Nothing is certain in life but death and taxes. Hence for this week, we have given you some tax tips before June 30 arrives. If you have missed our posts, we are providing you this roundup. EOFY is just around the corner, so make your 2018 tax return more rewarding and check out these tips now!

This allows you to claim an immediate tax deduction for all capital purchases costing less than $20,000, rather than depreciating the cost over several years, as used to happen. This is great for tech items such as computers, tablets and phones, as well as tools and equipment, office furniture and even motor vehicles. The allowance is available to all businesses with an aggregated turnover of less than $10 million.

The expenses that you can claim include:

• Heating, cooling and lighting
• Cleaning costs
• Decline in value (depreciation) of home office furniture and fittings, office equipment and computers (for items over $300)
• Computer consumables, stationery, telephone and internet costs
• Items of capital equipment (such as furniture, computers and associated hardware and software) which cost less than $300 can be written off in full immediately.

If you used your personal mobile phone for work purposes, you can claim a deduction for the business-related use. Make sure you have your phone bills collected together and have kept a log of your business/personal use over a four-week period. That percentage can then be applied to the whole year.

You can claim a deduction for donations of more than $2 to a registered charity provided you have a receipt for the donation.

BONUS: Additional Tax Tips!!!

• According to Dave Ebdon, Senior Tax Specialist at Tax & Super Australia ,“The ATO will be paying particular attention to claims for clothing and laundry expenses, given that last year around 6 million people claimed work-related clothing and laundry expenses,” he said. “This is almost half of all taxpayers, and it is highly unlikely that this many people would be required to wear uniforms, protective clothing or occupation-specific clothing.” “If you don’t have receipts for your expenses, you can only claim a maximum of $300 for work related expenses.”
• Claim everything you are entitled to: Make sure you know what you can claim. For example if you are on the road for work (or work outside) you can claim sunscreen so if your foundation, lip-balm or moisturiser has an SPF factor then you may be able to claim it. You can also claim home office, internet, travel, training, handbags, food when travelling overnight.
• Gather written evidence. Make sure you have written evidence, such as receipts, invoices and bank or credit card statements, for everything you intend to claim.
• Prepay expenses. If you’re a small business you might consider prepaying expenses such as rent or insurance for up to twelve months.

* Soul Finance Group and its finance brokers do not provide tax, legal, or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal, or accounting advice. You should consult your own tax, legal, and accounting advisors before engaging in any transaction.

References:

https://mozo.com.au/savings-accounts/articles/eofy-last-minute-tax-tips-to-jump-on

https://au.finance.yahoo.com/news/12-last-minute-tips-save-taxes-040823563.html

Disclaimer:

 Credit Representative Number 486927 is authorised under Australian Credit Licence 389328.

 This article provides general information only and has been prepared without taking into account your objectives, financial situation or needs. We recommend that you consider whether it is appropriate for your circumstances and your full financial situation will need to be reviewed prior to acceptance of any offer or product. It does not constitute legal, tax or financial advice and you should always seek professional advice in relation to your individual circumstances. Subject to lenders terms and conditions, fees and charges and eligibility criteria apply.

The post EOFY Tax Tips Roundup appeared first on Soul Finance Group.

Plan your travel getaways ahead and check out these top 5 underrated destinations worldwide! Just a disclaimer, these don’t serve as an official list but rather, are results from the thorough research of the author based from reviews gathered on top blogs and travel sites online.

So if you are one of those type of people who love to plan ahead and wish to add a twist on their bucket list, then these recommendations are for you. Just for this entry, I will provide the location, reasons why you should go and visit, (or I might just throw away some fun facts about the place!) and the best time to book your ticket and visit the area. Mark your calendars so you can go ahead and file your vacation leaves and save up for your much-needed getaway!

City of Valletta, MALTA

(Credits to the original owner of the photo. No copyright infringement intended)

Location: Valletta is the capital city of the country Malta, which is located in the Mediterranean and forms part of Europe (and a member state of the European Union).

Did you know? The City of Valletta is Unesco-world-heritage listed for its harmonious collection of baroque architecture.

