Search

Holiday budgeting tips for over-60s: Expert advice for a stress-free season

<div> The festive season is a time for joy, but it can sometimes also bring a little extra financial stress. With the rising cost of essentials, many Aussies in retirement might be feeling the pinch. And it’s not your imagination – recent <a title="https://protect.checkpoint.com/v2/___https:/nam02.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww.superannuation.asn.au%2Fmedia-release%2Frising-insurance-premiums-add-strain-to-retirees-finances-says-super-peak-body%2F*23%3A~%3Atext%3DThe%2520latest%2520figures%2520from%2520ASFA%2Cover%2520the%2520last%252012%2520months.&data=05%7C02%7Cdardisa%40we-worldwide.com%7C3306a1dfb9de4e30dd3b08dcfecff5e5%7C3ed60ab455674971a5341a5f0f7cc7f5%7C0%7C0%7C638665416381860501%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C0%7C%7C%7C&sdata=3ePPI8b1SEXOATgcY6vYWJRi8gBzZHv0jM1dgqkIoUI%3D&reserved=0___.YzJ1OndlY29tbXVuaWNhdGlvbnM6YzpvOmMyMDk4YTI2ZGE5OWUzY2FhZWQ2Nzc5ZTg1YWM0OGJiOjY6YjM1NDo4YTdiNGQ5MTcwZjBhYzgwNzI4ZDVmYTlhNTA0OWVhYThkZTU0NWJhN2FhZDgzZGQ2MGQ1ZjZiYWU5MTc3MGI1OnA6VDpG" href="https://protect.checkpoint.com/v2/___https:/nam02.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww.superannuation.asn.au%2Fmedia-release%2Frising-insurance-premiums-add-strain-to-retirees-finances-says-super-peak-body%2F*23%3A~%3Atext%3DThe%2520latest%2520figures%2520from%2520ASFA%2Cover%2520the%2520last%252012%2520months.&data=05%7C02%7Cdardisa%40we-worldwide.com%7C3306a1dfb9de4e30dd3b08dcfecff5e5%7C3ed60ab455674971a5341a5f0f7cc7f5%7C0%7C0%7C638665416381860501%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C0%7C%7C%7C&sdata=3ePPI8b1SEXOATgcY6vYWJRi8gBzZHv0jM1dgqkIoUI%3D&reserved=0___.YzJ1OndlY29tbXVuaWNhdGlvbnM6YzpvOmMyMDk4YTI2ZGE5OWUzY2FhZWQ2Nzc5ZTg1YWM0OGJiOjY6YjM1NDo4YTdiNGQ5MTcwZjBhYzgwNzI4ZDVmYTlhNTA0OWVhYThkZTU0NWJhN2FhZDgzZGQ2MGQ1ZjZiYWU5MTc3MGI1OnA6VDpG" data-auth="Verified" data-outlook-id="1a0a0a08-2e36-4601-a0a3-f9c8bb379afe">data</a> from the Association of Superannuation Funds of Australia (ASFA) reveals that the cost of maintaining a comfortable retirement has increased by 3.7% in the last year. For those in retirement, managing holiday spending can help ensure a stress-free festive season. </div> <div> Toby Perkins, a Certified Financial Planner® at industry superfund NGS Super, shares his helpful tips to ensure retirees manage their budgets during the holidays. </div> 1. Avoid personal debt <div> Credit cards and overdrafts may seem like quick solutions, but they often lead to high-interest debt. "If you need extra funds for the festive season, it might be worth considering options like your superannuation income stream instead," advises Toby. Avoiding extra debt may help you to maintain your financial stability in the long run and help set you up for a stress-free Christmas next year. </div> 2. Plan ahead: Budget for the entire year <div> Although it may be too late to adjust your budget for this holiday season, now is a good time to start planning for next Christmas. "Incorporating holiday spending into an annual budget can prevent financial strain in December," Toby suggests. By tracking your expenses throughout the year, you can identify potential savings and plan for any extra costs, such as gifts and travel. </div> 3. Review government entitlements <div> It’s important for you to ensure you are receiving the correct government entitlements. "If you’re receiving the Age Pension, make sure all your details are up to date," Toby advises. Even if you're not eligible for the Age Pension, you may qualify for the Commonwealth Seniors Health Card or state-based Seniors Cards, which can help reduce costs on health care, transport, and other services. For more information, visit <a title="https://protect.checkpoint.com/v2/___https:/www.servicesaustralia.gov.au/most-useful-information-for-retirement-years___.YzJ1OndlY29tbXVuaWNhdGlvbnM6YzpvOmMyMDk4YTI2ZGE5OWUzY2FhZWQ2Nzc5ZTg1YWM0OGJiOjY6Y2YwMTo3YWJkZWYyYTY5NjAwZTQ5YjczNWQwMGY2ZjZmN2RhNzY5MzJjYWJkMmYyNWM5ZTkzODg4NTJlZDc3MmIwZGI1OnA6VDpG" href="https://protect.checkpoint.com/v2/___https:/www.servicesaustralia.gov.au/most-useful-information-for-retirement-years___.YzJ1OndlY29tbXVuaWNhdGlvbnM6YzpvOmMyMDk4YTI2ZGE5OWUzY2FhZWQ2Nzc5ZTg1YWM0OGJiOjY6Y2YwMTo3YWJkZWYyYTY5NjAwZTQ5YjczNWQwMGY2ZjZmN2RhNzY5MzJjYWJkMmYyNWM5ZTkzODg4NTJlZDc3MmIwZGI1OnA6VDpG" data-auth="Verified" data-outlook-id="0b03c4dc-e32a-4f0f-adaf-6d20058cd703">the Services Australia website.</a> </div> 4. Stay vigilant about financial security <div> There are two reasons to closely track your spending throughout the holiday season: 1. To ensure you stay within budget, and 2. To ensure you don't fall victim to financial scams. The holiday season can be a prime time for financial scams, so be cautious when making purchases online. </div> 5. Prepare for post-holiday financial health <div> After the holidays, plan to set aside some money for future expenses or to replenish your savings. A bit of post-holiday planning will help you avoid financial stress in the months ahead - and even get you set up for next Christmas. </div> 6. Travel smart: Plan off-peak <div> Travel can be one of the biggest holiday expenses, especially if it coincides with peak Christmas and school holiday periods. Toby recommends traveling outside of these busy times to save money. "Off-peak travel can significantly reduce costs and make your holiday dollar stretch further," he says. Consider planning trips in advance to secure better deals. </div> <div> Planning ahead, managing debt, and reviewing entitlements can help you enjoy the festive season without financial stress. As Toby puts it, "Smart budgeting today helps ensure a more comfortable retirement tomorrow." </div> <div> For those seeking personalised advice, NGS Super’s team of financial planners is here to help guide you to a secure and joyful future. Read the <a title="https://protect.checkpoint.com/v2/r01/___https://protect.checkpoint.com/v2/___https:/www.ngssuper.com.au/files/documents/financial-services-guide.pdf___.YzJ1OndlY29tbXVuaWNhdGlvbnM6YzpvOmMyMDk4YTI2ZGE5OWUzY2FhZWQ2Nzc5ZTg1YWM0OGJiOjY6MDk5ZToxNWJlNDQ0ODUwMWZmYzczYmUzZDY5N2NkNWFmY2M4ZTM0M2I5ZDQyNTI5ZGIwNjdjMDUxZDViY2E1YWRmYWFhOnA6VDpGHYPERLINK___.YzJ1OndlY29tbXVuaWNhdGlvbnM6YzpvOmM0OTdjMzdkZjcxOGIxNDQxYjdiMzQxMzA0NTcyMzc4Ojc6ZDgzMDowMTA3N2IxNTZmN2JhZDAzOTM5MDc4ODZjM2Y4NTUzYTkwNWE4ZDAxYmJhMmIxMTc0OWZjNjhmNmM5ODNlNzYyOmg6VDpG" href="https://protect.checkpoint.com/v2/r01/___https://protect.checkpoint.com/v2/___https:/www.ngssuper.com.au/files/documents/financial-services-guide.pdf___.YzJ1OndlY29tbXVuaWNhdGlvbnM6YzpvOmMyMDk4YTI2ZGE5OWUzY2FhZWQ2Nzc5ZTg1YWM0OGJiOjY6MDk5ZToxNWJlNDQ0ODUwMWZmYzczYmUzZDY5N2NkNWFmY2M4ZTM0M2I5ZDQyNTI5ZGIwNjdjMDUxZDViY2E1YWRmYWFhOnA6VDpGHYPERLINK___.YzJ1OndlY29tbXVuaWNhdGlvbnM6YzpvOmM0OTdjMzdkZjcxOGIxNDQxYjdiMzQxMzA0NTcyMzc4Ojc6ZDgzMDowMTA3N2IxNTZmN2JhZDAzOTM5MDc4ODZjM2Y4NTUzYTkwNWE4ZDAxYmJhMmIxMTc0OWZjNjhmNmM5ODNlNzYyOmg6VDpG" data-auth="Verified" data-outlook-id="c4bb4623-ec0a-4e3a-a747-7bf0d2f5659b">NGS Financial Planning Financial Services Guide</a>. </div> <div> For further information, visit NGS Super’s <a title="https://protect.checkpoint.com/v2/___https:/www.ngssuper.com.au/articles/news/whats-foro-what-can-you-do-about-it___.YzJ1OndlY29tbXVuaWNhdGlvbnM6YzpvOmMyMDk4YTI2ZGE5OWUzY2FhZWQ2Nzc5ZTg1YWM0OGJiOjY6YzlhNDphZGM4Y2Q1YTFlZmQyNjExMGQ4ZDJmYWM3Y2IyOWMxM2FiNjE2MDMwMDc3YjA5ODE5OTY0NjQyYmZkNWE2NGM1OnA6VDpG" href="https://protect.checkpoint.com/v2/___https:/www.ngssuper.com.au/articles/news/whats-foro-what-can-you-do-about-it___.YzJ1OndlY29tbXVuaWNhdGlvbnM6YzpvOmMyMDk4YTI2ZGE5OWUzY2FhZWQ2Nzc5ZTg1YWM0OGJiOjY6YzlhNDphZGM4Y2Q1YTFlZmQyNjExMGQ4ZDJmYWM3Y2IyOWMxM2FiNjE2MDMwMDc3YjA5ODE5OTY0NjQyYmZkNWE2NGM1OnA6VDpG" data-auth="Verified" data-outlook-id="7c65864b-3f33-43bc-9037-cc1e7ca1acc0">website</a>. </div> <div> Toby Perkins is authorised to provide financial advice in Australia and is an Authorised Representative (Number 1002908) of Guideway Financial Services Pty Ltd, AFSL Number 420367. Any advice given in this article is general and does not consider your financial situation, needs or objectives so consider whether it is appropriate for you. Be sure to read the relevant PDS and TMD before deciding whether a financial product is right for you. Image credits: Shutterstock </div>

