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If breaking New Year’s resolutions is as much a tradition as the act of making them, you’re not alone – about one third of New Year’s resolutions don’t even make it past the first month. So why not try something different this year? The main reason resolutions fail is because they’re often formed without a strategy. A strategy has clear directions, timelines and consideration of resources needed, which is why they are much more likely to be acted upon. If you’ve already set

Australians delight in their nation punching above its weight but there’s little to celebrate in being the world’s silver medallists – we’re a nose behind the Swiss – when it comes to household debt.i With the present-buying, holiday-taking season nigh, millions of Australians could soon find themselves sinking even deeper in the red. Older readers may remember a time when credit was hard to come by and people were cautious about going into debt. But those days are long gon

Christmas is a time of giving, when thoughts turn to family and to helping those less fortunate. To gift in a meaningful way that maximises the benefits, it’s important to consider tax. While Australia doesn’t have a gift tax, there are tax considerations nonetheless for both the giver and the recipient. Buying a toy for your grandchild is one thing but many parents wish to help their adult children or grandchildren with more substantial gifts such as a home deposit or a ca

Many Australians will soon be jetting or sailing away on their annual overseas getaway. Unfortunately, the value of the Australian dollar has been falling against the US dollar, British pound, Euro, Yen and even the Indonesian Rupiah. Here are some suggestions on how to maximise your travel budget and have a memorable holiday. Get the right cover Taking out travel insurance is a sensible precaution, but you don’t want to pay more for it than necessary. Or pay for it, then di

The lure of greater control over your retirement savings with a Self Managed Superannuation Fund (SMSF) may be enticing but the freedom to chart your own destiny also comes with the responsibility to comply with the rules. An SMSF is a private superannuation fund regulated by the Australian Taxation Office (ATO) that you manage yourself. You can have up to four members in your fund, each of whom must be a trustee or, if a corporate trustee has been appointed, a director. As

Few of us like to think about death, let alone plan for it. But far from being morbid, getting your affairs in order and drawing up a Will is one of the kindest and most caring things you can do for your loved ones. Not only does a Will make your wishes clear but it ensures your family isn’t wrestling with legal red tape at a difficult and emotional time. Yet despite the advantages, it’s estimated 45 per cent of Australians don’t have a Will.i Who needs a Will? The short an

The number of young adults living in the family home well into adulthood is growing. ABS data indicates, amongst adults under 35, nearly one third are still at home, and the trend is on the rise.i If managed well, multigenerational living can be beneficial to both your adult kids’ financial goals and your relationship with them, that said it’s not without its challenges. What’s behind the shift Today’s young Australians spend longer in higher education, stay single for longe

What a difference a year makes. In recent months, Australian shares hit a record high, the Aussie dollar dipped to levels not seen since the GFC and interest rates were cut to historic lows. Towards the end of 2018, shares were in the doldrums and while experts agreed the Aussie dollar would go lower most tipped the next move in interest rates would be up. All of which goes to show that when it comes to predicting financial markets, the only sure thing is uncertainty. There

Negatively gearing an investment property is viewed by many Australians as a tax effective way to get ahead.According to Treasury, more than 1.9 million people earned rental income in 2012-13 and of those about 1.3 million reported a net rental loss. So it was no surprise that many people were worried about how they would be affected if Labor had won the May 2019 federal election and negative gearing was phased out as they had proposed. With the Coalition victory, it appears

As children, we are surrounded by stories. The books our parents read to us, the cartoons we watch, the imaginary games we play. As adults we tend to think story time is over; but it isn’t.We are constantly surrounded by narratives in the media, amongst our peers and in our own heads. If these narratives are positive, they can propel us forward. But if they are negative, they can hold us back. The sky’s the limit until we hit our self-imposed limitations, usually founded in

For most people, life insurance provides a safety net against unexpected events. This is particularly the case if you have a mortgage, debts or family who are dependent on you earning an income. In many cases, life insurance has been automatically offered through superannuation. Although 85% of people hold life insurance this way, a recent survey found one third of them don’t even realise.i Now some superannuation members may have lost their insurance cover and may not be

If both your first and last task of the day is to check your emails, you’re not alone. Contemporary work culture, spurred on by advances in technology, has meant that we are expected to always be 'on'. Gone are the days of the 9-5. Many of us work at all hours, possibly even holding down side gigs, and that’s before we take into account the labour we perform in other areas of our lives. You may then have felt some sense of vindication, when earlier this year, the World Healt

If like many Australians you’re looking for ways to put some cash away for a rainy day, a holiday or to earn extra income, the job has just become a bit harder. It’s also become more urgent if you are expecting a handy tax return. In early July, the Reserve Bank cut rates to 1%. Soon after, the Morrison Government got its tax package passed. As a result, those on incomes from $25,000-$120,000 got an immediate tax cut of up to $1080. Whether you are looking to make the most of

We don’t think twice about taking our car in for a regular tune up because we know it’s going to mean our car runs at its best and saves unexpected problems down the track. It follows then that we should take the same approach to other areas of our lives. From our goals, to our finances, to our health, there’s so much to be gained in checking in regularly to make sure everything’s tracking well. Kick your goals into gear A good place to start is with your goals. If you set s

Australians are living 10 years longer than we did 50 years ago and staying fit and active well into retirement. Expectations of retirement are higher, whether that be overseas travel, learning a new skill or spoiling the grandkids. Recent changes to boost retirement income may go at least some of the way to achieving your dream retirement and providing for a healthy, independent and good life in your later years. While there are some changes that affect self-funded retire

These days, the phenomenon of keeping up with the Joneses is more pervasive than ever. The constant bombardment of images from advertisers, as well as our friends and family via social media is making Australians feel pressured to maintain a certain lifestyle, often to the detriment of their long-term financial goals. In fact, new research reveals that over a third of Australians feel burdened by the pressure to keep up appearances.i Nothing new Wanting what your neighbour ha

The secret to a successful business is to make sure you are not just working IN your business but that you are also working ON your business. As the end of the financial year approaches, there’s no better time to give your business a financial fitness check. Of course, the best policy is to continually monitor how your business is faring throughout the year. But if you’ve been caught up in the day-to-day management then now is a good time to get back on track because you wil

Most of us dream of the day we can stop working and start ticking off our bucket list. Whether you dream of cruising Alaska, watching the sun rise over Uluru, improving your golf handicap or spending time with the grandkids, superannuation is likely to be a major source of your retirement income. The more money you squirrel away in superannuation during your working years, the rosier your retirement options will be. The question is, how much is enough? Estimating your needs

Con artists make entertaining subjects for Hollywood scriptwriters (think , and ), but there’s nothing enjoyable about being conned and fleeced in real life. On the latest figures available, Australians lose over $10 million every month to scammers. There are plenty of rackets running at any one time involving pyramid schemes, identity theft, fake lottery wins and non-existent inheritances, but the unholy trinity of cons are: Investment scams Dating scams Fake billing scams

Even the most productive amongst us is prone to procrastination at times. So, what can we do about it? And how can we make sure it’s not getting in the way of us achieving our goals? Understanding the mental mechanisms at play is a good place to start. At the core of procrastination is impulsiveness. Those who tend to procrastinate often have difficulty in delaying gratification. What’s happening here is that two parts of the brain are working in opposition. The prefrontal co