Reason/s to visit: Its baroque architecture no less! The city has become a home to groundbreaking contemporary architecture, delightful cuisine, and a burgeoning nightlife scene. You’ll be in awe of their multicoloured Maltese balconies, their innovative new uses for their subterranean spaces, and their authentic local cuisine.

Best time to travel: April, May, and June – These months usually give you the best weather throughout the year. It’s mostly sunny, spring means temperatures rise and May is usually the month where swimmers start heading to the beaches.

July – September – If you want to avoid the heat of the sun and high temperature and wish to travel to Malta on a far less busy time, try visiting during these times. You might also get better deals on flights and accommodations.

Svaneti, GEORGIA

(Photo taken from Georgian Journal website. No copyright infringement intended)

Location: No, I’m not referring to one of the states of the USA. Svaneti is a historical region in northwest Georgia, bordering Russia. The country of Georgia is in the crossroads of Western Asia and Eastern Europe, it is bounded to the west by the Black Sea, to the north by Russia, to the south by Turkey and Armenia, and to the southeast by Azerbaijan.

 Did you know? Svaneti is the highest inhabited area in Europe. Svans, (the ethnic population occupying the territory) have been living there even before the Ancient Greek times.

Reason/s to visit: The picturesque view—it’s so beautiful it looks photoshopped! Because of its remoteness, the people who live there were able to preserve its beauty and their culture. The place boasts its high Caucasus mountain region.

Best time to travel: May, June, and September – The lowlands around Tbilisi (capital of Georgia) are particularly hot and humid in midsummer – while the mountains are cooler and drier.

 Dubai, UAE

(Photo taken Huffingtonpost.com. No copyright infringement intended)

Location: Dubai is located on the Persian Gulf, in the northeast of the United Arab Emirates.

Did you know? Palm Islands are three artificial islands, Palm Jumeirah, Deira Island, and Palm Jebel Ali, on the coast of Dubai. Artificial islands—meaning, they are man-made! How crazy and amazing is that?!

Reason/s to visit: Aside from checking out these incredible man-made islands, the reason to visit Dubai is because of the city’s uniqueness. Dubai has historic sights, futuristic architecture, active night life, and out-of-this-world attractions.

Best time to travel: November- March – Dubai really has only two seasons: hot and hotter. During the winter months, the city sees blue skies and experiences beach weather.

 Dubrovnik, CROATIA

(Photo from Mila Atkovska, Shutterstock. No copyright infringement intended)

Location: Dubrovnik is a city in southern Croatia. It is located on the continent of Europe. Neighbouring countries are: Bosnia and Herzegovina, Hungary, Montenegro, Serbia & Slovenia.

Did you know? Game of Thrones fans, take this– Dubrovnik was the main filming location in Croatia for King’s Landing, the capital of the Seven Kingdoms in the TV show Game of Thrones. How cool is that?!

Reason/s to visit: Dubrovnik is a UNESCO World Heritage Site. Dubrovnik’s Old Town has been a popular filming location in recent years. The Game of Thrones television series and the Star Wars: Episode VIII film were both shot here. Also, given Dubrovnik’s position along the Adriatic Sea, it’s not that difficult to island-hop with the help of ferries and charter boats.

Best time to travel: September and October –This is when temperatures aren’t stifling hot yet most of the cruise ships have abandoned the port. The water remains warm for these two months, so it’s a great time to dip into the sea.

Yosemite National Park, California, USA

(Photo from pixabay.com. No copyright infringement intended)

Location: Yosemite is located in eastern central California in the United States. West of the park are the major cities of San Francisco and Sacramento, California. Southeast of the park is Las Vegas, Nevada. South of the park is Los Angeles, California.

Did you know? There are 747,956 acres of land in Yosemite National Park. It’s about four times as big as New York City.

Reason/s to visit: Yosemite Valley. You’ll be impressed by the panoramic windshield views of a glacier-carved canyon, thickly forested, with grassy meadows beside a bubbling river and granite monoliths scraping the sky. (Plus, considering its size, you won’t be running out of things to do!)

