The post Protecting Your Family’s Financial Future appeared first on All Mum Said.
]]>You probably already look to insure your car, home and maybe your health but what about your family’s financial future? Many people overlook the idea of having life insurance or are not fully aware of the benefits but it can give all-important peace of mind if the main earner in the household dies or cannot work. Here are some of the reasons why you should think about having life insurance.
How would you cope financially if you lost the income of the main earner in the household? For most people, this would be a devastating scenario, especially if you have little or no savings to help you.
There are several different options when it comes to buying life insurance and a lot will depend on the type(s) of scenario that you want to cover yourself for. Most people are at least vaguely aware of general life insurance (also known as Death insurance), which provides a lump sum payment for beneficiaries if the policyholder dies or becomes terminally ill.
Besides this, there is also the option to buy Total and Permanent Disability (TPD) insurance, Trauma insurance (also known as Critical Illness insurance) and Income Protection insurance. These life insurance products can protect against being unable to work due to permanent disability, certain medical traumas and illness, injury or an accident.
If you have a superannuation fund, you may already have at least some degree of life insurance attached to this. This has the benefit of being cost effective as premiums are deducted from your super balance but it does have some drawbacks.
Many people are content to rely solely on this (especially if they would struggle to find room in their budget for premiums) but the default minimum cover will rarely be enough to provide an adequate level of protection unless you choose to upgrade from this. Not all types of life insurance are available through your super fund; Trauma/Critical Illness insurance cannot be bought in this way, for example.
You can choose to buy more life insurance cover through your super fund or shop around for additional cover through an insurer.
Underinsurance is a big problem in Australia, especially for life insurance. This means that many people do not have enough life insurance in place to provide adequate protection if the worst happens. This is largely to do with an over reliance on life insurance offered through superannuation but is also due to not recognising how much life insurance is needed to give genuine financial peace of mind.
Firstly, you’ll need to think about your anticipated current and future expenses, including bills, rent or mortgage payment and debts over the next few decades. As a general rule of thumb, most families will benefit from having something in the region of $500 000 or more of Death insurance but a lot depends on your outgoings and how long you may need the payment to last for.
This is an S2 POST.
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]]>The post Tips To Find The Right Investment Property appeared first on All Mum Said.
]]>It’s time to put your future first. Don’t retire with nothing to back you up financially, get ahead now!
Investing in your prospective years can make all the difference to how you live when you give up work. By setting yourself up financially in your younger years, you can get a head start on achieving your goals. Find the right investment property and you will be well on your way!
Property investment is not for everyone. Some people prefer to invest their hard earned dollars in shares and stocks. But for those interested in investment property; it is typically considered one of the safer options to invest in.
If this is a route you are considering, you must first be aware of the pros and cons that are associated with investing in property.
There are so many factors to consider but the main ones consist of:
PROS
• Insurance – You can insure your investment against a wide variety of risks; natural disasters, fires, tenant damage/tenants leaving, etc.
• Capital growth – If you have chosen your investment well, you will see a rise in property value over the years to come in addition to regular rental returns.
• Tax benefits – If your property is negatively geared it could provide potential tax benefits. This is not always the case and should not be a deciding factor but is often a benefit to investing in property.
CONS
• Problematic tenants – While this doesn’t happen regularly, you could end up with the tenants from hell. They could damage your property, refuse to leave, not pay rent and cause several other headaches that could take months to resolve.
• No tenants – There is occasional periods where you will have no tenant occupying your property and you will be required to pay the mortgage repayments.
• Ongoing costs – In addition to the initial cost of the property, you will also find that there are ongoing costs associated with property investment. These include: rates, body corporate (if applicable), repairs, insurances, water, maintenance and more.
Similarly to when you are purchasing or renting a house for yourself and your family, the property must consist of certain features to make it an enjoyable and desirable place to live. Investments are no different.
• Location – You have heard it before and you will hear it again. A good location is important for attracting the right tenants. A good location is safe, offers peace of mind and is close to public transport, schools, shops, etc.
• Storage – From ample linen space to bedroom closets; storage is a crucial decision-making factor.
• Parking – Surprising to some, not every property comes with parking. By adding the option of a garage, carport, undercover or off street parking; you will increase tenant interest dramatically.
• Maintenance – It is in your best interest to find a property that requires minimal yard maintenance. Tenants don’t want to pay for upkeep of pools, gardens, etc. so unless you are willing to pay a professional to maintain the grounds, stick with simple!
Buying property can be an emotional experience; however when making the decision, use your head and not your heart!
