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Welcome to Money Mummy......

Welcome to Money Mummy...... /

From Little Things Big Things Grow….

As the song says “from little things big things grow”. I kinda already knew it and I teach it in my classes every week, especially in relation to saving. However, it hit home last week when we rocked into the bank with this inconspicuous bucket of small change. Granted, it was heavy.  All silver, 20c, 10c and 5c only.  All the good coins had been spent a long, long time ago.

How much is this bucket of coins worth? How much is this bucket of coins worth?

It doesn’t look like much does it?  How much do you think it was worth? On the way to the bank the hubster and I speculated about how much we thought it was worth. We both concluded that it would only probably add up to $20 or so. In our view $35 was the absolute max.  I […]

By |January 30th, 2016|Saving|6 Comments

Unusual Ways To Save Money

As most of you know I have a part time job teaching social workers about money so they can then help their clients.  It is a fantastic job for someone like me who loves talking and writing about money!  I love teaching the course because every time without fail I learn something new from my class that I can then think about using in my life or share with you all.  What I find fascinating about personal finance is that there is not a ‘one size fits all’ answer or only one way to achieve a goal, there are different ways that suit different people.  Believe it or not some of the most diverse answers come when we talk about different ways to save money….. so here are some of the most unusual ones I have heard lately.

  1. Cold Hard!
    Yep – you read it correctly when I asked one of my […]

By |July 24th, 2015|Saving|5 Comments

5 Things You Need To Know About The 2015 Budget And Its Impact On Your Family

Despite being tamer than last year, the 2015 was a real mixed bag for families.  If all the measures pass the Senate some families will be better off others worse off.  So here are the 5 main proposed budget changes that you really need to know about.!

(1) If you have a child in childcare – there are big changes you need to know about.

From 1 July 2017, a new Jobs for Families childcare package is expected to come online and replace the Child Care Benefit and Child Care Rebate with a single child care subsidy.  This subsidy will be paid directly to child care providers, reducing upfront fees.

The government estimates that the changes will save working families $30 per week on average.  Families with an income of under $65,000 per year are guaranteed a minimum of 12 hours subsidised child care per week with 85% of their child care costs […]

By |May 21st, 2015|Federal Budget|7 Comments

Pocket Money And My Mamamia Outloud Appearance!!!

I really enjoy blogging.  Not only does it give me the ability to interact and share my knowledge with my incredible readers (yes, you!!), it also at times throws up at times some pretty amazing opportunities. A couple of weeks ago one of these astounding opportunities hit my email inbox. It was an email from Holly Wainwright Editor of Mamamia!!! Yes the Mamamia, Australia’s premier website for women!!! Holly said that she had read my blog and was wondering if I would be interested in joining her and Andrew Daddo discuss pocket money on Mamamia’s popular parenting podcast “This Glorious Mess”.

“YES!!!” was my swift response!! Let’s face it, no one wants to reject the opportunity to be in the same room as a Daddo!!! :-)  So before I knew it I found myself in a recording studio chatting pocket money with Holly and Andrew!!! It was an amazing experience.  I was […]

By |May 10th, 2015|Children|6 Comments

What Should You Do With Your Mortgage Rate Cut?

So this week the Reserve Bank of Australia (RBA) cut interest rates by 25 basis points to new all time lows of 2.00%. Wooohooooo!!!! This is great news for those of us with mortgages. Provided the banks pass on the full cut, it is expected that the 25bp cut would save around $45 per month on a home loan of $300,000. So the big question is what should you do with the extra cash that you will have post the cut?

  1. Spend it
    This is one option and it is certainly what the Reserve Bank (RBA) would like us all to do. The whole reason the RBA are cutting rates to put more money in our pockets so we will spend it. This helps the economy as roughly 70% of the economy is consumption – you and me spending. The more we spend (up to a certain point) the better the economy […]

By |May 5th, 2015|Mortgages|5 Comments

How To Live On One Income

We have spent big chunks of the last four years since our daughter was born living on one income.  Some of it was voluntarily, like the twelve months maternity leave I took after she was born.  Some of it was involuntary, like the two redundancies that followed soon after that: one for me, then once I got a part time job; one for my hubby!  Go figure!  I joke that we are not meant to have two incomes in our household, or so it seems!  Living on one income can be tough.  Really hard given the cost of living in Australia is so high and the cost of housing, well don’t get me started on that one.  However, living on one income can be done, and here are some tips to help you through.

Check out what Centrelink benefits you qualify for

Going from two incomes to one income, could mean that you […]

By |April 23rd, 2015|Budgeting|15 Comments

How Interest Free Deals Work

Have you ever wondered how interest free deals work?  On the surface they all sound pretty attractive, who doesn’t want to get what they want now and pay it off interest free over 1, 2 or even 4 years?  Maybe you think it sounds too good to be true?  Well, here are some of the things you should know when considering one of these deals:

  1. Using one of these deals will most likely reduce your ability to negotiate.
    Cash is king when buying big ticket items, generally speaking retailers will not negotiate once they know you require finance. Taking up one of these deals might push you to spend more than you initially expect.
  2. Quite often interest free deals are not available on the cheapest products in each range, this means you might have to end up spending more than you initially thought.
  3. Interest free doesn’t mean fee free. Yes it is true that you are […]
By |April 9th, 2015|Debt|7 Comments

How To Save Money On A Holiday To The USA!

You might have been wondering why things have been a little quiet on the Money Mummy post front over the last few weeks.  Well, the Money Mummy clan have been having a holiday in United States of America!!!  We spent most of our time in California including a trip to Disneyland which we all LOVED, but also popped over to New York and Washington to check them out and experience what it is like to be a tourist in minus 12 degrees!!!!! Yes we were there for New York’s coldest day in 50 years and it was FREEZING!!!  Mind you, our daughter loved the snow!  I have to hand it to the Americans you think that you know them because we see their TV, movies and their news but it is a far more diverse and interesting country than I gave them credit for and we had an absolutely fantastic […]

By |March 29th, 2015|Saving|10 Comments

Why We Need To Warn Our Children About Lenders Like Nimble And MoneyMe

I am sure you have seen the ads on TV: having problems with paying your gas bill/phone bill/car repairs/nursery for your new baby?  “Why don’t you Nimble it?” says the guy dressed in a rabbit suit.  Nimble call themselves “smart little loans” but in reality there is nothing smart about them, as behind the humor and quirky advertising, lurks the most insidious form of lending the ‘payday loan’.

But what is a ‘payday loan’?  Typically a payday loan is for a small amount of money, usually less than $2,000 and which is lent for only a short period of time.  Traditionally it was until your next payday and hence the name.  The other trademark of a ‘payday loan’ is the extra ordinate interest and fees interest they charge.   In Australia, fees are regulated at 20% of the value of the loan and a maximum interest rate of 4% per month.  Yes, you […]

By |January 17th, 2015|Debt|10 Comments

How I Saved $93 A Month In 15 Minutes!

Our first post for 2015 is from the lovely Larissa from Hey Little Spender. Today she is sharing with us how she saved $93 per month in 15 minutes! Take it away Larissa!!

I know I should love this stuff, being a savings blogger and all that, but I’ve been procrastinating big-time on sorting out my two home loans.

They are the biggest investments I’ve ever made, and I worked and saved bloody hard to buy them.

However, strangely enough, finding a better deal on those loans doesn’t grab me the same way as, say, finding cheap movie tickets or saving money on holding a dinner party!!

What am I paying this much for?!

I know the rates are way too high at the moment, after coming off the end of a special rate which finished some time back. […]

By |January 8th, 2015|Mortgages|0 Comments