Best time to travel: March – June – Spring (in the USA) is by far the best time to visit Yosemite Valley. In May the waterfalls are at their peak, the wildflowers are blooming, and the summer crowds have not yet arrived. Daytime temperatures are often divine, but be prepared for chilly temperatures at night.

These are some really good places that you should definitely include on your bucket list! Make sure you took note of the best times to travel and start saving now. Or you might want to consider your financing options. Remember, you only live once so maximise all opportunities you can get!

References:

https://www.georgianjournal.ge/discover-georgia/

http://whc.unesco.org/en/list/131

http://enjoyintercambio.com

https://www.responsibletravel.com/holidays/georgia/travel-guide/best-time-to-visit-georgia

https://newatlas.com/the-worlds-largest-man-made-island/9172/

https://www.fodors.com/world/europe/croatia/southern-dalmatia/dubrovnik/experiences/news/photos/7-reasons-to-visit-dubrovnik-croatia

https://travel.usnews.com

https://www.myyosemitepark.com/park/yosemite-national-park

https://www.lonelyplanet.com

Disclaimer:

Credit Representative (486927) is authorised under Australian Credit Licence 389328.

This article provides general information only and has been prepared without taking into account your objectives, financial situation or needs. We recommend that you consider whether it is appropriate for your circumstances and your full financial situation will need to be reviewed prior to acceptance of any offer or product. It does not constitute legal, tax or financial advice and you should always seek professional advice in relation to your individual circumstances. Subject to lenders terms and conditions, fees and charges and eligibility criteria apply.

The post 2018 Top 5 Travel Destinations appeared first on Soul Finance Group.

6 smart ways to teach kids about money

Holidays are officially over and school had resumed. For most parents, you know what this means—additional budget to allocate for your kids’ allowance and other school demands.

Raising financially savvy children would mean teaching them a variety of aspects from budgeting to planning, earning, and saving. More than just giving them an understanding of how important a dollar is, you have to instill in them fiscal responsibilities to help them prepare for life in the real world. Money management is a valuable life skill and it is never too early to teach kids about economics.

Warren Buffet said that the biggest mistake parents make in terms of teaching their kids about money is starting late. For him, parents need to start teaching kids about the importance of managing money at an early age. Sometimes they wait until their kids are in their teens before they start talking about managing money when they could be starting when their kids are in preschool.

So here are some ways you could try to teach your kids (for every age!) how to handle money:

Preschool/Elementary

Use a clear jar to save. The piggy bank doesn’t really show the kids how much they have saved. If you give them a clear picture, letting them see their actual savings, it will make them excited and make the whole saving journey more fun and enjoyable.

Turn grocery shopping into a teachable moment. Ask your kids to come with you for grocery shopping. This is a great opportunity to teach kids about comparing prices. Teach children how to shop by value rather than brand. Remember to always shop with a list. Shopping with a list helps children understand how prior preparation can lead to great savings in the end.

Preteens/Tweens

Show opportunity cost. Teach them the value of decision making. They should be able to weigh their priorities and make them realise that each of their choices has a consequence. It’s like saying, “If you buy an iPhone X, then you won’t have the money to buy those clothes.”

Consider commissions, not allowances. As early as now, train them to work hard for the money they ask. You can split up the chores and pay them commissions for completing these tasks afterwards.

Teens

Open a bank account under their name. Putting it under their name makes it more “legit” for them considering anything that goes in and out of that account is within their responsibility. Consider transferring a weekly or monthly allowance and it will be up to them how to spend and save it. It will be their sole responsibility regardless if they’re able to spend all of it or manage to save a whole lot of it.

Help them find a “job.” During their school breaks, assist them in finding resources where they could earn money. It could be a part time job at your local shop or restaurant, an online job, or even conducting a thrift sale at your garage.

These are just some of the ways you can try in teaching your kids how to successfully manage their money. You can modify some of the steps and see what could work for you. If you don’t teach your kids how to manage money, somebody else will. And that’s not a risk you want to take. Jumpstart your kids’ finance management now and give them an early opportunity to grow financially responsible.

References:

https://www.cnbc.com/2013/11/22/buffett-how-to-teach-your-kids-about-moneycommentary.html

www.daveramsey.com

Disclaimer:

Credit Representative (486927) is authorised under Australian Credit Licence 389328.

