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​Tip Store: Finances: Financial Help

Paying an Accountant to do Your Tax Saves You in the Long Run

One of the best "spend money to save money" initiatives I've ever had was to get myself an accountant to do my tax. When I first entered the workforce, I did my own tax (free) for two years, and both times owed a very large amount of money. 

The third year I found myself an accountant and it was the best $130 I've ever spent. The accountant obviously knew so much more about the system than I did and knew so many tax deductions that I had never claimed. He was also able to recognise I was not having enough tax taken out by my second job - which was what caused me to owe extremely large amounts of tax previously. I now get a decent return every year on tax. 

This year I introduced my boyfriend to my accountant and he got twice as much back this year as last year! $130 for an extra $1,000 in his pocket - and the $130 he spent is claimable on next year's return anyway!
Contributed by Kate Bradshaw

​Free Financial Counselling

I work for a finance company and I wanted to let people know that if they are struggling to make ends meet, there are free financial councillors available through places such as Lifeline and Anglicare. They will go over your budget and can contact credit card companies and banks in regards to your debt and help make arrangements. This can include lower interest for a period or even interest free periods to help while paying off debts like phone bills or unexpected medical expenses. If your financial trouble is due to an unexpected crisis (medical sickness redundancy) there are plenty of options. Can I also say be wary of any company that wants to charge you to help pay your debt "interest free", many of these places make huge profits off people who can not make ends meet as is. Many local councils also offer this service, it won't affect your ongoing credit rating, unless you have already been listed before contacting them.
​Contributed by Melissa Lea-Wood, 19th August 2010

​Simplifying in a Tough Economy - Free E-book Download

Approximate $ Savings: $15 and more! Leo Babauta's book 'Thriving on Less: Simplifying in a Tough Economy' is currently online, free to dowload as an ebook at http://media.thepowerofless.com/ThrivingonLess.pdf . Learn about how to save money by living a simple life. The book discusses ideas such as prioritising, tracking your success and living in the moment. It raises small changes you can make in day to day living that will help you save money- for example driving less, skipping the morning coffee and looking for free online versions of magazines and books.
Contributed by Dora, Melbourne, 28th January 2009
​ Website: media.thepowerofless.com/ThrivingonLess.pdf

​Make Cheapskates a Daily Task

I'm a new member who keeps a task on my to-do list that says “Research Cheapskates site”. Every day, I transfer it to the next day as I've been feeling a bit intimidated by the amount of information on the Cheapskates site. I guess I fell into the trap of thinking I had to look at everything and decide which things I'd take on. Your Welcome email reminded me I could just look at things in chunks. Not a bad reminder at all! So – THANKS for the re-send!
​Contributed by Victoria, 12th October 2009

​Manning Support Services

Area: Greater Taree, Great Lakes and Gloucester local government areas but exist in other areas also Manning No Interest Loan Scheme is a service that provides no interest and no fee loans to people on Centrelink payments and/or low enough incomes to be eligible for a health care card (this includes for example single parents, aged pensioners, disability support, carers, apprentices), for new essential household items and medical equipment. Manning NILS provides loans for items from between $100 & $1000.The maximum repayment term is 18 months.
​Contributed by Amy, Cundletown, 13th August 2009

​Compare the Rates to Pick the Best

Approximate $ Savings: Over $100

I stumbled across a website called Rate City (see www.ratecity.com.au). It's a comparison website so you can hop online and compare pretty much any kind of finance product available in Australia. I looked up my existing credit card and car insurance providers and as I was able to compare it to the cheapest products on the market I ended up switching brands and switching products which saved me an extra $438 a year! The best thing is that it was all free to do.
​Contributed by Mel, Double Bay, 10th March 2008

​Income Protection Insurance is Important

We learnt with the experience of a terminally ill friend that it, life insurance and private health insurance are very important. However, we decided I only really needed income protection if I was off sick for a long length of time. So weighing up the risks and benefits, we decided to change the waiting time from 1 month to 3 months and the annual bill dropped from $600 to a more manageable $240. So we still have the protection of income insurance if something terrible happens, but are willing to take the risk and live off savings if it's a short-term issue. We're banking the difference as emergency savings anyway, so that will build over the years (and earn interest).
​Contributed by Melissa, Adelaide, March 3rd 2005