Research must be done into not just the property but also the area before taking the plunge.
• Infrastructure – What is happening in the area? Are future buildings, businesses or projects planned? This can have both devastating and beneficial effects on the value of your property, so ensure you know what is going on.
• Return potential – The expected return of a property is one of the most important things to consider when purchasing property. Do research and compare the property with those similar in the area on rental sites.
• Investment strategy – Do you plan on negatively gearing the property or receiving a positive cash follow? What is the loan rate? Suburb growth? Do you want a unit, house, etc? By comparing your answers to the above questions on the Homesales.com.au Investment Property Search, you will be shown options around Australia that are expected to produce the results you want.
Don’t just jump in and buy a property. Make sure you take the appropriate steps to ensure it is what is best for you financially and that your purchase will indeed be an investment. Don’t risk buying a bottomless money pit. For more information on property investment, click the link.
Investing in your future doesn’t have to be stressful. By considering the above points and doing your research, you will find the right investment property for you!
Disclaimer: I am not a financial advisor and this article should not be used as such. For financial advice, consult your financial advisor.
This is an S1 POST.
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]]>The post Name Labels For School – Skool Labels – Discount appeared first on All Mum Said.
]]>With the start of another school term; the final one for the year, comes another round of stocking up on pencils, glue and rubbers.
It seems to be never ending. I don’t know whether the kids actually use all their stationary, they lose it or someone takes their property. But whatever the reason for them going through so much of it is; I am going to do everything to ensure that if they misplace it, someone will return it.
Putting labels on their items is a great way to ensure their belongings are named. Personalised labels are even better, for a few reasons.
1 – I don’t have to write their name repeatedly and 2 – you can personalise it to suit their interests. It’s a win – win!
I have labelled the kids items this term with stickers from Skool Labels. They personalise labels for kids and because they specialise in kid’s interests, they know exactly what to offer.
They have options in a few different product ranges. Name labels come in: Classic stick ons (prices from $16.95 for 36 labels), Small stick ons (prices from $14.95 for 36 labels), Square stick ons (prices from $12.95 for 22 labels) and circle stick ons (prices from $12.95 for 18 labels).
As a result of them being waterproof and dishwasher safe, these are perfect for lunch containers, water bottles, school books, etc.
The pencil labels, while they are great for labelling pencils and markers, they are also the perfect size for glasses. Never again do you have to worry about lost glasses. Price: $19.95 for 130 labels.
The iron on labels will ensure your child never loses their uniform, clothing at day care, towel at swimming, etc. They are washing machine and tumble dryer safe! Prices from $14.95 for 42 labels.
Each of these label options are available in a range of colours, fonts and icons. They make personalising seriously and ensure kids feel like individuals. They are bright, fun and would put a smile on every child’s face.
In case the great quality and range doesn’t have you interested; perhaps the FREE SHIPPING and three day dispatch will have you fascinated.
DISCOUNT!!
To celebrate the return of term 4, Skool Labels are offering 20% OFF ALL Skool Labels.
Purchase between 28th September to 4th October and use the promo code BTS20 to receive your discount!
Disclosure: I received the above Skool Labels for the purpose of this review. All Opinions are my own.
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]]>The post Dos And Don’ts Of Buying A Used Phone appeared first on All Mum Said.
]]>Before you buy a used phone, STOP and read this. It could save you hundreds!
You have found the deal of lifetime but is it really as good as it seems? There are several things to consider before buying a used phone. They include:
You wouldn’t just hand your money over to some stranger walking past you in the street, so why would you think about doing it when buying a 2nd phone or tablet?
This should typically go without saying however some people get caught up in the ‘great deal’ that they don’t bother or take the sellers word for it.
Take into consideration what you are looking for in a phone; make a checklist if it is easier. Know what brand you want, storage size, minimum running system, screen size and most importantly condition. By researching your requirements in a phone you will be more prepared and likely to wait for the ‘right’ phone to come along.
Tip: Buy after the latest release because the price will drop considerably!
Always meet in person so you can physically inspect the goods yourself. Take a long hard look at the phone for scratches, dents, water damage and cracks. If these look fine then you should extend your inspection to be more thorough.
Include checking: SIM works, Micro SD is recognisable, speakers, pixels in screen, camera, headphone and charger ports work and that it is unlocked or compatible to your network. By ensuring these individual components are in good working order, you will have less to worry about when you get home.
Tip: Before meeting with the seller, ask as many questions as possible so you know exactly what to expect when you arrive. This includes the lowest price accepted should phone be as described.