 This article provides general information only and has been prepared without taking into account your objectives, financial situation or needs. We recommend that you consider whether it is appropriate for your circumstances and your full financial situation will need to be reviewed prior to acceptance of any offer or product. It does not constitute legal, tax or financial advice and you should always seek professional advice in relation to your individual circumstances. Subject to lenders terms and conditions, fees and charges and eligibility criteria apply.

The post 6 Smart Ways to Teach Kids About Money appeared first on Soul Finance Group.

How to build your emergency fund in just 12 weeks

It’s one of your New Year’s resolutions to create an emergency fund.

If you are one of those people who haven’t built their emergency fund yet because:

• You just got enough money for your monthly expenses
• You don’t really see the need
• You have no idea where to start
• You’re clueless how to start saving for one

Whatever your reasons are, you have to allot a budget to build your emergency fund. Life has a way of ruining your budget whether it be a plumbing issue or an unexpected medical bill. Unforeseen circumstances seem to always get in our lives so having an emergency fund set aside is a logical and smart move.

I am sharing with you an easy and quick guide to kick off your emergency fund-building. This is a 12-week plan where it helps you save at least $1000. Ideally, the emergency fund should be 3 to 6-month worth of your monthly expenses, but since you are just starting, let’s take it one step at a time and try a more realistic method. Once you get the hang of saving, you’ll be able to increase the amount and have an “authentic” emergency fund in place.

Emergency fund in 12 weeks

If you need further help or you still have some questions, please feel free to contact me on 0408 081 082. Start building your emergency fund today!

 Disclaimer:

Credit Representative (486927) is authorised under Australian Credit Licence 389328.

 This article provides general information only and has been prepared without taking into account your objectives, financial situation or needs. We recommend that you consider whether it is appropriate for your circumstances and your full financial situation will need to be reviewed prior to acceptance of any offer or product. It does not constitute legal, tax or financial advice and you should always seek professional advice in relation to your individual circumstances. Subject to lenders terms and conditions, fees and charges and eligibility criteria apply.

The post How to Build Your Emergency Fund in Just 12 Weeks appeared first on Soul Finance Group.

Christmas gift ideas for every member of the family

Only a few more days before Christmas and it’s time to start picking out gifts for everyone on your list. Some family members are easy to buy for, but others are a little complicated. It’s always a smart move to have a list of ideas of gifts to give because it tends to get stressful once you’re inside the store and you’re clueless what to purchase! Luckily, I got you covered with these gift ideas for each member of your family.

So, scroll through this list of amazing finds for your loved ones:

 Your Dad

Dad seems to be the hardest person to shop for. As he’s always reminding you, he gave you a place to live, provided food on the table, and gave you an unconditional love. Start giving back by giving him something this Christmas such as:

• Watch
• A pen (with his initials engraved)
• A ticket to watch his favourite Footy team play
• Gardening kit
• His favourite wine/beer/drink

 Your Mum

Of all the presents you have to buy, Mum’s might just be the most important. It’s time to say a big thank you with a gift she’ll love. If your mum is Mum of the Year, here are some ideas you might want to consider giving her:

• A beautiful diary or desk calendar
• Book of recipes
• A scarf
• A purse or a bag (if you have extra savings, buy a high-end brand to make her feel more special, she deserves it after all)
• A spa/relaxation voucher to a nice wellness place

 Big Brother

Our big brothers tend to be most techie ones. I sourced out some gift ideas which you can give for gadget-lovers like him:

• External hard drive
• Portable speaker
• New gaming console (buy him the latest PlayStation, Game Boy or Xbox)
• A pair of shoes (or socks if you’re on a budget!)

Big Sister

Spoil your big sister with some things she already has because a girl can’t have too many of her favourite things:

• Her favourite brand of makeup
• A statement jewelry such a necklace or a ring
• A trendy top from her favourite clothing store
• New iPad or laptop (especially if she’s off to Uni!)

