Tips to make and save money, especially for Aussies. As featured on ABC, Nine and Channel 7. Sign up for weekly tips plus freebies and discounts.
How to Manage Big Financial Changes and Goals
How to Manage Big Financial ChangesFinancial changes can range from a promotion to job loss, a medical emergency to an inheritance. Any of these, and many other things, can significantly impact your finances, requiring different thinking and financial knowledge. As an example, we were meant to move to Fremantle, WA at the end of June but due to medical issues with my pregnancy, we can't. We found out 2 weeks before we were supposed to move so had to contact the real estate, daycare, high school as HSC and online schooling had been arranged for my eldest to complete NSW year 12 in Western Australia. Justin had to call his boss as his work has a 6 week notice period due to the highly skilled nature and shortage of commercial divers. Fortunately, daycare still had a few days, his boss was ecstatic to keep him on instead, our landlord is brilliant and we could stay plus the school sorted things quickly. We had already sold off almost everything so had to scramble to get a few items and now here we are, facing a lot of changes and uncertainty including financial changes. So what can you do to manage them? Positive Changes e.g. Inheritance, Increase in Income, Promotion/OpportunitiesStatistically, people who have a big windfall, such as winning lotto or a great inheritance, blow it within a year. Those who have an income increase often increase their expenses to match. It can be tempting to get all those things you wanted or spoil yourself but it won't help you in the long term. I am definitely someone who lives for today but I strongly believe in preparing for tomorrow too. We travel a lot, my kids have expensive extracurriculars, we love experiences etc but we also invest, improve our careers, businesses, real estate and so on. Many people who live in a frugal or scarcity mindset struggle with financial windfalls. This is NOT professional financial advice for your specific situation. This is what I have done in different scenarios: Think But Do NOT Act: Think about what you want to do with the money, what lifestyle you want, what your financial goals are etc. Write them down but do not take action yet. It's o to dream big and write down those things you feel might not be possible, just do not do anything without advice. Get Professional Advice: Financial advice based on your circumstances and goals is extremely valuable. Seek out a financial advisor or accountant, preferably through recommendations, before you do anything. There are ways to save on tax or increase your investments, depending on how they are set up. By knowing what you want, talking to a professional about it and taking action then makes a difference. Act Slowly: Do not rush to make decisions or big changes. Follow the advice you have been given and take action based on what will help you achieve your long term goals and have some fun. Hopefully the plan you worked out with the professional covers some wants and fun things now as well as covering your bigger or long term goals. Ways to Increase Your Income, Start a Business, Improve Your Finances etc.How can you improve your finances drastically? Read this for tips to increase your income and tips here for side hustles. If you want to start a business, look at how you can do it for under $100. We covered tax tips in previous emails but here are some articles on tax e.g making your tax return go further. Do a full financial review based on your new circumstances. How to increase your net worth. 11 tips to improve your finances and 25 ways to improve your finances this year. You might be interested in how the wealthiest 1% in Australia manage their money too. Negative Changes e.g. Job Loss, Medical Emergencies, Natural DisastersThe list of things that can dramatically negatively impact your life might feel heavy and long, so hopefully, the tips here can help you reduce any impact. I have personally experienced homelessness, major health issues, repatriation, bushfires, a cyclone and more, so again, it is first hand experience and getting professional advice is always advised. How to handle financial emergencies and obstacles How to survive when the cost of living keeps going up How to afford medical care even on a low income or Centrelink How to get free money and vouchers. How to survive on Centrelink. How to get the money to leave an abusive relationship. Managing The Emotions And Other FactorsOn my other site I have quite a few articles that could help with the emotional side of changes and other factors. How to adapt when things don't go as planned How to thrive despite your circumstances How to forgive yourself: 17 tips to help you heal How to do a life audit to improve everything What I Am ReadingI have read many finance, psychology, business and self-help books over the years and love sharing what I am reading. Here are some books that have helped with life changes for me: The Power of One More: Great examples for all areas of life to help you overcome obstacles and push a little harder. The 12 Week Year: This helped me reframe my goals and plans to achieve more in a short period, especially when there were unexpected delays e.g when we were locked down in the Solomon Islands, moving from Noosa, our current move being delayed 3 times now! Unf*ck Yourself: I especially loved the audio version as he's Scottish which feels like it added more motivation for what to do. Man's Search For Meaning: The classic tribute to hope from the Holocaust is an important read for everyone to help you reframe your thoughts and feelings. Discounts For You!$15 instantly from Up Bank who are backed by Bendigo and fee-free $10 to 30 from Ubank when you use the code S7VL6WF and complete 3 transactions in the first month $5 from WeMoney, an Australian budgeting app The highest paying online survey site in Australia is Octopus Group. Get cash back and a bonus offer with Cash Rewards and Shopback. Food Discounts Up to $200 off HelloFresh one of Australia’s most well-known meal kit options and the one I have used the most Up to $180 off EveryPlate for new and returning customers Up to $144 off with Dinnerly one of Australia’s cheapest meal kit options Up to $180 off with Marley Spoon a meal kit option great for those who are more health conscious 1,500 bonus points + 10% off every month with Everyday Extra (Woolworths) Other Discounts $25 gift card with Red Energy The Body Shop: regular discounts on all their products. This is our preferred skincare. ModiBodi: Get high quality period underwear, swimwear and other items at a discount. Extra ResourcesResources created by The Thrifty Issue to make and save you money including the following ebook titles can be found here. The Secret Guide to Household Savings The Thrifty Issue CommunityFor more and to connect with others check out The Thrifty Issue Facebook group, Facebook page, Instagram, Pinterest and Twitter. |
The Thrifty Issue
Tips to make and save money, especially for Aussies. As featured on ABC, Nine and Channel 7. Sign up for weekly tips plus freebies and discounts.
How to Make Your Tax Return go Further Whether your tax return is tax back from your job or Centrelink payments such as FTB, a lump sum such as this can help you immensely. I know some rely on it every year for day to day living and this year most are just hanging in until it arrives. There are things you can do to make it go further though. Switch to annual insurance if it's cheaper, clear debt or large bills, invest in something such as a course to advance your career etc. Check out all the...
How To Pay Less Tax There are numerous benefits to our tax system and how it provides for our country. One of the many complaints/questions I get a fair bit is about how the wealthy are able to pay less (or no tax) and how to do it. We have a whole article here 4 of Australia’s top 1% were interviewed about their finances. There are also books such as Tax Secrets Of The Rich: 2024 Edition (this is for the upcoming 2024/2025 financial year in Australia if you want to plan next year well). To...
How to Improve Everything with Small Changes Whether it's paying down debt, saving for a house, learning to invest, getting fitter, creating more connected relationships or anything else in life, there are ways to make it easier. Often when we look at these areas of our life we think we need to do a massive overhaul and that can feel overwhelming which stops us from taking action. On my other site, I shared tips to improve in these life areas (plus a few more) that require minimal effort e.g....