While this is not a foolproof way to check on a phones handset status; it will tell you at the time of your search whether it has been reported stolen or is blocked.
Check the status of handset here.
Tip: Always request proof of ownership from current owner before handing over your money.
By narrowing down your options based on your requirements, the price and the handsets conditions; you will have a much better idea of what the going rate for that specific phone is. Gumtree have now made the elimination process easier for both buyers and sellers with their online phone price checker tool. This allows you to see the average price and condition of common smart phones.
We know finding a bargain is exhilarating but there are some things you should never do when buying a used phone.
• Do not rush in and buy the first one you see. You never know what is waiting around the corner.
• Never meet in a private place. Ensure your meeting venue is a public space and during daylight. Your safety is important!
• Don’t just take the sellers word that it works. Test it and view it in person before paying.
Buying used handsets and tablets definitely has its advantages. They are much more affordable, they don’t require lock in contracts and are typically no different to purchasing new.
You often hear about people having bad experiences buying 2nd hand phones; however if you take these mentioned factors into consideration when purchasing used phones, odds are you will have a positive experience.
This is an S1 POST.
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]]>The post Things To Consider Before Installing a Solar Power System appeared first on All Mum Said.
]]>Solar power is no longer a new concept, yet for some reason there is still a lot of hesitation around taking it on as an alternate energy source. A lot of this can be due to misinformation and people not willing to look further. In reality, though, investing in solar is no different to any other lifestyle investment, and can be undertaken by anyone who is willing to do their homework. If you think this is the approach for you, then below are the important factors you do need to consider before installing a solar power system.
Although investing in solar energy is a lot more affordable than it was a few years ago, you still have to consider your budget when taking it on. Firstly, look at what you can afford now; for example, can you make an up-front payment? If not, taking on a payment plan could be a more realistic solution. Most solar companies such as Absolute Energy Solutions are fairly flexible with consumers, as they want you to make the move to this renewable resource. Do your research and don’t hesitate to take along a note book of questions when you speak to a provider. Also, know your objectives for investing in solar, and how much energy you consume. Because as you will see below, the more energy you need, the more panels you will have to purchase.
When it comes to solar panels, size definitely matters, as the proportions of your product will dictate their overall energy output. The best way to determine what size or how many panels you’ll need is to look at what your current electricity requirements are — make sure you’re being as energy efficient as possible first, though. From here it is fairly straightforward; if you need a lot of energy, you are going to have to invest in a larger system. But vice versa; just because you have an enormous area of roof space does not mean you have to cover the entire thing, especially if this energy isn’t going to be used. It will just end up costing you more to buy and install.
When installing solar panels, it’s all about the location. Firstly, you need to think about what area of your roof attracts the most direct sunlight for the largest portion of the day. Although solar panels will still absorb sunshine even when it’s not hitting the mark, direct sunlight will really maximise your solar energy output. For the southern hemisphere this is usually a north-facing orientation. Of course, solar panels don’t have to be installed on the roof; however, this is usually the most convenient, unused space. If you do go ahead with the roof though, make sure it’s stable enough to support your solar panels, and depending on the roof’s angle, you may have to tilt the frames.
These factors are all important, but at the end of the day, the biggest one is what investing in solar will actually mean for you and your home—it should not just be about following a trend, but rather be about lower electricity bills and helping to reduce your environmental impact.
Where do your biggest concerns lie in regards to solar? Tell me below!
This is an S2 POST.
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]]>The post A safe bet for retirement savings appeared first on All Mum Said.
]]>With the increase in the retirement age, changes to our superannuation and the anticipated reduction in the asset limits for retirees, saving for your retirement is not easy.
On top of the challenges given to retirees from the government, there are so many different packages and ways to invest your money that sometimes you just don’t know which way to turn. Then again, you hear of so many people losing their money, due to poor investment choices, that just finding an honest to goodness investment is fraught with an unhealthy amount of stress.
That’s why it is good to know that you can still put together a sizable nest egg for your retirement, which will help you out of a tight spot in later years – and it’s all about bricks and mortar.
There is no better time to purchase real estate than in today’s financial market. With interest rates so low, it seems daft to put your money anywhere else. After all, Aussies have always loved their homes and the property market is always a safe bet.
Yes, the market cycles up and down, but if you keep your eyes open and your ear to the ground, you can easily purchase the right property at the right price. So long as you don’t buy at the height of a real estate cycle and try to sell at the bottom, then over time, capital gains will continue to grow your nest egg nicely.
