Regular updated content on how YOU can work at home and earn that much deserved cash flow.

Regular updated content on how YOU can work at home and earn that much deserved cash flow.

yoursuccesswithmoney.blogspot.com just could be your new best friend, with regular updated information from professionals in the money making businesses of online marketing and sales... YOU and many others could be on the road to success in just a few CLICKS away. DONT MISS OUT ON THE GOOD LIFE. BE AHEAD OF THE GAME. YOU only get out what YOU put in. So REMEMBER to add yoursuccesswithmoney.blogspot.com in your FAVORITES and visit REGULARLY , spend just a few minutes a day CLICKING around, reading my new posted articles to gain access into information that others pay for...WHY!!?!??!!? pay for free information.

on my website, YOUR IN CONTROL!


yoursuccesswithmoney.blogspot.com into your favourites

how to save money. Budgeting. PART 2

Before you begin you need to decide if your budget is going to be weekly, fortnightly, monthly or yearly. Most people find it helpful to make their budget match how often they get paid. You will need to convert all of your income and expenses to match this time period.

The following chart allows you to convert your budgeting periods

Example: if you have a quarterly gas bill but a fortnightly budget you would multiply the gas bill by 4 to get the yearly amount and then divide the yearly amount by 26 to get the fortnightly amount.

Be organised

To make an accurate budget you need to keep a record of your income and your spending - you need to be organised.
Most people find it works best to have a filing system such as a filing cabinet where you can keep your payslips, statements, bills, receipts and other financial records. You may also find it helpful to keep a diary or a payment & cash receipt book.

Tip: If you have not kept your past payslips, statements and bills most companies will provide another copy on request, although they may charge an extra fee for this.

How to save money, budgeting.

Income

First you need to work out and write down your net income. You can find your net income on your payslips or Centrelink statements. You could also check your bank statements or tax return. Include any new income that you may expect.

You will need to distinguish between:

• Gross Income - your income before tax and other deductions are taken out
• Net income - your gross income minus tax and other deductions such as superannuation. Net Income is what you actually receive.

Tip: Your income is all regular money you receive including child support and the family tax benefit.

Expenses

Next you need to work out and write down all of your expenses. Most important are basic living expenses such as rent, utilities, clothing, food and transport. You also need to include other necessities such as insurance and medical expenses. Leave a gap or use headings so you can easily see which are your living or essential expenses and then work out and write down luxury or easily reduced expenses such as gifts, regular trips to the movies, shopping, takeaway or holidays.

Caculations

Now that you have written down your income and expenses:

1. Add totals for each.
2. Deduct living and essential expenses from your income. The amount that is left is called your disposable income.
3. Deduct your luxuries and other non-essential expenses from your disposable income.
4. The amount (positive or negative) that is left after this is your balance and can tell you a lot about your financial situation.

Congratulations! You now have a record of your income and spending. Now you can see where your money comes from and more importantly where it goes!

How to reduce your living expenses

Reducing your expenses is one of the best ways to increase your savings. By spending less each week you will gradually build up more money to inject into interest earning investments. We list some of the ways to reduce expenses below

Basic Living Expenses

These are generally the most difficult expenses to reduce, but reductions may be necessary if your basic living costs are higher than your income.
Food & Shopping

* Instead of buying food and a drink, pack your own lunch for work or school. An average lunch costs $10 and a drink can cost about $3. If you buy both two days a week that’s $52 a fortnight and $1352 a year.
* Be organised about your shopping – shop at the same time every week (or fortnight), know how many meals you need to shop for and make a list of what you need before you go to avoid impulse buys.
* Shop at a supermarket that is close to you so to save on petrol costs.
* Look at catalogues to find the best buys. Some food items are cheaper in bulk and can be frozen such as meat and bread. Many perishable items are reduced just before closing time.
* Avoid buying junk food and pre-packaged dinners. Not only are they bad for your waistline but fresh meals and snacks are cheaper.
* The size of packaging is often misleading – compare weights (written on the packaging) when comparing prices.
Use cloth nappies instead of buying disposable nappies. Make your own baby food instead of buying it.

Clothing
Use clothing pools for school uniforms and go op shopping for unique bargains.