Travel Tips

The best budget-friendly travel destinations for 2025

As many people continue to battle with the cost-of-living crisis, eager travellers are looking for a way to pinch their pennies on their next trip. Luckily, there are many destinations that are ideal for travellers on a budget. Travel app <a href="https://www.skyscanner.com.au/travel-trends/best-value">Skyscanner</a> has rounded up the ten best budget friendly places to go next year, with travel expert Jarrod Kris saying it's best to go off the beaten track for the best travel deals. "Aussies have experienced different ways of enjoying travelling over time, but one thing that remains consistent is the desire to find new destinations and to land a good bargain," he said. He also said Aussies are getting more adventurous, adding, "We are certainly going beyond the obvious tourist destinations in search of a perfect spot to create memories." In terms of what makes a destination budget friendly, things like exchange rates, cost of visa, cost of tourist attractions and the overall costs of day-to-day living are taken into account, as well as the ever-changing airfares. Check out the top ten list of budget-friendly destinations below. 10. Reykjavik, Iceland 9. Bogota, Colombia 8. Vientiane, Laos 7. Chicago, USA 6. Lyon, France 5. Okinawa, Japan 4. Budapest, Hungary 3. Madrid, Spain 2. Belfast, Northern Ireland 1. Krabi, Thailand Image credits: Shutterstock

International Travel

Readers response: What have you had to cut out of your life to cope with cost of living pressures?

As the cost of living continues to rise, many people have had to cut things out of their day to day spending to cope with the financial struggles. We asked our readers what they have had to cut out of their budgets to cope with cost of living pressures, and the response was overwhelming. Here's what they said. Wendy Oliver - We don’t eat out often at all… I spend too much in the supermarket. Christine Brooks - I've cut out steak, good nutritional foods, TV streaming, entertainment, haircuts, new clothes, pets, pool cleaning, and more. Kerrie Dare - I limit steak meals. I've stopped my haircuts to every 4 months. Internet is getting chopped. I can only afford exercise classes twice a week. I don't eat as much fruit as I used too. I only buy groceries when on special. One bottle of wine per fortnight. One slice of sourdough in the morning, which means the loaf lasts a week. I turn on my washing machine around every 10 days & I have quick showers. No eating out or take away. Maybe one cup of coffee per week with a friend. Movies once every 6 weeks as a social group. No concerts or clubs. I drive only locally, so a tank of petrol lasts 1 month. No weekends away. Jane Dawes - No coffees, beauty treatments, hairdresser, eating out, takeouts etc. The trouble is not affording to spend on certain items has a flow on effect for businesses. Everyone is suffering. Lois E. Fisk - Going out to eat or see movies in the cinema or live plays or new clothes. I shop at the least expensive grocery stores as much as possible, and good cuts of meat rarely happen. Janice Stenning - Don't go to the hairdressers as often and don't buy as many clothes. Debra Dugar - Thinking about dropping my extras cover of my insurance. By the time I pay for it, I can't afford the gap you have to pay. Robyn Lee - Living in my own house. I now live with my family. Rhondda Hughes - Well, petrol is expensive so I have to really think if I can afford to visit anyone. I can’t eat meat much and even vegetables can be expensive. We have three chickens so they give us eggs but good quality eggs and healthy chickens require money too. Fortunately I live in Perth so, in comparison to other states, it isn’t as cold however the cost of heating is a significant consideration and therefore I just tend to go to bed. <div style="font-family: inherit;">Felicity Jill Murphy - Stopped going out to shopping centres. That's where I spend money unnecessarily.</div> <div style="font-family: inherit;">Image credits: Shutterstock </div>

Money & Banking

Woman “bullied” on plane over budget seating trick

A young woman has recalled a flight from hell when she was “bullied” by a couple who were trying to utilise a seating hack that went viral on TikTok. The solo traveller took to Reddit to recount the story and ask social media users if she was in the wrong for her action. The woman began by saying she usually pays more to select her plane seat ahead of time, but a medical emergency on another plane had her waiting on standby and left with no option other than to sit in a middle seat. When she was finally able to board, she was greeted by a couple who had purchased both the window and aisle seats in a bid to have more space, utilising a travel “trick” that has been popular on TikTok. The method, which has been dubbed the 'poor man's business class', usually leaves travellers with an empty middle seat and more space, and few travellers opt to pick a middle seat. “When I got to my row the man and woman were chatting and sharing a snack... it was obvious they were together. I mentioned to the man that I'm in the middle, and he got up to let me in,” the unsuspecting traveller wrote on Reddit. “I asked them if they would prefer to sit together, I said I was totally okay with that. The woman reacted rudely to this and said ‘you're not supposed to be sitting here anyway’.” After noticing how the plane was full, she offered to show the pair her new ticket with the correct seat number on it. “She flicked her hand at my ticket and made a disgusted sound. I offered again if they wanted to sit together to which she didn't reply, her partner said it's okay and... made some small talk,” she continued. The man’s girlfriend then interrupted their conversation to ask,”'Did you use one of those third party websites to book your flight? It's so frustrating when people cheap out to inconvenience others.” The American woman explained that she had booked her flight directly and she had been placed on standby like everyone else and didn't choose the middle seat - she was assigned it. She then tried to keep the peace by refusing to engage with the furious woman. “I was so done with her attitude, I put my headphones on and attempted to do my own thing,” she explained. But the “entitled” girlfriend wasn't letting it go, as the woman explained, “This woman kept reaching over me and tapping her partner and trying to talk to him in a way that was super intrusive.” “I could tell even her partner was trying to engage her less so that she would hopefully stop, but she didn't.” “I think they tried to pull that tactic where they don't sit together on purpose...hoping no one will sit between them. But on full flights it doesn't work. And even so - it's not the other person's fault.” The traveller's post was met with hundreds of comments slamming the girlfriend’s behaviour, as one person wrote, “It's like a toddler having a tantrum.” “She was disappointed and a total a**hole. Gross entitled people,” another added. Another person applauded the traveller’s level-headed behaviour, writing, “Wow! You are my hero for keeping it classy - I’m afraid I would not have been as kind as you.” Image credits: Shutterstock

Travel Trouble

Battling to make ends meet? Financial planning expert offers 5 tips on how to build your budget