With a few properties under your belt, you will have a much more positive outlook on life and a much better foundation for your retirement. One of the positives about buying investment properties is that the rent pays off your mortgage and if there is any difference between the two, then you just negative gear it at tax time.
You can also claim a lot of improvements against your tax, so the out of pockets might be either non-existent or very minimal. Once you retire, then you can decide whether or not to sell one or more of your investment properties and realise the gains or just continue on and accrue more capital gains.
When the interest rates are so low, it just makes sense to go with a fixed mortgage and lock in a really low rate for the next 3-5 years. With a low fixed rate on your investment property loans, you can focus on the capital gains and with low $ loan repayments (due to fixing at a really low interest rate), then the rent quite often covers all of the remaining expenses.
So if you want to set up a sizable nest egg for your retirement, check out the fixed rate interest home loans found at NPBS and look forward to a bright future.
What are your tips for saving for retirement?
This is an S2 POST.
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]]>The post 6 Business Ideas for Stay at Home Mums appeared first on All Mum Said.
]]>Whether setting up your own business is something you’ve always dreamed of or you’re just looking for a way to supplement the family income, trying to juggle a fledgling operation while being the primary caregiver for your family can be difficult. But if done well, it can be quite profitable and fulfilling for you too. Below you’ll find a list of six business ideas that work best for stay-at-home parents.
Deciding to take a couple of years – or longer – out of the workforce doesn’t have to mean your career takes a back seat. Why not consider offering boutique consultancy services in your field? You will have to allocate some time for client meetings and communication during business hours, but you are otherwise free to work when it suits you.
Administration, call handling and calendar management are all roles that can be done away from a traditional office environment. You can offer the services independently or sign up with an agency to help place you with clients.
No doubt you’ve been to an in-home demonstration before. The consultants are often parents just like you, running their own operation in the times that suit them and selling products they love. You could display and sell anything from cosmetics and clothing to home appliances.
If you are the type of person who loves the thrill and challenge of a sales job and have access to a phone and a computer, you could be the boss of your own telecommunications company. Many savvy entrepreneurs are taking advantage of services like Telcoinabox, which make setting up what is virtually your own phone company simple and affordable for everyone.
Is there something you wish you could outsource around your home to make your family’s lifestyle easier? Why not look into seeing how feasible it is for you to offer it. Make sure you establish if there is actually a market for the service and if you can provide it affordably while still making above minimum wage yourself – sometimes there’s a reason why such a thing doesn’t already exist!
More laundry might be the last thing you want right now, but there can be some serious cash to be made by offering this service and it’s something you can do while indulging in some ‘you’ time while watching your favourite show or after the children go to bed. You already have all the tools you need to get started and marketing can be as simple as hanging a sign up on your local noticeboard.
Working from home can be a great way to contribute to the family budget while raising your family. But make sure you do your research to ensure you can afford the time commitment as well as any capital outlay to make it really work for you.
What advice would you give to stay-at-home parents looking to build a side project business around their family life?
This is an S2 POST.
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]]>The post How to Improve Financial Literacy appeared first on All Mum Said.
]]>Money is a prickly topic in a lot of households however we should all be financially aware and know exactly what dollar is going where and why. Money is something that affects you in one way or another whether you know it or not. This is why improving your financial knowledge is vital.
My husband and I have always been honest and open about what our financial goals are and as we have combined bank accounts this is exactly how it should be. When we were younger we used to get paid weekly and we would live like kings. For a day. Then our bills would be debited out of our accounts and we would be left living like a pauper, with no idea where our money went. We thought we understood what it meant to be independent and pay our own way however we lacked the knowledge and experience to manage our finances efficiently. As weeks turned into months; our budget (or lack thereof) became evident and the reality of what everyday living actually cost meant something had to change. We did some research, discussed our options and made a plan.
Many women however don’t like to bring up the money conversation as it can be seen as unladylike, impolite or just plain naggy. When in actual fact this old fashioned concept is preventing them from ensuring their family’s financial security and their own personal economic knowledge.
It is not just women and those in relationships though that need some assistance with improving financial knowledge. There are several characteristics shared amongst those in Australia who are least financially literate. According to the Commonwealth Bank Foundation’s ‘Improving Financial Literacy: Benefits for all Australians’ report, these tend to be those who were hit hardest and suffered job losses and reductions in working hours during the Global Financial Crisis. And yet it is those same people who were least equipped to deal with the financial stress as a result of limited savings to assist them during their change in circumstances.
