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Affordable ways to travel in 2018

Most of us are now back to work after our summer break. But that doesn’t mean we can’t already start planning for our next holiday. Travel doesn’t have to always involve breaking the bank, but it does mean concessions will have to be made.

Avoid the busiest travel times and places

This requires you to be flexible with the dates you can travel. Everyone wants to travel to Europe in June/July so try going in the off season. This can avoid potentially expensive flights that are common during the popular travel times.

You should also look deeper into the lesser known destinations, by doing this you can experience the different culture of your destination as well as reducing travel costs and avoiding the large crowds.

Spend less on accommodation

Yes booking a 5 star hotel will be nicer. However if you don’t plan on spending much time at the hotel is it really worth the expensive cost? Keeping costs low on accommodation may not be as luxurious, but you can save that money to be able to travel for longer and see more places.

Stay in Australia

The best trips don’t always involve going overseas. There are so many amazing places to visit all over Australia such as the Great Ocean Road, the Sydney Harbour and Uluru. You can also road trip to destinations in Australia and save money on flights.

Visit family and friends

If you have family or friends who live at a place that you want to travel, including visiting them as part of your trip. This can also mean free accommodation for the duration of your stay as well as a free tour guide.

Get cheap flight notifications

Sign up to receive notifications from different airlines when they have cheap flights. That way if you have a specific destination you wish to travel to you can be the first to know when flights are cheap to go there.

Use discounts, coupons and reward points

This can be for flights, accommodation, dining or sight-seeing. Search the internet and brochures for any discount you can take advantage of.

Be wary of cheap flights to expensive destinations

Airlines may offer cheap flights to London or Tokyo and although the cost of the flight may be a bargain, the costs of staying in these places are still expensive. If you have your heart set on visiting an expensive travel destination then still take advantage of the cheap flight. However, don’t get sucked into travelling somewhere just because of cheap flights.

Hopefully these tips help you save money for your next travel adventure.

Article Source: Maya Kachroo-Levine, Forbes.com

Please contact Integrity One if we can assist you with any of your financial needs.

Phone: (03) 9723 0522

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This article is of a general nature and does not take into consideration anyone’s individual circumstances or objectives. Integrity One Planning Services Pty Ltd is a Corporate Authorised Representative No. 315000 of Integrity Financial Planners Pty Ltd ABN 71 069 537 855 (which is the holder of AFSL 225051). Integrity One Planning Services Pty Ltd and Integrity One Accounting and Business Advisory Services Pty Ltd are not liable for any financial loss resulting from decisions made based on this information. These articles are not owned by Integrity One Planning Services. We recommend that you seek personal advice from an advisor prior to implementing any of the information contained in this publication.

Easy way to save $1,500 in a year

Too often we all have plans to save great amounts of money and often struggle to stick to our savings plan. However this is a very simple and easy to stick to savings plan that does not involve large deposits.  A small deposit every day can save you almost $1,500 per year.

This money can be used on an end of year holiday, expensive household furniture or even pay for your Christmas shopping.

  • On Sunday you put aside $1
  • On Monday you put aside $2
  • On Tuesday you put aside $3
  • On Wednesday you put aside $4
  • On Thursday you put aside $5
  • On Friday you put aside $6
  • On Saturday you put aside $7

If you stick to this savings method you can save $28 a week and you end up saving $1,456 at the end of the year.

Another way to complete the challenge and save $28 a week is too simply to put aside $4 every day, the cost of a cup of coffee.

To save a little extra you can round up the savings from $28 to $30 a week. This can save you $1,560 in a year. Another option is to put aside $5 a day instead of $4 and you can save $1825 a year.

These are all easy saving strategies that only require a small amount to be put aside every day and don’t involve any large transactions. You can transfer these amounts into a savings account or put money in a jar, it’s completely up to you. Good luck!

Article Source: Becky Pemberton, news.com.au

Please contact Integrity One if we can assist you with any of your financial needs.

Phone: (03) 9723 0522

Suite 2, 1 Railway Crescent

Croydon, Victoria 3136

Email: integrityone@iplan.com.au

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This article is of a general nature and does not take into consideration anyone’s individual circumstances or objectives. Integrity One Planning Services Pty Ltd is a Corporate Authorised Representative No. 315000 of Integrity Financial Planners Pty Ltd ABN 71 069 537 855 (which is the holder of AFSL 225051). Integrity One Planning Services Pty Ltd and Integrity One Accounting and Business Advisory Services Pty Ltd are not liable for any financial loss resulting from decisions made based on this information. These articles are not owned by Integrity One Planning Services. We recommend that you seek personal advice from an advisor prior to implementing any of the information contained in this publication.