<a href="https://theconversation.com/profiles/bomikazi-zeka-680577">Bomikazi Zeka</a>, <a href="https://theconversation.com/institutions/university-of-canberra-865">University of Canberra</a> Every day seems to bring new headlines about rising costs. <a href="https://www.news24.com/news24/africa/news/nigerias-big-unions-call-indefinite-strike-over-fuel-prices-and-the-cost-of-living-20230926">In Nigeria</a>, unions are threatening to strike amid soaring fuel prices; the country’s inflation rate <a href="https://www.cbn.gov.ng/rates/inflrates.asp">hit 25%</a> in August. The amount it costs to fill a food basket in South Africa <a href="https://pmbejd.org.za/wp-content/uploads/2023/09/PMBEJD_Key-Data_September-2023_27092023.pdf">keeps climbing</a>. Ghanaians <a href="https://www.reuters.com/world/africa/multi-day-protests-over-economic-crisis-grip-ghanas-capital-2023-09-23/">took to the streets</a> of Accra in late September to protest about the cost of living. A <a href="https://www2.deloitte.com/us/en/insights/industry/retail-distribution/consumer-behavior-trends-state-of-the-consumer-tracker.html">recent study by the audit and consulting firm Deloitte</a> found that 75% of South Africans were concerned that the prices for everyday purchases would continue to increase, while 80% of consumers across all income groups expected the prices of groceries, household utilities and fuel to rise. This stark reality means budgeting may be more necessary than ever. If you don’t know how to create a budget, then you shouldn’t feel bad – most adults aren’t taught how to create one. And most people don’t budget, because they see it as restrictive or unsustainable. But it need not be: once you appreciate that a budget can work for you, it can be a financially empowering exercise. It’s a cornerstone of financial planning because it ensures you are living within your means and helps you remain in financial control. As a financial planning academic, I focus in <a href="https://researchprofiles.canberra.edu.au/en/persons/bomikazi-zeka/publications/">my research</a> on improving financial wellbeing and promoting savings behaviours through interventions such as budgeting. Here are five guidelines for creating a budget. <h2>1. Apps vs spreadsheet</h2> A good place to start is to choose the format of how you’re going to budget. There are several <a href="https://www.sanlamreality.co.za/wealth-sense/setting-up-a-family-budget-that-works/">online templates</a> and apps you can use for budgeting. For instance, <a href="https://www.22seven.com/">22Seven</a> has gained popularity in South Africa due to its compatibility with several financial institutions, including the country’s big five banks. Similarly, <a href="https://www.the-star.co.ke/business/kenya/2021-01-25-budgeting-using-mint-app/">Mint</a> is a popular budgeting tool that is used in Kenya and Nigeria. If you prefer to put pen to paper, some online templates come with <a href="https://www.wonga.co.za/blog/free-budget-template">free printable budgets</a>. Creating your own <a href="https://create.microsoft.com/en-us/learn/articles/how-to-make-excel-budget">Excel spreadsheet</a> is an equally good approach. What matters most is using a tool that you can commit to. <h2>2. Itemising your income and expenses</h2> A budget essentially shows how much you’re spending in relation to how much you’re earning. So once you have selected your budgeting tool, you need to fill in your income and itemise how much you’re spending on each expense in a month. A budget can be considered a cashflow statement because it allows you to track money coming in (income) and money going out (expenses). If you are living within your means, your budget should indicate a surplus – more cash inflows than cash outflows. So budgeting provides an accurate account of your short-term financial position. <h2>3. A realistic account of expenses</h2> When you look at your financial statements, fill your expenses into your budget honestly and accurately. Don’t cheat! Since everyone’s financial situation is different, your budget will also be unique. Even though there is no one-size-fits-all approach to budgeting, it should still consider all of your expenses (both regular and intermittent). A general rule of thumb is that if it’s deducted from your account then you should treat it as an expense. This includes payments for housing, medical insurance, fuel, dining out, credit card repayments and even bank fees. <h2>4. Save first, spend later</h2> Now you’ve seen how much you’re spending. Either it’s too much – and you can plan where to cut back – or you have savings at the end of the month. When compiling your budget it’s important to demarcate how much will be in the form of savings. What’s more important is getting into the habit of saving before you spend instead of saving after spending. If you spend first then you’ve deprived yourself of the opportunity to save for a rainy day. Furthermore, <a href="https://eprints.hud.ac.uk/id/eprint/10231/1/Microsoft_Word_-_submitted_version_3rd_June_201.pdf">research</a> has shown that getting into the habit of saving has a transgenerational effect: it can be considered a cultural value that is passed on from one generation to another. So think of saving as paying yourself first. Once you have done so, you won’t feel guilty for treating yourself because you’ve already done the financially responsible thing by putting your savings aside. <h2>5. Considering assets and liabilities</h2> Once you’ve become comfortable with consistently budgeting, you can take it up a notch by including your assets (everything you own with an economic value) and liabilities (everything you owe) to determine your overall financial position. You can get a clearer picture of your overall financial wellbeing by compiling a list of all your assets, for example your savings and <a href="https://www.investopedia.com/terms/h/home_equity.asp">home equity</a>, in relation to liabilities (such as bank loans). Knowing your long-term financial position can indicate how financially resilient or vulnerable you are. In the event of a financial emergency, you will know which resources you can draw upon to meet an unexpected expense. By creating a budget (and sticking to it), you can protect yourself and your household from financial shocks. Consider the alternative. Imagine you haven’t budgeted and set savings aside. If a financial emergency were to arise, your next best bet would be to borrow the funds you need. You’d have to come up with a plan to repay what you’d borrowed while also building your savings. <h2>A healthy habit</h2> Getting into the habit of budgeting isn’t easy, especially if you haven’t done it before or you’re intimidated by the process. But, as the expression goes, “a journey of a thousand miles begins with a single step”. Think of budgeting as taking a small but important step towards reclaiming control over your finances and improving your financial well-being.<img style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important;" src="https://counter.theconversation.com/content/214861/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /> <a href="https://theconversation.com/profiles/bomikazi-zeka-680577">Bomikazi Zeka</a>, Assistant Professor in Finance and Financial Planning, <a href="https://theconversation.com/institutions/university-of-canberra-865">University of Canberra</a> Image credits: Getty Images This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/battling-to-make-ends-meet-financial-planning-expert-offers-5-tips-on-how-to-build-your-budget-214861">original article</a>.

Money & Banking

Five tips for developing and managing your budget – even in tough economic times

<a href="https://theconversation.com/profiles/oluwabunmi-adejumo-1370664">Oluwabunmi Adejumo</a>, <a href="https://theconversation.com/institutions/obafemi-awolowo-university-2843">Obafemi Awolowo University</a> There’s nothing quite like a new year to prompt us to take stock of our lives, our health, our goals – and our finances. Many people will start a new year by contemplating how best to budget, plan and save. This is always a good set of aims, but it’s especially important in the inflation-prone and unpredictable economies we’re seeing <a href="https://www.statista.com/statistics/268225/countries-with-the-highest-inflation-rate/">all over Africa and the world</a>. Budgeting is especially key. It is the most effective method to <a href="https://www.thebalancemoney.com/how-to-make-a-budget-1289587">monitor income and expenditure</a>. <a href="https://www.uslendingcompany.com/blog/key-differences-in-writing-a-household-budget-vs-a-personal-budget/">Personal budgets</a> can help you to monitor your resources in pursuit of larger financial goals. Budgeting also offers <a href="https://www.acrwebsite.org/volumes/v46/acr_vol46_2411998.pdf">more opportunities</a> to save money, reduce your debts and live a comfortable life. It can even <a href="https://prucomm.ac.uk/assets/uploads/blog/2013/04/Personal-Budgets-review-of-evidence_FINAL-REPORT.pdf">improve your mental health</a>. But where should you start? What questions do you need to answer in creating a budget? Here are some tips that I’ve learned – not just as an economist, but as a research cost analyst and someone who keeps a budget too. <h2>1. Understand the broader economic conditions</h2> It is imperative that individuals keep themselves aware and up-to-date on the realities of their country’s economic landscape. You don’t have to be a professional economist, but keep an eye on new developments like free business registration, small business development funds and printing of new money notes. What is the current exchange rate? What’s the political landscape and what international factors, like the price of crude oil, are at play? You should also watch the inflation rate and have a sense of unemployment trends. This economic awareness will prepare you to draft your own budget and you’ll have a sense of when external factors mean it’s time to revisit your plans. <h2>2. Review your income sources</h2> The ability to earn income is critical to sustaining livelihoods. Having a definite source of income is the bedrock of budgeting. Some important questions you should ask about your income – and how you might budget with it – include: <ul> <li>What is my current income?</li> <li>What do I use my income for?</li> <li>Am I able to save, given my current income?</li> <li>What proportion of my income do I save and what proportion do I spend?</li> <li>Do I have the capacity to earn more than this?</li> <li>How can I improve my income?</li> </ul> Your answers can help you to identify gaps or untapped potential. Those with irregular or unpredictable income should factor in the element of time-gap in their income, for effective budgeting. Time gap is when they are not earning income. And everyone should make allowance in their budgets for uncertainties like health issues, social engagements, inflation, unemployment, recession and price shocks. <h2>3. Appraise your expenses</h2> Expenses can be broadly categorised into “variable” and “fixed”. Fixed expenses recur within a short period: housing, food, transport, medical costs, electricity, utilities, toiletries and clothing. Variable expenses are more long-term and irregular, such as investment in property or interest-yielding assets, and the purchase of machinery. The main essence of revising our expenses is to analyse and possibly improve our spending habits. In reviewing our expenses, we can consider issues such as: <ul> <li>What is the proportion of consumption-savings ratio from my income? This is how much do I spend compared to how much I save.</li> <li>What are my regular expenses?</li> <li>What are my fixed, capital or investment expenses?</li> <li>What are my extraordinary expenses that need modification?</li> <li>Have there been emergency or extraordinary expenses?</li> </ul> A careful response to the issues raised above offers an occasion to re-evaluate the pattern and direction of our expenses. For instance, overspending, unplanned or extraordinary expenses can be identified. This can lead to an optimal, efficient reallocation of available resources. <h2>4. Stabilise your finances through savings</h2> Savings have been <a href="https://klinglercpa.com/bedrock-principles-for-saving-money/">described</a> as a financial stabiliser, given their potential to cater for urgent needs and create opportunities for investments. Of course, savings have more value when they grow faster than the rate of inflation. Inflation erodes the value of savings. For instance, an amount of 300,000 naira (US$676) saved to purchase an autorickshaw today may be impossible in two months’ time with an inflation rate of 10% when the tricycle price rises to 330,000 naira (US$744). The reverse is the case when there is deflation. Therefore, it is advisable to improve the value of savings through investments in interest-yielding assets such as stocks, shares, bonds, microfinance and production. That’s not to say it’s always easy to save. Many income earners spend as they go, not seeing savings as part of their budgets. Harsh economic realities can also make it difficult – sometimes seemingly impossible – to save. But it’s not impossible: savings can be made in small amounts, through a daily, weekly or monthly contribution to collections, cooperative schemes or microfinance affiliations. For instance, a point of sale business in Nigeria can permit a daily contribution of 500 naira (US$1.13) over 25 work days, giving an average saving of 12,500 naira (US$28.18) per month. The Point-of-Sale business started in Nigeria in 2013 when the Central Bank of Nigeria introduced the agent banking system. A POS agent operates and processes transactions through a POS service provider. Providers of such services include banks, microfinance banks and fintech companies. <h2>5. Run a flexible budget</h2> Once your budget is created, remember that it’s not set in stone. It should be flexible if anything changes in your life. For instance, an amount saved to buy a car can be invested in a promising venture buying shares through public offerings or private placements in multinational organisations like Nestle or Unilever. Also, health emergencies or career advancement programmes can require taking some money out of our savings. In all, budgeting should be flexible enough to incorporate exigencies, especially when catering for the current situation will culminate into a greater good.<img style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important;" src="https://counter.theconversation.com/content/195590/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /> <a href="https://theconversation.com/profiles/oluwabunmi-adejumo-1370664">Oluwabunmi Adejumo</a>, Lecturer/Researcher, <a href="https://theconversation.com/institutions/obafemi-awolowo-university-2843">Obafemi Awolowo University</a> Image credits: Getty Images This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/five-tips-for-developing-and-managing-your-budget-even-in-tough-economic-times-195590">original article</a>.

