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Welcome to Money Mummy......

Welcome to Money Mummy...... /

How To Save On Your Health Insurance

Last week I spent some time trying to figure out whether we had the best deal on our private health insurance.  You see, we have been with the same insurer for 10 or so years and they have been great, but recently I have begun to wonder whether our health insurance might be a place where we could save some cash.  The truth is this process wasn’t easy.  In fact I can safely say that a couple of hours in and the whole ‘health insurance’ scene was doing my head in!!!  However, in amongst the talk of excesses, hospital choices, government rebates, blah blah  I did figure out quite a few things.  So here they are to help you make your health insurance journey far more pleasant than mine J

(1)   Figure Out What Cover You Have Now And How Much You Pay For It

This is the best place to start, […]

By |July 24th, 2014|Insurance|18 Comments

How Much Your Credit Card Debt Is Really Costing You

Us Aussies have a love affair with the ‘plastic fantastic’.  According to The Money Smart website Australians in total have about $34 billion in credit card debt or an average of $4,400 per credit card holder.  But how much is that credit card debt really costing us?

Assuming you have the average credit card debt of $4,400 and decide to buy nothing else on the card and your interest rate is 18% (most cards range between 17%-19% depending)… here are the numbers:

Repayment Made Total Cost Time Taken to Pay Off
Minimum (2%) $14,883 over 31 years
$100 $7,056 5 years & 11 months
$150 $5,725 3 years & 3 months

 

Yes, you read it right!!!  If you only make the minimum repayment it will take you over 31 years to pay off the $4,400 debt and cost you a total of […]

By |July 16th, 2014|Debt|24 Comments

5 Websites That Will Help You Make or Save Money

The best ways to save or make extra money are the easy ones.  So here are 5 of my favourite websites that I have used to save and/or make me a little extra money.

(1) The Centrelink Payment Finder

Dealing with Centrelink is hard and quite often it is really difficult and time consuming to figure out what you are entitled to.  The Centrelink Payment Finder makes it really simple and quickly allows you to figure out what you could receive.  It is one of my absolute faves and has alerted me to potential payments that I had no idea I could receive.  Click here to check it out.

(2) Unclaimed Money

I love to do an Unclaimed Money search.  It takes all of 20 seconds and is completely free.  Potentially it could find you any lost bank accounts, shares or life insurance […]

By |June 25th, 2014|Budgeting|45 Comments

The Superannuation Co-Contribution – How To Get An Extra $500 Superannuation For Free

I am so excited – this year I qualify for the government’s superannuation co-contribution scheme and I am absolutely going to take it up!!  Let’s face it, there are not many ways you can get $500 for free, particularly from the Government!!!  However, this is one of them and it is really easy!!! Who would have thought!!!

So here is how you do it!  Pretty much to qualify for the full benefit of $500 you have to earn less than $33,516 and put an after-tax contribution of $1000 into your superannuation fund by the 30th of June 2014.  As long as you have put the contribution into your fund and you file your tax-return, the $500 will automatically be paid into your fund by the government.  (Click here to see the full criteria).

If you earn between $33,516 and $48,516, you will still get […]

By |June 19th, 2014|Superannuation|13 Comments

The Federal Budget 2014: What Does It Mean For Your Family?

Ok if the 2014 Federal Budget was all a bunch of gobbledy gook to you then do not worry you are certainly not the only one!!!!  Here is my take on what you really need to know about what was announced in the Budget and how it will impact you and your family!

  • If you get the Family Tax Benefit part B the rules have changed.  Only Families on a income of less $100,000 with children under six qualify.  Though existing recipients of Part B with children six or older will continue to receive payments for two years.
  • Planning to have a baby?  The new paid maternity scheme to start in July 2015 will have scheme payments capped at a payment of $50,000, as opposed the originally promised $75,000.
  • Going to the Doctor will cost you more:  Anyone who sees a doctor and gets bulk billed will pay $7 every time they go.  Non-bulk-billed […]
By |May 16th, 2014|Federal Budget|15 Comments

How Much Can You Save By Shopping At Aldi?

When you speak to people about Aldi there are pretty much two camps.  There are those that love shopping at Aldi and those that don’t.   The truth be told I am in neither camp.  We live a five minute walk from a large name supermarket so that tends to be where we shop, more out of convenience and a bit of exercise, than anything else.   However, after hearing stories from my friends about how much they think they save from shopping at Aldi, combined with figuring out how much we spend on groceries every month(click here to find out more), I decided to see for myself how much we could save by shopping at Aldi.

In putting the Aldi’s to the test,  I chose 18 items at Aldi that would appear reasonably regularly on our shopping list and compared the prices to my local big […]

By |April 30th, 2014|Shopping|25 Comments

What Is The Best Way To Save For Your Child’s Education?

Education is expensive.  Even if you have no intention of sending your child to a private school, the costs associated with your local public school soon add up.  There are books, shoes, uniforms, excursions and after school activities.  The costs seem endless.   This is not even to start thinking about costs of higher education should they choose to go on to university or TAFE and you want to help them out.  So how do you afford to pay for it all?

The keys to success to save for your child’s education is to start as early as you can and save regularly.  Time and having a regular savings plan help to harness the most powerful wealth building tool ever: compound interest.  Compound interest is when you earn interest on top of your interest.  When you save or invest your money earns interest, so you then earn interest on your original investment […]

By |January 30th, 2014|Saving|21 Comments

5 Ways To Save For Christmas

I know what you are thinking!  Hasn’t Christmas been and gone?  Yes, but I have decided that if the stores can start stocking Easter eggs and hot cross buns in January!  I can talk about saving for Christmas 2014.  Besides, the best time to start saving for it is now!

So, to get ready for Christmas 2014, the first thing you need to do is to set your goal.  You need to know how much money you would like to have saved by a set date in 2014 when you would like to hit the shops.

Next you need a plan.  As the saying goes, “a goal without a plan is just a wish”, so break your goal down into a weekly, fornightly or monthly savings amount.  So if your savings goal is $300 for Christmas by the 3rd of December 2014.  This calculates to 48 weeks from the 1st of January […]

By |January 21st, 2014|Christmas|3 Comments

How To Create A Budget

It is the start of the year and so it is time for those darn New Years resolutions.  Exercise more?  Drink less?  Lose weight?   All noble options but none of these are it for me this year.  (Mind you, I could probably do with all three!!!)   However, this year my New Year’s resolution is to develop a budget for the Money household.  What?!!?  I hear you gasp, surely with a name like ‘Money Mummy’ budgeting is second nature?  Well, actually no.  It is not to say I haven’t thought about it, but this year is the time to actually do it.  So this is how I have gone about making my family budget from scratch……

The first step to developing your budget is to figure out what you spend.   There are lots of ways of doing this from writing it all down, to using an app on your phone or keeping […]

By |January 15th, 2014|Budgeting|33 Comments

Hamper King: Are They Value For Money?

Ok I will admit it!  I am a little bit obsessed!  But after being horrified that Chrisco charges 28% more than Woolworths for the same hamper of goods (click here to see the post) I wondered whether Hamper King would be better value.  So I decided to do the numbers on Hamper King and find out.

I chose the ‘Traditional Feast’ Hamper with Hamper King (click here to see what it includes), which was the closest comparable I could find to the hamper I used for Chrisco.  The ‘Traditional Feast’ hamper is valued by Hamper King at $348 or $7.57 per week.  The methodology I used was exactly the same too.  I found out from the Hamper King website what was included in the hamper then simply went on to the Woolworths internet shopping […]

By |December 15th, 2013|Christmas|15 Comments