How to save money: non-essential expenses

*

Fun doesn’t have to be expensive –your local community resources such as newspapers, youth centres and libraries have information on many free or low cost activities such as exhibitions.
*

Make your own fun – go to the park, play sport with friends or play card games. Don’t forget to bring drink and snack or lunch packs for you and your family.
*

Rent movies instead of seeing them at the cinema.
*

When inviting friends around for dinner and ask them to bring a food or drink item to share.
*

If you smoke, try to cut down or quit smoking. If you smoke a pack a day at $12 a pack that’s $84 a week and $4380 a year. That could be a second-hand car!
*

Alcohol and gambling can consume a large amount of income. If they are, try and cut down, if you have a problem please refer to section on places that can help
*

Make your own cards and gifts

start saving when you are teenagers!

Students. Money. Generally speaking, those two words don't go together — particularly without "don't have" between them. Studying for a long-term goal doesn't necessarily mean you have to go completely without short-term fun (or even food). However, you just need to play it smart. Here we look at where the cash might come from.
Where do you get it?
It's true that there is an undetermined number of students out there living below the poverty line. A study by La Trobe University (2000) found that one third of students could not afford heating, while almost half felt that financial hardship was affecting their health. But help for the financially challenged student is available, if you know where to look.
Government help
Whether you are a full-fee paying student or one with a Commonwealth Subsidised Place (CSP), you have access to a specific government loan scheme to help cover your tuition costs. Note that you must be an Australian citizen or holder of a permanent humanitarian visa. Those who are Commonwealth students can access HECS-HELP, which enables you to defer payment of fees until your income reaches a certain level (currently $38,149). You simply pay back what you owe through the tax system.
Full-fee students have access to a similar scheme called FEE-HELP, under which they can apply for a Commonwealth Government loan to cover part or all of their tuition fees. Repayments are made once income reaches a minimum payment threshold.
For more information regarding both schemes, including loan thresholds ($80,000 maximum over a lifetime for FEE-HELP borrowers) and repayment schedules, visit www.goingtouni.gov.au.
Other income support
A number of different allowances are available through Federal Government schemes to assist with living and other expenses for full-time students enrolled in approved courses. Information about Austudy, Abstudy, Rent Allowance and Youth Allowance are all available from www.centrelink.gov.au.
Scholarships
There are many different types of scholarships available through universities and other education institutions. Some cover fees, others fees and living expenses. Are you eligible for one? You'll never know if you don't check it out. Contact your university to see what's on offer.
Student loans
Most banks and financial institutions have specific accounts for students. The National Australia Bank, for instance, offers an account with all the usual attachments (including fees and charges) as well as special discounts at outlets such as Borders, Hungry Jacks and STA Travel. As with all things financial, read the fine print before choosing your account. Infochoice (www.infochoice.com.au) is a great place to begin comparing options.
There are also commercial loans available, specifically aimed at tertiary students. Loan amounts vary depending on the bank/financial institution and your personal circumstances, but you generally do not need to repay them until after your studies are complete (or a maximum period of five years, whichever comes first). It's worth noting that the majority of loans like these start accruing interest from the day you take them out — not the day they are due for repayment. Also, most banks will probably require a guarantor on this type of loan, so you'll need someone to vouch for you.
University loans
Macquarie University in Sydney offers interest-free loans to students up to the value of $1400 to cover the cost of things such as textbooks, computers and living expenses. Check with the Student Finance officer or similar at your institution to see if they operate a similar scheme.
The casual job
If all else fails and you can't look another tin of baked beans in the face, it might be time to consider part-time or casual employment. Many universities run an employment service and this is a great place to start looking for work available in the area. Remember that if you receive a Centrelink payment of any kind, you need to declare your additional income and your payments may be affected. Generally you can earn up to $6000 in a financial year before your payment is affected, but check out the Centrelink website to be safe.
Also remember that work time cuts into valuable study time (not to mention "experience university time") and it's generally suggested that full-time students work no more than 20 hours per week.
Credit cards: a warning
While having a credit card to "fall back on in emergencies" seems like a great idea, the reality may be quite different. If you're using credit to make up a shortfall in your overall income, it's easy to get into a lot of debt in a short period of time. Many banks and financial institutions offer "student cards", which take into account that students often move around and may have unstable incomes. This makes it easier to get one — but not easier to pay it off. Interest rates on these cards can be high, cash advances (which seem like a godsend when the rent is due) attract interest from day one (no matter what your "interest-free" period might be) and there's usually an annual fee (generally $30-$60) to take into consideration.
If this is your first foray into living on your own and managing your cash, it may be best to leave the credit card for a later date. If you simply can't get by without one, lean to manage it properly. Don't spend more than you can afford, plan to pay it off in full each month and read the fine print in the terms and conditions — the interest rate and colour of the card are not your only considerations!