Money & Banking

The cheapest places to travel in 2024

With the cost of living continuing to rise, many people are looking for cost-friendly ways to travel the world in 2024. Some destinations are more economic than others, with these somewhat overlooked holiday hotspots showcasing the best of travelling without breaking the bank. If you’re looking for a new adventure this year, these corners of the globe are the cheapest places to travel in 2024. The Philippines The underrated gem located only a few hours northeast of Australia is one of the cheapest destinations in Asia, it's a wonder why more tourists don’t visit. Not only is it home to over 7,500 picturesque islands, six UNESCO World Heritage Sites and an endless chain of pristine beaches, it's also very affordable with resort accommodation under $100 a night is not hard to find. On top of accommodation, day tours and activities (snorkelling, for example) will set you back around $30 to $40. Flights are also reasonable in cost, with return flights from Sydney to Manila coming in around $600 per person. Turkey Travellers can get to Istanbul from Melbourne and back for approximately $1,300 per person, to visit some of the world’s most historical sites. Turkey is a paradise for those travelling on a budget, with mouthwatering meals can be found regularly for as little as $5, and even less for street food. To make it even better, striking accommodation in the historic Galata region can be as low as $50 a night. Hungary Hungary is regularly dubbed one of Europe’s cheapest tourist destinations, with accommodation, dining and entertainment costs significantly lower than the neighbouring countries. Expect to part with $60 to $100 a night for a pretty-as-a-picture hotel in the city centre, around $10 to $15 for meals in restaurants, and anywhere between $7 to $30 for activities. There are also tourist passes available that make these costs even cheaper. Albania Located on the western part of the Balkan peninsula, this destination is often overlooked by tourists, making it an ideal budget-friendly destination. The stunning country is home to UNESCO World Heritage sites and turquoise beaches, all while keeping your budget in mind. Beachside accommodation can be found for as little as $70 a night, with prices comparable to Turkey for restaurant meals. Image credits: Getty Images

International Travel

Give the gift of luxury on any budget

As the weather starts to warm up, a lot of us are kick starting our summer holiday and Christmas plans. While trips away and what’s on the menu for Christmas lunch are obviously vitally important, it's also good to get a jump on buying Christmas presents for your loved ones. It can be hard to think of a thoughtful gift for that special someone, especially when that person may seemingly have everything. Luckily, L’Occitane’s Christmas gift giving guide has you covered. Featuring everything from affordable stocking fillers, to the most luxurious product packs, the L’Occitane 2023 Christmas collection is certain to have something for everyone. For those looking to really spoil their loved one, they have limited edition sets for the ultimate pamper experience. This year, L’Occitane have three collections on offer, each featuring heavenly scents and full-sized products for $129 each. For those on a tighter budget, or those looking to add in a little extra something special as a stocking filler, L’Occitane’s iconic mini baubles are back for another year. The baubles feature a range of mini products in varying scents for $25, giving each person a chance to fall in love with their new favourite product before committing to a full size version. <blockquote class="instagram-media" style="background: #FFF; border: 0; border-radius: 3px; box-shadow: 0 0 1px 0 rgba(0,0,0,0.5),0 1px 10px 0 rgba(0,0,0,0.15); margin: 1px; max-width: 540px; min-width: 326px; padding: 0; width: calc(100% - 2px);" data-instgrm-permalink="https://www.instagram.com/p/ClnauzdvCFO/?utm_source=ig_embed&utm_campaign=loading" data-instgrm-version="14"> <div style="padding: 16px;"> <div style="display: flex; flex-direction: row; align-items: center;"> <div style="background-color: #f4f4f4; border-radius: 50%; flex-grow: 0; height: 40px; margin-right: 14px; width: 40px;"> </div> <div style="display: flex; flex-direction: column; flex-grow: 1; justify-content: center;"> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; margin-bottom: 6px; width: 100px;"> </div> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; width: 60px;"> </div> </div> </div> <div style="padding: 19% 0;"> </div> <div style="display: block; height: 50px; margin: 0 auto 12px; width: 50px;"> </div> <div style="padding-top: 8px;"> <div style="color: #3897f0; font-family: Arial,sans-serif; font-size: 14px; font-style: normal; font-weight: 550; line-height: 18px;">View this post on Instagram</div> </div> <div style="padding: 12.5% 0;"> </div> <div style="display: flex; flex-direction: row; margin-bottom: 14px; align-items: center;"> <div> <div style="background-color: #f4f4f4; border-radius: 50%; height: 12.5px; width: 12.5px; transform: translateX(0px) translateY(7px);"> </div> <div style="background-color: #f4f4f4; height: 12.5px; transform: rotate(-45deg) translateX(3px) translateY(1px); width: 12.5px; flex-grow: 0; margin-right: 14px; margin-left: 2px;"> </div> <div style="background-color: #f4f4f4; border-radius: 50%; height: 12.5px; width: 12.5px; transform: translateX(9px) translateY(-18px);"> </div> </div> <div style="margin-left: 8px;"> <div style="background-color: #f4f4f4; border-radius: 50%; flex-grow: 0; height: 20px; width: 20px;"> </div> <div style="width: 0; height: 0; border-top: 2px solid transparent; border-left: 6px solid #f4f4f4; border-bottom: 2px solid transparent; transform: translateX(16px) translateY(-4px) rotate(30deg);"> </div> </div> <div style="margin-left: auto;"> <div style="width: 0px; border-top: 8px solid #F4F4F4; border-right: 8px solid transparent; transform: translateY(16px);"> </div> <div style="background-color: #f4f4f4; flex-grow: 0; height: 12px; width: 16px; transform: translateY(-4px);"> </div> <div style="width: 0; height: 0; border-top: 8px solid #F4F4F4; border-left: 8px solid transparent; transform: translateY(-4px) translateX(8px);"> </div> </div> </div> <div style="display: flex; flex-direction: column; flex-grow: 1; justify-content: center; margin-bottom: 24px;"> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; margin-bottom: 6px; width: 224px;"> </div> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; width: 144px;"> </div> </div> <p style="color: #c9c8cd; font-family: Arial,sans-serif; font-size: 14px; line-height: 17px; margin-bottom: 0; margin-top: 8px; overflow: hidden; padding: 8px 0 7px; text-align: center; text-overflow: ellipsis; white-space: nowrap;"><a style="color: #c9c8cd; font-family: Arial,sans-serif; font-size: 14px; font-style: normal; font-weight: normal; line-height: 17px; text-decoration: none;" href="https://www.instagram.com/p/ClnauzdvCFO/?utm_source=ig_embed&utm_campaign=loading" target="_blank" rel="noopener">A post shared by L’Occitane en Provence | ANZ (@loccitaneanz)</a> </div> </blockquote> L’Occitane has a whole range of stocking fillers available, such as hand cream packs, deluxe Christmas crackers, and much more. For those who simply can’t wait until December 25th to unwrap their L’Occitane goodies, the luxury brand has brought back their deluxe Advent Calendars for another year. With both the Classic and Deluxe beauty advent calendars on offer, enjoy a little luxury everyday of December until Christmas Day. <blockquote class="instagram-media" style="background: #FFF; border: 0; border-radius: 3px; box-shadow: 0 0 1px 0 rgba(0,0,0,0.5),0 1px 10px 0 rgba(0,0,0,0.15); margin: 1px; max-width: 540px; min-width: 326px; padding: 0; width: calc(100% - 2px);" data-instgrm-permalink="https://www.instagram.com/p/CxIEHK7PDpG/?utm_source=ig_embed&utm_campaign=loading" data-instgrm-version="14"> <div style="padding: 16px;"> <div style="display: flex; flex-direction: row; align-items: center;"> <div style="background-color: #f4f4f4; border-radius: 50%; flex-grow: 0; height: 40px; margin-right: 14px; width: 40px;"> </div> <div style="display: flex; flex-direction: column; flex-grow: 1; justify-content: center;"> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; margin-bottom: 6px; width: 100px;"> </div> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; width: 60px;"> </div> </div> </div> <div style="padding: 19% 0;"> </div> <div style="display: block; height: 50px; margin: 0 auto 12px; width: 50px;"> </div> <div style="padding-top: 8px;"> <div style="color: #3897f0; font-family: Arial,sans-serif; font-size: 14px; font-style: normal; font-weight: 550; line-height: 18px;">View this post on Instagram</div> </div> <div style="padding: 12.5% 0;"> </div> <div style="display: flex; flex-direction: row; margin-bottom: 14px; align-items: center;"> <div> <div style="background-color: #f4f4f4; border-radius: 50%; height: 12.5px; width: 12.5px; transform: translateX(0px) translateY(7px);"> </div> <div style="background-color: #f4f4f4; height: 12.5px; transform: rotate(-45deg) translateX(3px) translateY(1px); width: 12.5px; flex-grow: 0; margin-right: 14px; margin-left: 2px;"> </div> <div style="background-color: #f4f4f4; border-radius: 50%; height: 12.5px; width: 12.5px; transform: translateX(9px) translateY(-18px);"> </div> </div> <div style="margin-left: 8px;"> <div style="background-color: #f4f4f4; border-radius: 50%; flex-grow: 0; height: 20px; width: 20px;"> </div> <div style="width: 0; height: 0; border-top: 2px solid transparent; border-left: 6px solid #f4f4f4; border-bottom: 2px solid transparent; transform: translateX(16px) translateY(-4px) rotate(30deg);"> </div> </div> <div style="margin-left: auto;"> <div style="width: 0px; border-top: 8px solid #F4F4F4; border-right: 8px solid transparent; transform: translateY(16px);"> </div> <div style="background-color: #f4f4f4; flex-grow: 0; height: 12px; width: 16px; transform: translateY(-4px);"> </div> <div style="width: 0; height: 0; border-top: 8px solid #F4F4F4; border-left: 8px solid transparent; transform: translateY(-4px) translateX(8px);"> </div> </div> </div> <div style="display: flex; flex-direction: column; flex-grow: 1; justify-content: center; margin-bottom: 24px;"> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; margin-bottom: 6px; width: 224px;"> </div> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; width: 144px;"> </div> </div> <p style="color: #c9c8cd; font-family: Arial,sans-serif; font-size: 14px; line-height: 17px; margin-bottom: 0; margin-top: 8px; overflow: hidden; padding: 8px 0 7px; text-align: center; text-overflow: ellipsis; white-space: nowrap;"><a style="color: #c9c8cd; font-family: Arial,sans-serif; font-size: 14px; font-style: normal; font-weight: normal; line-height: 17px; text-decoration: none;" href="https://www.instagram.com/p/CxIEHK7PDpG/?utm_source=ig_embed&utm_campaign=loading" target="_blank" rel="noopener">A post shared by L’Occitane en Provence | ANZ (@loccitaneanz)</a> </div> </blockquote> You can feel good about gifting L’Occitane goodies for Chrstmas this year, as the brand continues to make improvements to the materials they choose to package their products in. This year, L’Occitane has reduced the use of single-use materials by a further 8%, as they make it their mission to create a positive impact for both people and the planet. So when it comes to picking the perfect present for your loved ones this festive season, look no further than the luxuries of <a href="https://nz.loccitane.com">L’Occitane</a> to give the gift of indulgence to those who matter most. Image credits: Instagram

Beauty & Style

What is ‘budget Ozempic’ that’s all over social media? Can it help me lose weight?