Younger Sibling/s

Treat your younger sibling/s to a present that will make you the coolest big brother or sister going around. If you want to impress your little bro or little sissy with an on-the-pulse, must-have gift that’ll make his and her school friends jealous, give him/her one of these:

• Anything Star Wars
• Harry Potter collection
• A pair of headphones
• Polaroid camera
• A new bed (Design could be your sister’s favourite Disney princess and your brother’s favourite cartoon character)

There you have it! Some gift ideas for every member in the family. While these lists may or may not work, you know your family members better so take it from their Christmas wishlist and be their Santa Claus this Christmas. If you are worried about your budget, I can help you to arrange finance to get extra cash for Christmas! Call 0408 081 082 and I’ll help you make those big-ticket items in your Christmas checklist much more affordable.

Disclaimer:

Credit Representative (486927) is authorised under Australian Credit Licence 389328.

 This article provides general information only and has been prepared without taking into account your objectives, financial situation or needs. We recommend that you consider whether it is appropriate for your circumstances and your full financial situation will need to be reviewed prior to acceptance of any offer or product. It does not constitute legal, tax or financial advice and you should always seek professional advice in relation to your individual circumstances. Subject to lenders terms and conditions, fees and charges and eligibility criteria apply.

The post Christmas Gift Ideas For Every Member Of The Family appeared first on Soul Finance Group.

5-minute guide to efficiently managing your finance this Christmas

The Christmas season proves to be an expensive time for many of us. It seems to encourage us to embark on the usual Christmas practice of “shopping ‘til we drop.” The festive feeling makes us extra generous and gets us to spend way more than we usually do. However, we have to brace ourselves for the subsequent financial shock when the bills make their way in our mail.

So to help you soften the blow on your next bill by efficiently managing your finance, have a look at this quick 5-minute guide:

Set a budget.

Draw up a budget for your Holiday spending. This way, you will be able to create a limit of how much you are willing to spend. More than just setting a budget, it is important that you stick to it. Don’t deviate from your original set amount. The last thing you want is paying more than what you can actually afford.

Consider consolidating.

Okay, so you are feeling extra generous this Christmas. There’s nothing wrong with that. During this season, there are lenders and non-lenders who offer competitive deals which you can take advantage of. If you have a balance on your credit cards, you can opt to consolidate all your unsecured debts into one loan. This can potentially save you money on interest. Of course, there might be necessary fees and charges so make sure to ask your local broker about it. But this is something you can definitely consider.

 Make a list.

You have set your budget and you have your actual budget. Now it’s time to “marry” that into your list. Take note of all the things you need to purchase and the food you need to prepare. Write down the names of the people you’re going to give gifts to. Think of what to buy them and add that to your list of things to buy. To save time, it’s also smart to plan and strategise which stores you need to go to first.

 Research, research.

When it comes to looking for great things to buy, you can do so much with research and the good ol’ Mr. Google. Using the list that you made, search for some cheap but quality stores in your area where you can buy the items you wrote down. Make your money worth it by web searching for discount or coupon codes that you can use at the checkout. Sometimes, things are cheaper online than in store but be cautious when shopping online. You can use your research as a gauge when you actually go to the store and purchase these items.

Track your spending.

To avoid deviating from your budget, monitor your spending. There’s an app called TrackMySpend (http://apple.co/1s4DaYs) where it helps you set realistic spending limit and stick to it. It enables you track spending by categories and lets you separate ‘needs’ and ‘wants’ to help identify opportunities to save. The last thing you want is to go over budget so make sure to stay within your set budget by tracking your spending.

Happy shopping!

Disclaimer:

Credit Representative (486927) is authorised under Australian Credit Licence 389328.

 This article provides general information only and has been prepared without taking into account your objectives, financial situation or needs. We recommend that you consider whether it is appropriate for your circumstances and your full financial situation will need to be reviewed prior to acceptance of any offer or product. It does not constitute legal, tax or financial advice and you should always seek professional advice in relation to your individual circumstances. Subject to lenders terms and conditions, fees and charges and eligibility criteria apply.

The post 5-Minute Guide to Efficiently Managing Your Finance This Christmas appeared first on Soul Finance Group.