When do taxi’s become cheaper then Uber

Many Australians have ditched taxis for Uber for a number of reasons. These include the convenience of being able to request a ride with the tap of a button, the convenient payment method, being able to follow how far away your driver is and also the high quality service because the driver must maintain a high rating.

Another big reason is the assumption that it is cheaper. However this is not always the case, especially during the busy holiday season.

During peak times when Ubers are in high demand Uber will apply surcharge pricing, which is a multiplier applied to the cost of the fare. As a result there becomes a point where Uber is no longer the cheaper option compared to taxis. Research by Finder.com.au has identified the price point that taxis become cheaper than Uber in Melbourne, Sydney, Hobart, Adelaide, Perth and Brisbane.

Melbourne

  • Taxis become cheaper in weekday daytime hours when the surcharge is 1.4 times the normal price
  • Weekend evenings taxis become cheaper when the surcharge is 1.8 times the normal price

Sydney

  • Taxis become cheaper in weekday daytime hours when the surcharge is 1.4 times the normal price
  • Weekend evenings taxis become cheaper when the surcharge is 1.7 times the normal price

Hobart

  • Taxis become cheaper in weekday daytime hours when the surcharge is 1.4 times the normal price
  • Weekend evenings taxis become cheaper when the surcharge is 1.6 times the normal price

Adelaide

  • Taxis become cheaper in weekday daytime hours when the surcharge is 1.5 times the normal price
  • Weekend evenings taxis become cheaper when the surcharge is 1.8 times the normal price

Perth

  • Taxis become cheaper in weekday daytime hours when the surcharge is 1.6 times the normal price
  • Weekend evenings taxis become cheaper when the surcharge is 1.6 times the normal price

Brisbane

  • Taxis become cheaper in weekday daytime hours when the surcharge is 1.8 times the normal price
  • Weekend evenings taxis become cheaper when the surcharge is 1.9 times the normal price

Surge prices for taxis and Uber are tough to understand “with Uber fares changing based on how busy the streets are, taxi fares changing based on time of day and with different fares for both of these in every city, it can be confusing to know which is cheaper.” He also said “generally, it is cheaper to get a taxi in Australia, after the surge ratio hits 1.6.”

Melbourne traffic

Mr Cooke recommends The GoCatch app because it allows consumers to book an economy rideshare car as well as a traditional taxi. “If economy cars are not available when you book, the app will often upgrade you for free to a taxi.”

Article sources:

Tim McIntyre, news.com.au
Finder.com.au
Jason He, Quora

Please contact Integrity One if we can assist you with any of your financial needs.

Phone: (03) 9723 0522

Suite 2, 1 Railway Crescent

Croydon, Victoria 3136

Email: integrityone@iplan.com.au

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This article is of a general nature and does not take into consideration anyone’s individual circumstances or objectives. Integrity One Planning Services Pty Ltd is a Corporate Authorised Representative No. 315000 of Integrity Financial Planners Pty Ltd ABN 71 069 537 855 (which is the holder of AFSL 225051). Integrity One Planning Services Pty Ltd and Integrity One Accounting and Business Advisory Services Pty Ltd are not liable for any financial loss resulting from decisions made based on this information. These articles are not owned by Integrity One Planning Services. We recommend that you seek personal advice from an advisor prior to implementing any of the information contained in this publication.

Christmas Essentials – What you need to know

Featured in the newsletter 

  • Tips to save money during the festive season
  • Tips to save money on Christmas gifts
  • 5 ways to track and control your spending
  • Aged care quick facts
  • Realistic financial new year’s resolutions

Click here to view the Christmas Essentials newsletter

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Phone: (03) 9723 0522

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Is it worth paying off your HECS debt early?

It is often called “the best loan you’ll even get” and Griffith University Business School lecturer Tracey West says that it is probably true. So should graduates pay off their HECS debt as quickly as possible or should they invest their money elsewhere.

Why it is the best loan you’ll ever get

It is called the best loan you’ll ever get because of the low interest and the high payback income threshold. Repayments are only collected once your income meets the $55,874 per annum threshold. The repayment rate once the threshold is reached is 4% of taxable income. If your income reaches $103,766 the repayment increases to 8%.

Pay off other debts first

If you have other debts to be paid off such as a car loan, credit card, home loan or other debts with higher interest rates you should pay them off earlier because they compound quicker over time. They should also be paid off earlier because they can impact on your credit rating if they are not paid in time.

Dr West also said that there were no tax benefits associated with early repayment.