<a href="https://theconversation.com/profiles/nial-wheate-96839">Nial Wheate</a>, <a href="https://theconversation.com/institutions/university-of-sydney-841">University of Sydney</a> and <a href="https://theconversation.com/profiles/jessica-pace-1401278">Jessica Pace</a>, <a href="https://theconversation.com/institutions/university-of-sydney-841">University of Sydney</a> Social media is lighting up over what influencers are calling “<a href="https://www.forbes.com/sites/brucelee/2023/09/09/budget-ozempic-tiktok-trend-how-its-contributing-to-the-laxative-shortage/?sh=1f54511b1569">budget Ozempic</a>”. These are drugs normally used as laxatives and stool softeners, but people are taking them to lose weight. The demand is so high in the United States, there are reports this is contributing to <a href="https://www.wsj.com/health/wellness/laxative-shortage-diet-weight-loss-5a15bf02">shortages</a> in pharmacies. These laxatives are just the latest alternatives influencers are touting for the <a href="https://www.abc.net.au/news/2023-09-09/ozempic-maker-novo-nordisk-becomes-biggest-company-in-europe/102812584">blockbuster drug</a> Ozempic. So, does “budget Ozempic” help you lose weight? Any weight loss is likely to be temporary and using these laxatives long term may be dangerous. <h2>Ozempic is in short supply</h2> Ozempic contains the active ingredient semaglutide. It is a prescription-only drug used to treat type 2 diabetes. One side effect of taking it is significant weight loss. This has led to so many people trying to obtain the drug there have been <a href="https://www.tga.gov.au/safety/shortages/information-about-major-medicine-shortages/about-ozempic-semaglutide-shortage-2022-and-2023">shortages</a>. Instead, some people have turned to more easily accessible over-the-counter alternatives to try to lose weight. That includes <a href="https://theconversation.com/natures-own-ozempic-or-berberine-is-all-over-social-media-but-does-it-really-help-you-lose-weight-206855">berberine</a>, which has been dubbed “nature’s own Ozempic”. <h2>What is ‘budget Ozempic’?</h2> “Budget Ozempic” is different to “nature’s own Ozempic”. It is the polymer polyethylene glycol 3350, or PEG 3350 for short. Chemically, it’s similar to other polymers used as ingredients in cosmetics, drug delivery, <a href="https://www.chemistryworld.com/features/raiders-of-the-lost-pigments/3007237.article">archaeological preservative paints</a>, soaps and even <a href="https://navyrecognition.com/index.php/naval-news/naval-news-archive/2023/june/13261-northrop-grumman-hits-production-milestone-with-trident-ii-d5-s-2000th-rocket-motor.html">missile fuel</a>. It’s not to be confused with ethylene glycol, which is used in antifreeze. Medically, PEG 3350 is mainly sold in Australia through pharmacies in <a href="https://australianprescriber.tg.org.au/articles/managing-constipation-in-adults.html">laxative and stool softening</a> products. It is also used to clean out your bowels before a colonoscopy. The products are referred to as <a href="https://www.healthdirect.gov.au/medicines/medicinal-product/aht,22630/macrogol-3350">macrogols</a>. Brands include DulcoSoft, Movicol, OsmoLax, ClearLax and ColonLYTELY. <h2>How can it cause weight loss?</h2> PEG 3350 is known as an <a href="https://www.nhs.uk/conditions/laxatives/#:%7E:text=Osmotic%20laxatives%20draw%20water%20from,brand%20names%20Duphalac%20and%20Lactugal">osmotic laxative</a>. It uses osmosis – how your body manages the balance of electrolytes in your blood serum – to soften your stools and treat constipation. When you swallow a drink with PEG 3350 the polymer isn’t absorbed by the body. Instead, as it passes through your intestines it draws water to it, making your faeces much more watery. Because it draws more water out of your body than you put into it from the drink, your weight goes down. That is, it just makes you dehydrated. This means any weight loss is likely to be short-lived; when you next drink, your body will retain more of the water to replace what was lost. To have any significant and sustained weight loss you’d need to take a lot of PEG 3350 every day. And at most, you would only lose a few kilograms. This is different to how <a href="https://www.nps.org.au/assets/medicines/42ccacc2-2326-42ad-ad14-abd6010499a4.pdf">Ozempic</a> works. Ozempic is similar to a family of hormones in your body called <a href="https://pubmed.ncbi.nlm.nih.gov/29364588/">incretins</a>. These have a number of actions that control both blood sugar levels and weight. For example, they slow how quickly food is absorbed from the stomach and decrease appetite, both of which help with sustained weight loss. <h2>Dangers and side effects</h2> PEG 3350 can make you <a href="https://www.healthdirect.gov.au/dehydration">dehydrated</a>. You may feel dizzy or light-headed, have a headache and have a dry mouth, lips or eyes. The concentration of electrolytes in your blood, such as salt, may also be too high (known as hypertonic blood serum). Hypertonic blood serum can affect the shape of your red blood cells, making it harder for them to carry oxygen around your body. This results in symptoms that include fatigue and tiredness, and those other symptoms of being dehydrated. In extreme cases it can result in <a href="https://psmf.org/story/emily-jerry/">death</a>. Incorrect levels of electrolytes can lead to other serious problems, affecting your heart and muscles. It can also lead to seizures, confusion, and coma. It can be dangerous to take PEG 3350 if you have heart disease, if your doctor has put you on a sodium-restricted diet, or if you already have an electrolyte disorder, such as <a href="https://www.healthdirect.gov.au/potassium">hyperkalaemia</a> (high potassium levels). These products are also dangerous for elderly people, those with kidney problems, and in very young children. Common side effects include anal irritation, vomiting, diarrhoea, nausea, cramps, pain, and swelling of your abdomen. Some people can have allergic reactions. If you use laxatives, including PEG 3350-based products, for a long period of time (over a period of weeks or months) then you may experience <a href="https://www.eatingdisorders.org.au/wp-content/uploads/2019/10/Eating-disorders-and-laxatives.pdf">withdrawal symptoms</a> if you stop taking them suddenly. These include constipation, bloating, weight gain and fluid retention. <h2>In a nutshell</h2> Overall, if you’ve been struggling with weight loss, then PEG 3350-based products are not a safe and effective solution. Any weight loss you experience will be temporary and may put your health at risk. Safer and more effective solutions are available. Eating healthily and exercising regularly are important first steps for anyone who wishes to lose weight. Otherwise, your GP or local pharmacist can help you with both lifestyle changes and medication options to help with weight loss.<img style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important;" src="https://counter.theconversation.com/content/213457/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /> <a href="https://theconversation.com/profiles/nial-wheate-96839">Nial Wheate</a>, Associate Professor of the Sydney Pharmacy School, <a href="https://theconversation.com/institutions/university-of-sydney-841">University of Sydney</a> and <a href="https://theconversation.com/profiles/jessica-pace-1401278">Jessica Pace</a>, Associate Lecturer, Sydney Pharmacy School, <a href="https://theconversation.com/institutions/university-of-sydney-841">University of Sydney</a> Image credits: Getty Images This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/what-is-budget-ozempic-thats-all-over-social-media-can-it-help-me-lose-weight-213457">original article</a>.

Body

Shop around, take lunch, catch the bus. It is possible to ease the squeeze on your budget