 For today’s entry, I won’t be bombarding you with financial terms or tips and trivia about your home loan. Consider this as a refresher in reviewing your current spending practice or your financial habits in general. Take it as motivational guide. I believe that the key to success in reaching your objective when it comes to attending to your financial needs and goals is a proper mindset. It is vital to build this foundation and start on an established perspective. As what Aristotle infamously quoted, “We are what we repeatedly do.”

We are what we repeatedly do.

There are good habits that are worth developing such as reviewing your home loan, looking for the most competitive deal in the market, or just being finance savvy to get yourself informed. Creating new habits is easy but the real challenge is sustaining these. Have a look at the tips below to help you reinforce good habits:

Set your motivation.

If you don’t have one, find it. The key is to know the reason why you want to maintain your good financial habits. Have something you can look forward to. If you are motivated enough because of these reasons, you are most likely to succeed.

 Take it one goal at a time.

Start small so as not to overwhelm yourself and you can get the hang of it. Increase the frequency or practice these financial habits over time. If you begin at a difficult level right away, you are more likely to give up early on.

Get excited.

Get yourself excited about your goal. Talk about your financial habits. Discuss these with your family, loved ones, friends, or colleagues. Build the excitement. Read as much about your goals as possible and visualise what would it be like if you’re able to practice these financial habits.

Find support.

In relation to the previous tip, it can also help if you seek the support of your family or friends by getting you motivated and giving you advice to help you stay on track. Consider also consulting a professional in the finance industry where you might be needing help. Once you had the proper mindset and had built good financial habits, it will be a lot helpful if you have someone guiding you in making your goals actually happen.

 Disclaimer:

Credit Representative (486927) is authorised under Australian Credit Licence 389328.

This article provides general information only and has been prepared without taking into account your objectives, financial situation or needs. We recommend that you consider whether it is appropriate for your circumstances and your full financial situation will need to be reviewed prior to acceptance of any offer or product. It does not constitute legal, tax or financial advice and you should always seek professional advice in relation to your individual circumstances. Subject to lenders terms and conditions, fees and charges and eligibility criteria apply.

The post We Are What We Repeatedly Do appeared first on Soul Finance Group.

7 November 2017 will be the day for one of the most prestigious horse races in the world. The race seems to unite the nation no matter which State you are in as Australians would gather and stop for a few minutes or at least participate in the office sweep.

Just like in any gamble, the Cup involves some money and others take it pretty seriously. If you are a pro or just an amateur to this, it is always a good thing to take note of some of the financial lessons that we could learn from the race that stops the nation.

3 financial lessons from Melbourne Cup

Do your research first.

Melbourne Cup season tends to be overwhelming especially if you are a beginner. You might bet on a horse because of its fancy name, or just because your favourite number is 8 so you went for it.

Nobody could really aptly predict the results (hence a gamble, *rolls eyes*), so the most efficient way of doing it is to conduct your research before placing your bet on anything. Despite the fact that there is something called beginner’s luck, the probability to win at your very first bet is really small. Nothing is going to come to you without work. If you really want to take this seriously and you’ve got your eyes on the prize (a.k.a. collective bet in your office), ask questions and stay curious. Know the rules and familiarise yourself with the race. There are helpful reviews online from professional punters. Use this information to your advantage and take advice from the experts. Much like your financial needs and goals, there’s no manual on how to achieve these. Hence, doing your research and seeking the help of a professional in the industry is always a smart move.

The favourite doesn’t always win.

Just because it’s the crowd’s favourite doesn’t mean that horse will win. There’s a sense of security knowing we do what everyone else is doing. However, the most efficient result comes from doing your research and pursuing your own desires.

Take for instance your home loan. Just because your current home loan deal seems to be the “popular” offer in the market doesn’t mean it’s the “best” deal for your financial situation. Reflect on your financial goals and seek the help of your local finance broker to make sure you get the most competitive deal for your specific circumstance.

Not winning is okay.

You bet all your hard-earned money but you lost. So know you’re probably going to starve until the next payday (okay that’s exaggerating). But hey, it’s not the end of the world! While this Cup proves to be the most popular race in the nation so people tend to really take it seriously, not winning on your placed bet is okay. After all it’s a gamble. Charge it to experience and there’s always next year!

