want the choice of ATM, Bpay and other more modern ways of moving your money around. You will also need to be able to withdraw your money whenever necessary, so a cash-at-call feature is what to look for. Most accounts have a daily limit, so make sure yours has enough to service your needs.