Young people aged 16-25 and those earning a low income of less than $30,000 tend to be the least financially knowledgeable members of the community. However they are not alone. Those that indicated ‘any high school’ was their highest level of education made up large percentage of those needing to improve financial literacy and as you would expect those who are unemployed or studying.
There are many free financial courses available that will enhance your financial awareness or you can read up on how to improve financial literacy.
It is so important that everyone is financially literate and aware of their monetary situation. Not just those I mentioned above but everyone; single women, single men, husbands and wives, mothers, fathers, brothers, sisters, adults and teens. Everyone! It is crucial we have important discussions about money with our partners or family members so there is a clear understanding of what insurances are in place should anything happen to you.
Spouses often make these decisions together but it is a topic that should be reassessed regularly as situations can change. This will also ensure you and your family are still getting the protection and cover you need. Determining how much you need to be covered for depends on a variety of things; how much debt you have (house, credit cards, etc.), income replacement and even future obligations (schooling fees for dependants).
Income insurance may also be of interest because if you were to be injured and no longer had an income to support your family. This change in circumstance could potentially cause a lot of strain and unnecessary stress in an already difficult time.
This does not in any way mean that everyone must have life and income insurance. It simply means that it should be assessed on your personal financial situation. If you have no dependants and your assets outweigh your debts than you may not require it at all. Seek financial advice if you are unsure or would like more information.
Another thing that should be discussed and actioned is your Will Kit and Power of Attorney. This is for you personally and your families piece of mind. The affects of not keeping your Will up to date is often underestimated. If you have not got a Will Kit or need to update it you can purchase one online at Australian Will Kits.
Knowing what bills need to paid and when, how much your day to day living expenses and budgets is, what your savings goals are and how you are going to achieve them is just a small portion of your financial obligations. At the end of the day being financially literate will be a long term benefit for not only you but also your family.
What additional tips would you give others looking to improve their financial knowledge?
This is an S1 POST written in collaboration with Real Insurance.
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]]>The post 5 Typical Reasons People Fall into Debt appeared first on All Mum Said.
]]>Are you keen to avoid falling into debt? Do you want to ensure that you don’t fall further into debt? If the answer is ‘yes’ to either of these questions, it’s time to engage in active prevention. This means understanding the common reasons why people fall into debt and recognising the warning signs in your own life. Here are five common factors to keep an eye out for.
Owing some money is one thing, but being deep in debt is another level altogether. Unfortunately, for many people, one leads directly into the other. When you start to see red flags that you might be headed into financial strife, it’s crucial that you don’t let your pride prevent you from seeking help. Expert agencies, such as Debt Rescue, are skilled at helping people manage their money without passing judgment. If you think trouble could be brewing in your bank accounts, don’t hesitate to think about what people might think; take action straight away by getting a professional on your side.
It can be very difficult to adapt to new situations, especially ones that impact heavily upon your finances. Things like loss of income and unemployment can quickly lead an individual down the path of debt if they don’t adjust their lifestyle to suit their new budget. It’s important to always spend and save money in accordance with your current circumstances rather than your past ones.
Gambling is a widespread problem that causes countless people to fall into debt. This pastime’s addictive nature makes it a perfect trap for dollars that should be allocated elsewhere. When you’re focused on winning that jackpot, it’s all too easy to forget that you may end up spending more than its value in your pursuit of it! Take advantage of one of the multiple support hotlines if gambling has become a source of financial woes for you and your family.
They say an apple a day keeps the doctor away… but this is clearly just not the case. As healthy as the fruit might be, there are numerous illnesses and injuries that can land us in need of the hospital, regardless of our diets. Unexpected visits to the doctor or emergency room can create quite a problematic dent in anyone’s bank account; medical expenses are the cause of debt for many people. This can be significantly worsened if combined with the final point below.
If something in life goes wrong that affects your finances, such as a sudden illness or work termination, your savings should provide you with a temporary safety net. Falling into debt often occurs when unfortunate events combine with an individual’s failure to provide themselves with this safety net. It’s crucial that you start building up your savings account from the moment you first start earning money. It’s impossible to know what the future might throw at you, but it’s guaranteed that having extra cash stowed away is a better option than having none should something bad happen.
These are five of the most common reasons people fall into debt. Have you experienced any of them yourself? Perhaps you’ve seen someone you know go through one of these five experiences.
Feel free to share your story and/or insights in the comments below – you may just help another reader avoid or recover from their own financial drama.
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