Much like your rejection from your chosen lender for having a bad credit or some other reasons you refuse to accept…The mortgage industry is competitive and you have tons of available options. So getting rejected by one lender isn’t the end of achieving your financial goals. Consult your local finance broker to help you find the most efficient deal that will work for your financial situation.

At the end of the day, you should regard this as something fun and just enjoy the experience. After all, life is a gamble. Every day you make choices and each choices have their corresponding consequences.

 Disclaimer:

Credit Representative (486927) is authorised under Australian Credit Licence 389328.

 This article provides general information only and has been prepared without taking into account your objectives, financial situation or needs. We recommend that you consider whether it is appropriate for your circumstances and your full financial situation will need to be reviewed prior to acceptance of any offer or product. It does not constitute legal, tax or financial advice and you should always seek professional advice in relation to your individual circumstances. Subject to lenders terms and conditions, fees and charges and eligibility criteria apply.

The post 3 Financial Lessons from Melbourne Cup appeared first on Soul Finance Group.

How to save for a home deposit

First home buyers often need to put down tens of thousands of dollars as a deposit because of rising house prices– which can seem impossible unless you’re earning a fortune, or are lucky enough to have borrowed from the Bank of Mum and Dad.

If you are finally decided to own your first home but the thought of saving for a home deposit seems to get in the way, read on these three helpful and smart steps to get you going:

Analyse your current financial situation.

Assess your current spending habits and work from there. Know where your money is going by determining which household cost eats up most of your budget. Spending Tracker is an app where it helps you keep track of your expenses. Set a budget and stick to it. Don’t spend on items that are not essential. Avoid impulsive purchases. These habits delay your dream of owning a home.

Manage your debts.

Once you had prepared your budget, get on top of your debts. Pay off your credit cards as this helps you increase your borrowing power. Consolidate your debts to eliminate multiple payments and interest rates. If you wish to know how much you can potentially borrow, check with our calculator.

The key to building up a deposit is to start saving as much as you can as soon as you can. Ideally, you have to save 20% of the purchase price of the property. If you have less than 20%, there are banks and lenders that offer deal to clients who have this kind of circumstance.

Which leads to the final step…

Seek professional help.

Consulting a finance broker can lead you to a variety of deals available in the market. Soul Finance Group has access to a variety of lenders and banks. We can help determine if you are eligible to a First Home Owner Grant (FHOG) and can even guide you in the application.

You can also consider whether your parents or other family members may be willing and able to help you out with a one-off financial gift or interest-free loan.  If you are renting a property and has an excellent payment history, we can help you use this in your home loan application as there are lenders which offer that kind of deal.

The process of owning a home can be tedious but if you have the right sources, you’ll be living in your dream home in no time. Consult with me today to get you started!

Disclaimer:

Credit Representative (486927) is authorised under Australian Credit Licence 389328.

 This article provides general information only and has been prepared without taking into account your objectives, financial situation or needs. We recommend that you consider whether it is appropriate for your circumstances and your full financial situation will need to be reviewed prior to acceptance of any offer or product. It does not constitute legal, tax or financial advice and you should always seek professional advice in relation to your individual circumstances. Subject to lenders terms and conditions, fees and charges and eligibility criteria apply.

The post 3 Helpful Smart Ways on How to Save for a Home Deposit appeared first on Soul Finance Group.

It’s a different story, of course, when you are on a tight budget (well at least you know you are) and you need to buy something. Operative word is need—do you actually need it? Or are you justifying your purchase yet again? This is subjective of course because chances are, the biased side of yourself will say anything in its power to make that purchase a success. Before you know it, you are left with the other side of you—the side which regrets why you bought that 50% off lampshade in Ikea. It’s a good deal, right? Except you don’t know now where to place it along with your 8 other lampshades.

So to avoid any costly regrets, and to save for something that really matters, here’s an infographic to guide you in answering the dreaded question—should I buy this?

“Should I Buy This?” Infographic

Credit Representative (486927) is authorised under Australian Credit Licence 389328.

The post Should You Buy It? This Simple Chart Will Help You Decide appeared first on Soul Finance Group.