Coming up to Christmas, you may be looking for some simple tricks to make your money go further. You don’t need to be a magician or need to win the lotto (even though that would seem like the easiest solution, the odds aren’t in your favour). A conversation with National Wealth Advisory can help us understand where you need help, and we can connect you with a certified expert to provide you with sound financial advice. There’s no magic wand, but some of these easy-to-do money tricks can help you through what’s normally one of the most expensive times of the year.
Abracadabra, learn how to budget properly.
Everyone knows how to do a basic budget, but connecting with a financial expert who is a whiz in budgeting will give you an objective opinion and help you find where you’re haemorrhaging money that you could be saving. Budgeting can be hard because it involves being very honest with yourself. The silver lining is that when you have a clear view of where your money is going, you can start putting a plan in place to start saving for your goals. It’s good to have a smaller goal that’s achievable within a few months to keep you inspired and on track. You’ll also want a long-term goal. It might be to pay off all your credit cards and then use that money to save a deposit for an investment property. You may want to be debt-free with an emergency buffer fund should a new wave of COVID take us back to 2020/2021. Or it could be as simple as saving for a Christmas holiday in 2023.
Rent out a room or two
Have you heard the old saying, “Where two or more are gathered, rent is cheaper”? If you have a spare room, find yourself a roomie or two. Being able to split the utility bills with someone is always cheaper than bearing the brunt of it yourself. Your own space is nice, and you may not want a random stranger in your house, but you can’t beat getting passive income from letting a room out. With rents across Australia almost criminal, you may be surprised how much people are prepared to pay. As a landlord or a live-in landlord, there are deductions you are entitled to claim as well, so be sure to talk to a certified tax accountant to maximise any potential tax cuts.
Don’t stay loyal to utility providers
It’s sad to say, but even though you may have been with your electricity or internet provider for several years, these days companies seem to have no loyalty to their long-term customers. There are plenty of incentives for new customers—cashback, better early payment discounts, rewards points—so it pays to shop around to ensure you’re getting the best deal. Yes, it’s easier to stay with the same provider, but when you call to tell them you’re leaving they’re also likely to incentivise you to stay. Do your research, and make sure you shop around for the best deals. It may be surprising just how much you can save.
Start your own hustle
Everyone has a talent. Whether it’s having a way with words allowing you to fluently write blogs, make patchwork quilts or love gardening, you can put your talents to work. Apply for an ABN, anyone in Australia that’s a resident for tax purposes can get one free, and start earning a side income. You don’t have to be an influencer with a following on Instagram to earn money. Clean offices, mow lawns, write CVs, become an affiliate marketer…the options are endless. Simply make sure your side hustle is structured properly, and you know your tax obligations.
Invest time in talking to a financial advisor
This is one of the best tricks you could possibly do to make your money go further. You may not see the results in time for this Christmas, but for Christmas 2023 you should be in a much better place financially. Most people wait to see a financial advisor once their wagon is on fire, and it’s about to go over a cliff. You’re likely to learn some invaluable and practical ideas to make your money work for you. You can find out about salary sacrificing, whether a self-managed super fund would be more beneficial, how to structure any side hustle, get more out of your tax returns, even generate passive income and set yourself up for success. Like all good things, these easy-to-do money tricks may take time to start generating some extra cash, but at least you’ll be on the right footing with firm resolutions set for the New Year.
Cut back on gift giving
Desperate times call for desperate measures, and we don’t want to be the Christmas grinches here, but remember the reason for the season. It’s about family and friends, and while it’s nice to get presents, Christmas is not an excuse to go crazy and rack up unnecessary credit card debt.
If might be tight this Christmas, come to an agreement with family members to do one present per family other than individual gifts or buy just for the kids. You could organise a secret Santa. Or instead of gift giving and putting on a big meal, volunteer at a homeless shelter.
Have you tried our simple money-saving hacks for Christmas and they’ve paid off? If you’ve found yourself with extra money and are looking for lucrative ways to grow your wealth, talk to our team at National Wealth Advisory. We can connect you with experts that will provide you with invaluable advice so that next Christmas, you’ll be reaping the rewards.