page contents

Saving

/Tag:Saving

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

10 Ways To Save Money On Your Wedding

This post is brought to you by Bride.com.au

Planning your wedding is a super exciting time but it is so easy to get carried away and have your budget blown out of the water.  There is a whole industry set up to help you spend your money on a raft of things to make your day ‘perfect’.  Add the ‘W’ (Wedding) word to any conversation and it is amazing how fast the costs escalate.  So what is the best way to have the day you want without being saddled with debt that lasts far longer than the big day?

Firstly, you need to set a wedding budget (or spending plan if you like that term better :-)).  Sit down with your partner and anyone else who is helping you pay for the wedding and be clear who is contributing what and how much the total […]

By |December 3rd, 2013|Budgeting|15 Comments

How I Saved Big On My Electricity Bill

I hate to think about it, but our electricity bill is high, really high.  I opened it recently and was shocked to find it was $1400 for the last quarter!  Ouch! Okay our house is all electric with no gas, but really?  It is not even a big house, it is a small house.  We don’t even have hordes of people living with us.  It is just the 3 of us.  Yes, the bill was for over the winter period but even then it seems ridiculous.  Surely I could get a better deal?

With my mission set, I went off in search of more spark for my buck.   My first stop was the Australian Government website called ‘Energy Made Easy’ (click here to check it out)   This site is designed to help you compare all the electricity and gas retailers in your […]

By |December 3rd, 2013|Budgeting|19 Comments

Chrisco Hampers: Are They Good Value?

To be honest, I have always wondered whether it is worth purchasing a Chrisco hamper.  Every year around Christmas time when the glossy Chrisco TV adverts appear, I wonder whether it would work for me and my family.  You see, there are many parts of the Chrisco concept that really appeal to me.  The simplicity of choosing your hamper at the start of the year, then making automated payments weekly/fornightly or monthly and then ‘ta da’ a bunch of branded food products arrive at your door just in time for Christmas.  It does sound like it takes some of the hassle out of Christmas.  Yet, I have never done it.  So this year, I decided to do the math and figure out whether the value really stacks up.  This is how I went about it and what I found out.

I went on to the Chrisco site and I chose the […]

By |November 21st, 2013|Christmas|65 Comments

How To Teach Your Children About Money

There are so many things I want to teach my daughter but money smarts is very close to the top of my list.  It is an essential life skill and I am very aware that it is my responsibility to teach her.  Many parents feel the same way, and I often get asked “What is the best way to teach my child about money?”   The truth is, like with many things, there is no one correct way.  Each child is an individual and some ways will work well with some kids, but not with others.

I believe there are two essential elements you need to help your children learn about money: you need to talk to them about it and you need to show them about it.  The following are some practical ideas of how you can combine talking and showing, to give your children a solid real-world foundation in the […]

By |October 10th, 2013|Children|32 Comments

Why Money Is Just As Important As Sex (When Talking To Your Children)

Most parents see it as part of their role to have the birds and the bees talk with their children.  They expect that at some point in time it is a conversation (or in most cases, several conversations) that that they will have to have.  It is seen as an integral part of the parent job description, crucial to bringing up a well rounded child.

But why is it not the same with money?  We talk openly with our children about sex but shy away from something that will be just as an integral part of their adult lives.  Think of how many money related things you do every day – go to work, buy the groceries, pay bills, use a credit card, pay the mortgage or the rent.  Whether we like it or not money is an integral part of our daily lives.  I don’t mean this in a “money […]

By |September 18th, 2013|General Finance|38 Comments

How To Use An Offset Account to Pay Off Your Mortgage Faster

For those who missed part one of this series on how to pay off your mortgage faster, please click here.

Ok, now on to the second part of how to pay off your mortgage faster, and this week it is all about how to use an offset account.  Many of you probably have one of these accounts as part of your home loan package, but it never ceases to amaze me how many people don’t really understand how it all works.  Most of the time I think it is because the banks don’t want to explain it to you properly because it is not in their best interests for you to pay off your mortgage early.  They would prefer to charge you the fees for the facility and not have you use it!  So here is my attempt to explain it all […]

By |September 10th, 2013|Mortgages|55 Comments