<a href="https://theconversation.com/profiles/laura-de-zwaan-180752">Laura de Zwaan</a>, <a href="https://theconversation.com/institutions/griffith-university-828">Griffith University</a> It’s no secret that the cost of living has increased substantially over the last year, with rises of between <a href="https://www.abs.gov.au/media-centre/media-releases/employees-annual-living-costs-highest-record#:%7E:text=%E2%80%9CLiving%20costs%20for%20employee%20households,per%20cent%20was%20in%201986.">7.1 and 9.6 per cent</a> for all households. So what can households do to manage these increases? It might sound simple, but starting with a budget is the best approach. Even if you already have a budget, price increases mean it will need to be updated. For those new to budgeting, it is just a list of your income and expenses. Make sure you match the frequency of these so you are working out your budget over a week, or a fortnight, or a month. There are plenty of budgeting apps and websites that can help, such as the <a href="https://moneysmart.gov.au/budgeting/budget-planner">Moneysmart budget planner</a>. Once your budget is up to date, you can see your financial position. Do you have a surplus of cash – congratulations! You can save that money to help you in an emergency. But what about if you have less income than expenses? You need to work through a process of figuring out where you can cut back. Some expenses are easy to cut back on: <ul> <li> If you have multiple streaming services, drop back to one at a time. Check for any other subscriptions you might be paying for – if you are not using them frequently, now is the time to cancel. You can always resubscribe when money isn’t tight. </li> <li> If you are spending a lot of money on take out or paying for lunch, find cheaper alternatives such as eating at home and packing a lunch using cheaper ingredients. Switch to tap water for normal drinks, and take a travel cup of coffee with you. </li> <li> Check and see if public transport is cheaper for you. If you are using a lot of fuel and paying for parking, public transport could be a better option. </li> <li> Groceries can be a huge cost for families. It is always worth shopping around to not pay full price. Understand unit pricing and buy the products you use when they are on special. It might be necessary to switch to cheaper products. </li> <li> Check if you are paying too much for your utilities like internet, electricity and gas. There are comparison websites you can use, including the <a href="https://www.energymadeeasy.gov.au/">Energy Made Easy</a> website. You can also make simple changes such as turning off lights and using a saucepan lid when boiling water that will reduce your usage. </li> <li> Check other products you might be paying for, such as car, home and health insurance to see if you can save money by switching. Be careful with any life or disability policies. It is best to speak to a financial adviser before changing those as there can be implications for cover. </li> </ul> Other expenses, like housing, can be a lot harder to manage. Rising interest rates have pushed up mortgage repayments for homeowners. Mortgage interest charges have <a href="https://www.abc.net.au/news/2023-05-03/record-high-living-costs-businesses-contracting-interest-rates/102296992">risen by 78.9% over the year</a> to March 2023. For many homeowners, their repayments are unaffordable compared to when they first took out their mortgage. If you are struggling to afford your mortgage, the first step is to talk to your lender as soon as possible. Moneysmart has <a href="https://moneysmart.gov.au/home-loans/problems-paying-your-mortgage">useful information</a> on what to do when you can’t meet your mortgage payments. You may also be able to <a href="https://www.ato.gov.au/individuals/super/withdrawing-and-using-your-super/early-access-to-super/access-on-compassionate-grounds/access-on-compassionate-grounds---what-you-need-to-know/">access some of your superannuation</a> so you don’t lose your home, however bear in mind that this is a temporary solution and uses your retirement savings. Increased demand for rentals has seen average rents across Australia increase by <a href="https://content.corelogic.com.au/l/994732/2023-07-05/z2tcd/994732/1688600749Ly8Iv9wt/202306_CoreLogic_RentalReview_July_2023_FINAL.pdf">27.4% since the COVID pandemic</a>. Supply of rental properties is low, which means many people may not be able to find a suitable alternative if their rent increases and becomes unaffordable. It might be necessary to take on a housemate, or move to a cheaper location (make sure to consider additional costs such as transport). If your circumstances have changed suddenly and you cannot pay your rent, contact your landlord or property manager. If you are paying a lot in credit card or other personal debt repayments such as numerous Afterpay-style accounts, it could be a good idea to speak to a bank about consolidating. This can help move some expensive debt, such as that from credit cards, into lower interest debt and simplify your budgeting as there is only one payment. If debt is making your budget unmanageable, then you can call the <a href="https://ndh.org.au/">National Debt Helpline</a> or for First Nations Australians there is <a href="https://financialrights.org.au/getting-help/mob-strong-debt-help/">Mob Strong Debt Help</a>. A final option could be to increase your income by taking on more work. This can be a good solution, but if you already work full time it might be unsustainable. Two common side hustles to boost income are gig work, such as Uber driving, and multi-level marketing, which is selling goods like Doterra and Herbalife to family and friends. However, both are <a href="https://www.twu.com.au/wp-content/uploads/2023/03/McKell_QLD_Gig-Economy_WEB_SINGLES.pdf">low</a> <a href="https://eprints.qut.edu.au/216593/1/MLM_report_Print.pdf">paid</a> and in most cases you would be better off earning minimum wage as a casual employee.<img style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important;" src="https://counter.theconversation.com/content/210895/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /> <a href="https://theconversation.com/profiles/laura-de-zwaan-180752">Laura de Zwaan</a>, Lecturer, Department of Accounting, Finance and Economics, <a href="https://theconversation.com/institutions/griffith-university-828">Griffith University</a> Image credits: Getty Images This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/shop-around-take-lunch-catch-the-bus-it-is-possible-to-ease-the-squeeze-on-your-budget-210895">original article</a>.

Money & Banking

Common credit card mistakes to avoid

If you regularly use your credit card, you’ll know how easy it is to plonk down the plastic for your shopping and other purchases. It’s also easy to forget those pesky card payments that follow. Along with the convenience of credit cards comes the danger that your bills can quickly snowball into a major debt that can linger for years if not managed properly. It pays to be aware of the pitfalls of credit cards and ensure you’ve got good habits in place to avoid them as much as possible. The following are a few suggestions: Shop around for the best card deals Don't make the mistake of signing up for the first credit card offer that arrives in your mailbox. Go online and look for the best possible card terms and features to suit you. Credit card rates can vary significantly, depending on the card and type of promotion offered. Rewards programs Following on from the point above, make sure the card you choose provides features you genuinely need and will actively use. Credit card rewards are promoted to make consumers think they’re getting something for free. But when you add up what it costs to earn rewards, a rewards program may not be much of a perk. For instance, credit cards that offer rewards often have much higher interest rates than cards with no rewards. Keep track of your spending While using a credit card sometimes feels like you’re not really spending money, not keeping track of your spending can wreak havoc on your finances. Carry a small notebook or if you’re more tech savvy, use one of the many apps available on your phone to record your purchases so you won't get a nasty shock when you receive your monthly statement. Make sure you check your statements regularly too. Late and minimum payments Credit card payments that aren’t paid on time result in late fees and higher interest rates. Read through your credit card statement carefully so you know when the payment is due. Consider auto-payment facilities or put a recurring note in your calendar each month a few days in advance of your payment due date to ensure you don’t miss it. Most card statements list the date that payments must be received by to avoid penalty interest fees. Ideally, it’s best to pay the full amount every month. Only paying the minimum amount will make the situation worse over time by attracting cumulative interest payment penalties. Using cash advances While they’re a tempting option, cash advances attract higher interest rates and should be used with care. Handle with care! Credit cards can be useful financial tools when used responsibly. Getting into good habits can ensure you take full advantage of the benefits while avoiding the traps. Image credit: Shutterstock

Money & Banking

9 cost-effective ways to warm your home this winter

Sick of hearing about the same old heating methods that never quite do the job? Try these nine unconventional heating hacks. 1. Preheat your pyjamas While you shower, put your pyjamas in the dryer to ensure that you have toasty warm clothing to change into as soon as you leave the warmth of the bathroom. For a slightly more affordable version, wrap your PJs in a hot water bottle or heat bag, not only will it heat your clothes but it will make your bed toasty warm too, just be sure to remove the hot water bottle from your bed before you settle down to sleep for the night. 2. Join the fan club It might seem counter-productive but turning a fan on at the lowest setting will help circulate heat throughout the room. Don't knock it until you try it! 3. Hottie in the car Dreading your chilly morning commute to work? Make your early start a little easier to stomach by putting hand warmers into your pockets or heat up a hot water bottle with warm water or a heat bag and put it on your lap as you drive. 4. Utilise bubble wrap For those whose home insulation isn't up to scratch, a budget-friendly trick is to use bubble wrap to insulate your windows from the inside. To create the DIY double glazing, simply get some bubble wrap and use a product like blue-tac to hold it in place on your windows. 5. Make use of your curtains Keep your house warmer for longer by making use of your curtains and the limited winter sun. To do this, open all of your curtains on a sunny morning and allow the house to soak up as much heat as possible during the day. As night falls, let your curtains act as an additional piece of insulation by closing them at dusk and trapping heat inside the house. 6. Cuddle your pet When in doubt, a great way to stay warm on a cold night is by sharing body heat. While snuggling up with your partner might make you a little bit warmer, cuddling a furry pet will heat you up a lot faster. The key to success with this hack is to cuddle up with the fluffiest animal possible, so try and find a friend with a Ragdoll cat or a St Bernard. 7. Go camping… indoors Just because it's winter doesn't mean you can't go camping... well, as long as it's in the living room. For a warm night's sleep, fill up a tent with pillows and blankets, make sure it's all zipped up and settle down for the night. The enclosed space will heat up by trapping the air and using your body warmth to make the space nice and cosy. 8. Redecorate Positioning your favourite seat in front of the heater might feel great when you're sitting in it, but when you put furniture too close to a heating source you're actually stopping the hot air from circulating throughout the rest of the room. Fix this problem by repositioning your furniture and allowing the hot air to fill the whole room, rather than just absorbing it all up in one spot. 9. Get in the kitchen There's nothing like a good soup or a roast to make you feel better on a cold winter’s night. Cooking is an easy way to warm up the air in your home, while also providing you with something warm to eat at the same time. Republished with permission of <a href="http://www.stuff.co.nz/" target="_blank" rel="noopener">Stuff.co.nz</a>. Images: Getty

Home Hints & Tips

Coronation Quiche anyone? You’ll need to fork out A$38. Here are cheaper and healthier options

If you are a monarchist, or just enjoy the tradition of the royal family, you may have heard about the Coronation Quiche – made with spinach, broad beans and tarragon. The idea is for us to make it and share it with friends and family during the coronation celebrations in May. King Charles and Queen Consort Camilla have just shared a <a href="https://www.royal.uk/coronation-quiche-0">recipe</a>. <blockquote class="twitter-tweet"> Introducing… Coronation Quiche! Chosen personally by Their Majesties, The King and The Queen Consort have shared a recipe in celebration of the upcoming <a href="https://twitter.com/hashtag/CoronationBigLunch?src=hash&ref_src=twsrc%5Etfw">#CoronationBigLunch</a> taking place up and down the country. <a href="https://t.co/aVcw9tNarP">pic.twitter.com/aVcw9tNarP</a> — The Royal Family (@RoyalFamily) <a href="https://twitter.com/RoyalFamily/status/1647917367798939648?ref_src=twsrc%5Etfw">April 17, 2023</a></blockquote> As dietitians, we’re interested in the quiche’s nutritional value. So we analysed its contents and found that although it’s quite a healthy dish, we could make a healthier version. Spoiler alert: the original recipe contains lard (pork fat). We’ve also found we could make the quiche using cheaper or more easily available ingredients. <h2>What exactly is a quiche?</h2> Today, most people consider quiche a French dish that’s essentially a savoury pie. It typically consists of a pastry crust filled with a mixture of eggs, cream and cheese, plus various other ingredients such as veggies, meat and herbs. Quiche can be served hot or cold. You can have it for breakfast, lunch or dinner with salad or veggies. <h2>How much does it cost?</h2> Quiches are usually quite economical to make. Most of the basic ingredients are cheap, and you can adapt the fillings depending on what’s in the fridge or left over from recent meals. Let’s see if this applies to the Coronation Quiche. We split the costs into typical quantities you can buy at the shops (for instance, six eggs) and the costs to make the quiche (which only needs two eggs). If you make the quiche from scratch and have to buy the ingredients in quantities sold in the shops, this will cost you almost A$38. Although this may seem a lot, you’ll have some ingredients left over for another meal. So how much do the ingredients cost for one quiche? We worked it out at $12 for the entire quiche, or $2 a serve. Quite reasonable! <h2>Can you make it even cheaper?</h2> Busy lives and the rising cost of living are front of mind right now. So here are a few things you can do to save time and money when making a Coronation Quiche: <ul> <li> buy pre-made pastry. Keep any sheets you don’t use for the quiche in the freezer </li> <li> use <a href="https://theconversation.com/are-home-brand-foods-healthy-if-you-read-the-label-you-may-be-pleasantly-surprised-189445">home-brand products</a> where possible </li> <li> consider vegetable shortening as it is a little cheaper than lard </li> <li> buy vegetables in season and from a farmers’ market </li> <li> can’t find tarragon? Try seasonal and cheap herbs such as parsley, basil or rosemary </li> <li> can’t find broad beans? Try cheaper pulses such as edamame or cannellini beans. </li> </ul> <h2>How nutritious is the Coronation Quiche?</h2> We also looked at the Coronation Quiche’s nutritional profile. We expressed quantities for the whole quiche, and per serve. <img src="https://oversixtydev.blob.core.windows.net/media/2023/04/quiche-nutrient.jpg" alt="" width="1280" height="720" /> <h2>The healthy … and the not so healthy</h2> This quiche has high amounts of healthy protein and fibre that come from the broad beans and eggs. One serving of this quiche gives you about 18-25% of your daily protein and about 10% of your daily fibre requirements, which is great. But the quiche has high levels of saturated fat, mostly from its high amounts of lard, butter and cream. Saturated fat has been linked to an increased risk of <a href="https://www.cochranelibrary.com/cdsr/doi/10.1002/14651858.CD011737.pub3/full">cardiovascular events</a>, such as heart attacks and stroke, because it raises levels of LDL cholesterol (the bad kind of cholesterol). This LDL cholesterol can build up in the walls of arteries and form plaques, leading to arteries hardening over time and increasing the risk of heart attack and stroke. So, high amounts of saturated fats is something we want to avoid eating too much of, especially if we have cardiovascular disease. It’s also something we want to avoid if we’re trying to lose weight. For an average Aussie consuming roughly 9,000 kilojoules per day, the recommended maximum intake of saturated fat is about 24 grams. Just one serve of this quiche has about 17g of saturated fat, which means there’s not much wriggle room for other foods after you have a slice. You may be better off trying <a href="https://nomoneynotime.com.au/healthy-easy-recipes/clares-rolled-oats-quiche">this quiche</a> instead, as it has half the amount of saturated fat as the Coronation Quiche. You could even try a <a href="https://www.wellplated.com/crustless-quiche/">crustless quiche</a>. <h2>4 ways to make a healthier quiche</h2> Here are a few swaps to help make this recipe healthier: 1. Use low-fat options. If you’re watching your weight and looking to reduce the kilojoules of the quiche, swap the full-fat cheddar cheese, milk and double cream to low-fat products. This will reduce the total fat content per serve from 29.6g to 15g and save 112.2 kilojoules per serve 2. Ditch the lard. Swap the lard for butter to save 15g of total fat per serve. This may change the texture of the quiche slightly but it will reduce the kilojoules 3. Use feta. Swap the cheddar cheese for feta cheese, which has fewer kilojoules per gram 4. Add extra veggies. This increases the fibre content of the quiche and adds loads of extra nutrients. Image credits: Getty Images This article originally appeared on <a href="https://theconversation.com/coronation-quiche-anyone-youll-need-to-fork-out-a-38-here-are-cheaper-and-healthier-options-204100" target="_blank" rel="noopener">The Conversation</a>.

Food & Wine

Tips for eating a healthy diet on a tight budget

When you’re on a tight budget, the idea of coming up with tasty, healthy meals on a regular basis can sometimes seem beyond us! We easily fall prey to slick grocery marketing, and when it comes to fitting meal preparation into our day, it’s easy to fall into a rut, succumbing to quick fix fast foods again and again. The good news is, you can be thrifty and healthy – with a little organisation and creativity, you can enjoy first class meals on a smart saver’s budget. Here’s a selection of tips to help with your creative cuisine challenge: <ul> <li>A golden rule is don’t shop when you’re hungry, as you’re more likely to buy things you don’t need. Shop with a list rather than buying on the spur of the moment.</li> <li>Buy fresh fruit and vegetables that are in season, and only enough for a week or so, as they go off quickly.</li> <li>Buy generic, no name and home brands where possible, especially for items where you’re not fussed about having the absolute best quality.</li> <li>Add some canned kidney beans, chick peas, lentils or other legumes to mince dishes or stews to make the meal go further. Canned beans are cheap, handy and healthy – a great addition to salads and other meals.</li> <li>Buying in bulk is almost always cheaper. It’s a great idea to buy non-perishable items in bulk (canned foods, dried beans and grains etc.), and you can freeze perishable items such as meat and bread in smaller portions to use as needed.</li> <li>When cooking a big meal, make extra to freeze or use later in the week for lunches or quick suppers. Double recipes, then freeze half.</li> <li>Use less expensive cuts of meat for casseroles that you slow cook; add extra vegetables and beans to make the meal go further.</li> <li>Look at purchasing perishables like meat and sushi at the end of the day when there are often clearances of stock close to use by dates.</li> <li>Check supermarket catalogues for specials and identify any products that you need before you go shopping.</li> <li>Buy block cheese and grate it yourself.</li> <li>Preserve when it’s cheap. Depending on your storage capacity, bottling, drying and freezing fresh fruits and vegetables is an excellent way to cash in on seasonal foods that are lower in cost but higher in taste and nutrition.</li> <li>Brown rice is a great addition to leftover meat and veggies. Although brown rice is slightly more costly than white, the nutritional payoff is well worth it.</li> <li>Pasta, likewise, is quick and easy to prepare, and can be paired with veggies, meat or a fresh salad. Have fun adding your own dash of inspiration (mushrooms, spices and herbs.) Choose wholemeal pasta when you can.</li> <li>Always keep spices, herbs and sauces handy – they can brighten up simple dishes.</li> <li>Bake your own goodies – that way you can make sure everything that goes into them is more nutritious. Plus, they are generally cheaper and tastier than store bought varieties.</li> <li>Soups can’t be beaten for nutrition and convenience, especially since you can use inexpensive soup mixes as your base. At the end of the week, make soup out of all your leftover veggies instead of throwing them out, and freeze anything you won’t eat in a few days. You can find great ideas on the internet by searching for recipes containing whatever you have in the fridge. Again, be creative, adding your own herbs and spices.</li> </ul> Image credits: Getty Images

Food & Wine

8 ways to stretch your cruise budget

When it comes to cruising there are plenty of ways you can make you budget stretch further without have to give up on the quality of holiday you want to have. Be flexible You can snag a great deal if you’re flexible with dates and open to new destinations. Fares can fluctuate on a daily basis so, if you aren’t locked in to a certain schedule, you could grab a great last minute bargain. Plus, you might discover an amazing new destination you’d never thought of. Shop the sales The cruise industry has sales on all year round and plenty of cruise lines, travel agents, forums and cruise websites will have deals pages or newsletters you can sign up to. If you stay abreast of all the special offers that are coming out, you can be sure to grab the best one. Buy a package Dining at the main restaurants will be included in your fare, but each ship will have a few specialty restaurants that come at an extra charge. If you want to try them all, buy a package that will come at a significant discount. Same goes for alcohol. If you think you’re likely to drink a few cocktails in the afternoon and wine with dinner, buy a daily drinks package to lower the cost. Save on port days Onboard spas are expensive, often even more expensive than you would find on shore. But most ships will have specials on offer during port days when most people are off the ship. If you don’t mind missing the destination you can get a great deal. The onboard shops will often have special sales or events on port days too. Check your daily cruise calendar. Watch your tips Almost all lines will add a daily gratuity to your account, usually around $12 to 15 per person per day. You’ll also find an extra 15 to 18 per cent gratuity added to bar bills or spa treatments. That means you don’t have to tip any extra – even though they leave a space for it on the bill. You don’t want to end up tipping 30 per cent on a round of beers. Disconnect at sea Internet and phone calls are the two most expensive things on a cruise – which makes sense when you realise you’re in the middle of the ocean. Mobile roaming charges are steep and cruise ship wifi extortionate, so the best thing to do is unplug your devices. You can always find a free wifi hotspot or payphone when you’re on shore. Guide yourself Shore excursions are a great way to experience a port, but they can also be really expensive. And many of them aren’t worth the money, like beach days or city bus tours. At most places you can get a taxi to take you to the beach for a fraction of the price or find a local bus that will take you on the same route. Do a little internet research before you go and reap the rewards. Use an agent A lot of money saving tactics come from a little DIY, but using a specialist cruise travel agent can actually save you money in the long run. They will help you find the right ship, the right cruise and the right cabin, plus they will know how to take advantage of the added value extras that cruise lines always have on offer. Image credits: Shutterstock

Cruising

3 budget-friendly overseas holidays destinations

You don’t have to rob a bank to go on an overseas trip. While you may be pinching pennies for retirement that doesn’t mean that a holiday is out of the question. Jetting off somewhere doesn’t have bleed you dry, actually, there are quite a few spectacular, great-value overseas destinations that allow you stretch your purse strings without making a dent in your savings. Why not consider one of these: Northern Ireland With many affordable guesthouses near Antrim’s seaside Giant’s Causeway and budget flight options, there are many great deals for a holiday in Northern Ireland. Make sure you see Pritzker-winning architect Zaha Hadid's cutting-edge Titanic Belfast museum, which brings fresh life to the dockyard where the doomed cruise liner was built. You’ll also want to make sure you take in the astounding interlocking rock columns of Antrim. India If you travel outside of the tourist favoruties – Mumabi and Delhi – there are many hotels that are reasonably priced if not utterly cheap. And the country has lots of landscape and culture for the buck. If you travel around by train and dine at low-key local places it will not only make you trip more authentic, but your pennies will go further. From lounging on the beaches of Goa to affordable skiing on Himachal Pradesh, there are many budget-friendly options including staying at Rajasthan's former palaces and living like a maharaja for less. Laos With better deals than Thailand, with its natural beauty and friendly locals, Laos is somewhat a majestic destination. With its sleepy riverfront and statue-decorated Buddha Park, Vientiane – the capital of Laos – offers much to be explored that you don’t have to pay for. Observe saffron-robed monks at dawn moving gracefully around the temple-filled holy town of Luang Prabang, or discover dramatic megalithic stone vessels, believed to be funerary urns, in the Plain of Jars. Image credits: Getty Images

International Travel

5 super simple ways to save cash for retirement

During the lead-in to retirement, money management becomes more important than ever. And while we often get lost pondering over in the major financial decisions, getting the minor financial decisions right can be just as important. We’re going to run through five simple ways any soon-to-be-retiree can save cash for their golden years. Sometimes the smallest changes make the biggest difference. 1. Set targets Saving can be difficult if you don’t know where the goalposts are placed. But how much do you really need to retire? As <a href="http://119.9.30.84/blog/are-you-retirement-ready" target="_blank">Equip notes</a>, “According to ASFA (the Association of Superannuation Funds of Australia), a couple needs approximately $640,000 in retirement savings for a comfortable lifestyle. For a single person that number is $545,000.” Setting minor saving targets, even if it’s just a little bit of money here and there every week, can get the ball rolling and start putting yourself in a position to prop up your nest egg. 2. Shop smarter While you don’t want to be living like a miser, smarter shopping choices can add up. Keeping your ear to the ground for discounts, taking advantage of specials and avoiding any discretionary purchases will help keep you in the black. 3. Clear any outstanding debt Debt can be an inconvenient drain on your income in the lead-in to retirement. If you’re set to take the plunge and find yourself in a mire of debt, it’s important to take necessary steps as soon as possible, which might mean finding a financial planner. <a href="http://119.9.30.84/blog/are-you-retirement-ready" target="_blank">Equip says</a>, “Having outstanding debts as you approach retirement isn’t necessarily a problem, but it does require some planning. For example - do you use your super to pay off your mortgage? There’s no simple answer, but speaking to a financial planner can help you understand your options and what they mean in the long term.” 4. Change spending habits Ultimately, if you’re looking to save some extra cash for retirement you’re going to have to change your spending habits. Little things like drinking coffee at home, or staying in for lunch and dinner can make a big difference in the long run. 5. Explore your options Taking the measures listed above is a good start, but you’re only scratching the surface of what you can do to prop up your retirement income. <a href="https://www.equipsuper.com.au/financial-planning/meet-our-financial-planners" target="_blank">Qualified financial planners</a> can give you advice and guidance on little things you can do in your day to day life that will ensure you’re in a better position when you’ve reached retirement. What measures do you take to save cash? <a href="https://www.equipsuper.com.au/" target="_blank">Equip</a> manages $7 billion of investments for members working across a wide range of Australian industry sectors. This <a href="https://www.equipsuper.com.au/" target="_blank">superannuation fund</a> has been providing strong investment performance and has been a reliable provider of retirement benefits for over 80 years. This article is for general information only. You should seek formal financial advice on your specific circumstances.

Money & Banking

Tips for travelling on a budget

1. Plan, plan, plan Get your affairs in order! Travelling spontaneously is wonderful but it's not a smart move if you’re on a budget. Make sure you know exactly how long you’ll be staying at each location, and learn the best route of transport. Then, you can calculate your travel expenses before you even leave. 2. Travel out of peak season This will always be the cheaper option. Avoid travelling during school holidays because the industry tends to increase prices. Instead, research the best time to visit your location and travel before or after those dates. 3. Book flights in advance Try to book your flights well in advance. Booking flights closer to your day of departure will always come at a higher cost. 4. Be food savvy Rather than going to a cafe or restaurant where the prices may be high, wander around and find low-cost eateries. Do your research to learn what is and isn’t considered costly at your intended destination. 5. Pack sensibly Make sure you’re packing absolutely everything you need. You don’t want to be caught out, especially in a foreign country. It's also a good idea to research the weather conditions for every intended stop. Image credit: Shutterstock

Travel Tips

6 simple steps to make your travel budget go further

We’ve all got jet-setting friends who always seem to be off on a new trip around the world. At times it feels as though they’re on holidays forever, and goodness knows how the pay for it all. But we think if you broke it down, you’d find there’s not a huge difference between your finances and what they’re working with. They might just be a little better at the planning side of things. We’ve put together six tips for planning and budgeting your next trip. By incorporating some of these ideas into your trip planning, you will find your holidays will last longer than ever! Go at the right time of year Often with tourists locations there’s a peak season to visit. More tourists will be travelling to the destination and as a result prices for everything from hotels to airfares and even the meal at your restaurant can be significantly higher. For this reason, it’s important to do your research when planning your trip and if you can be flexible go at a time where there won’t be too many tourists. Pay attention to the exchange rates When you’re figuring out exactly where you want to go it is definitely worth keeping an eye on the local exchange rage and understanding how our dollar is performing. You may find that if our dollar isn’t facing too strongly against a particular currency it may be worth considering alternate plans that will give you a little more bang for your buck when you’re headed overseas. Figure out how much you’re going to spend before you leave If you set an upper limit on the amount you want to spend before you leave, odds are you will be able to find it easier to reign in your spending. Get a pen and pad out and make some estimations as to how much everything is going to cost before you set your plans in stone. By doing this, it will probably also be easy to identify areas in which you can actually save some money. Figure out a daily budget and stick to it Have a frank discussion with yourself about what this trip is and what you actually want to achieve out of it. Is it going to be a cheap jaunt through South East Asia or a luxurious exploration of Europe? By figuring out what your daily budget is and how much money you can afford to spend on a daily basis you will be well placed to make sure your spending doesn’t get out of hand while overseas. Research and explore alternate routes If you’ve been budgeting your trip out and you’ve started to come to the conclusion that this one might be a little bit out of your price range, don’t be afraid to do a little bit of extra research and explore some alternatives. You’ll probably find there are some alternative trips that are available that won’t cost you nearly as much to embark upon and give you plenty of loose change to enjoy. Make sure you have enough money to be flexible That being said, it’s important to have a good time when you’re away on your trip and in the end of the day money is just money. What’s more important is having an amazing experience while you’re away, so when you’re budgeting your trip out make sure you include enough money to be flexible in your trip and be taken by any whims that might catch your fancy while abroad. Image credits: Getty Images

Travel Tips

13 budget beauty tricks

There are plenty of beauty tips that are not worth listening to. Who actually throws out their mascara after three months? Do you really need to buy enough make-up brushes to rival an artist's palette? And will putting strawberries all over your teeth really give you a smile to rival Lucille Ball’s? It’s all a bit too hard. Use these simple, DIY tricks to save your time, money and effort. <ol> <li>To avoid lipstick on your teeth, after applying your lippie stick your finger in your mouth and pull it out. This way your finger will take the excess product, not your teeth. </li> <li>Concoct your own plumping lip venom (and save yourself $30) by adding a drop of cinnamon or peppermint oil to your lip colour.</li> <li>Vaseline costs you pocket change and has to be the most hard-working beauty products out there. Apply to lashes before bed to make them grow longer and thicker over time, use it to tame unruly eyebrows, apply to pulse points before spritzing your perfume to make the scent last longer, combine with sea salt to make a scrub and mix with lipstick to make a subtle cream blush.</li> <li>Don't have a curler? Give yourself groovy, long-lasting waves by flat-ironing your braids with your hair straightener. Avoid making the braids too tight lest you like the crimped look.</li> <li>Don't listen to Sally Hansen when she says you need to buy cuticle cream. Eye cream applied to your nail beds serves the same purpose.</li> <li>While towels cause static and friction, drying your hair with a cotton T-shirt eliminates the frizz factor completely.</li> <li>A light dusting of baby powder between coats of mascara creates fullness you have not dared to even dream of.</li> <li>There's nothing worse than blotches of dry shampoo that could be mistaken for dandruff. Always apply it the night before, not the morning of, to prevent product build-up.</li> <li>Want to give your lipstick long-wear power? After applying, hold a tissue over your lips and lightly dust with translucent powder to set the colour.</li> <li>Got a spot of foundation on your white shirt? A touch of shaving cream on a damp cloth should clear it right up.</li> <li>You can reduce hair static and fly-aways by slicking it with a dryer sheet.</li> <li>There's no tougher wait than the time it takes your conditioner to work or your manicure to dry. Cut that drying time in half by dunking your nails in a bowl of cold water for two minutes shortly after painting.</li> <li>Had a messy experience with leaky products in your suitcase? Hasn't everyone? Just unscrew the caps, place a layer of cling film over the top and screw them back to prevent any liquid from ruining your trip.</li> </ol> Written by Kathleen Lee Joe. First appeared on <a href="http://Stuff.co.nz" target="_blank" rel="noopener">Stuff.co.nz.</a> Image credits: Getty Images

Beauty & Style

Over 60

News

Shop

Catalogues

Travel

Health

Lifestyle

Finance

Entertainment

Property

Information

Keep up to date

Search

Holiday budgeting tips for over-60s: Expert advice for a stress-free season

The best budget-friendly travel destinations for 2025

Readers response: What have you had to cut out of your life to cope with cost of living pressures?

Woman “bullied” on plane over budget seating trick

Battling to make ends meet? Financial planning expert offers 5 tips on how to build your budget

Five tips for developing and managing your budget – even in tough economic times

The cheapest places to travel in 2024

Give the gift of luxury on any budget

What is ‘budget Ozempic’ that’s all over social media? Can it help me lose weight?

Shop around, take lunch, catch the bus. It is possible to ease the squeeze on your budget

Common credit card mistakes to avoid

9 cost-effective ways to warm your home this winter

Coronation Quiche anyone? You’ll need to fork out A$38. Here are cheaper and healthier options

Tips for eating a healthy diet on a tight budget

8 ways to stretch your cruise budget

3 budget-friendly overseas holidays destinations

5 super simple ways to save cash for retirement

Tips for travelling on a budget

6 simple steps to make your travel budget go further

13 budget beauty tricks