Changes to how student loans will work

If the federal government has their way, the repayment threshold will be reduced to $42,000 and the repayment rate will be reduced to 3%. They also want to change the indexation to be linked to the bond rate rather than CPI, Dr West said.

How much a HECS debt increases if you just leave it

Dr West says the consensus on student debt seems to be set and forget as it takes care of itself. Dr West also said it makes sense individuals in their early career to focus on lifestyle demands such as travelling and also acquiring other assets such as a car or saving for a home deposit.

Dr West said “If you assume an average inflation rate of 3 per cent per annum, a HELP debt of $20,000 will accumulate to $26,900 in 10 years’ time, with no repayments.”

We can’t just forget about our HELP debt as it still compounds over time, just at a lower rate. So yes we should focus on paying off other debts first, however there are still future benefits associated with paying off your HECS early. This is because you don’t want to be still stuck paying off your student loan when you’re older and have a young family and mortgage commitments.

Article source: Jessica Haynes, ABC news

Please contact Integrity One if we can assist you with any of your financial needs.

Phone: (03) 9723 0522

Suite 2, 1 Railway Crescent

Croydon, Victoria 3136

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This article is of a general nature and does not take into consideration anyone’s individual circumstances or objectives. Integrity One Planning Services Pty Ltd is a Corporate Authorised Representative No. 315000 of Integrity Financial Planners Pty Ltd ABN 71 069 537 855 (which is the holder of AFSL 225051). Integrity One Planning Services Pty Ltd and Integrity One Accounting and Business Advisory Services Pty Ltd are not liable for any financial loss resulting from decisions made based on this information. These articles are not owned by Integrity One Planning Services. We recommend that you seek personal advice from an advisor prior to implementing any of the information contained in this publication.

5 ways to track and control your spending

Budgeting is a great way to control spending, but it is also important to track what you are spending to ensure that you are sticking to your budget. This can be a challenge for some and hopefully the 5 ways to track your spending below help.

Track your spending by store

If you shop at a particular store regularly, you can track your spending at each individual store. Keeping receipts to work out the total amount spent over a period of time at the same place will help you track what you spend.

Set an amount for a period of time that you will spend at a specific store and aim to keep under that amount. Your amount will depend on different factors such as whether or not you have children.

As an example, you may set a budget for $600 a month to spend at Woolworths. If you only spend $550, the left over $50 can either be reinvested or put into a savings account towards a holiday or luxury item you were wanting to purchase.

Use a separate spending account

This is the easiest way to budget and monitor what you spend. Using this method you should have an account for paying the bills and essential expenses such as insurance, phone bills and rent. A separate account for other spending or “fun money” for things such as going out for dinners and other luxury expenses should be created. A portion of your pay should be transferred into that account every pay period and when that account gets low you are forced to reduce those expenses. Another savings account for investing can also be created.

Track as you go

This involves keeping a spreadsheet that plans for expected bills and expenses over a month or another time period of your choice. When expenses are paid for they are then recorded in a running tally against budgeted expenses. By doing this you are not only budgeting, but you are also ensuring that you stick to the budget.

The envelope method

Similar to using a separate spending account and tracking spending by store. This is useful if you feel that you spend too much one thing or if you simply want to control what you spend on that particular thing such as going out for drinks. If you want to control what you spend at a bar on drinks then put an amount you think is appropriate in an envelope and when you run out you have to stop. You must be disciplined for this for this to work.

The envelope method can also be used to cover for unexpected expenses such as an unexpected vehicle expense or buying a new fridge or other expensive home appliance when your current one breaks down. Every week or month you would add an amount to that envelope to help cover for unexpected costs

Download statements

If you just want to make sure you are not mindlessly indulging in certain areas this is a useful strategy.

This involves downloading your transactions into a spreadsheet every month. Then you would sort the transactions by merchant and add a label to each one such as food, clothing, cleaning, petrol, etc. Then you can identify areas that you may be spending too much on.

There isn’t a right or wrong way to track your spending. It is most important that you find a way that you can stick to and that works best for you. The purpose of these tips are to help you achieve your financial goals as well as enjoy life now.

Source: Kelley Long, Forbes

Please contact Integrity One if we can assist you with any of your financial needs.

Phone: (03) 9723 0522

Suite 2, 1 Railway Crescent

Croydon, Victoria 3136

Email: integrityone@iplan.com.au

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This article is of a general nature and does not take into consideration anyone’s individual circumstances or objectives. Integrity One Planning Services Pty Ltd is a Corporate Authorised Representative No. 315000 of Integrity Financial Planners Pty Ltd ABN 71 069 537 855 (which is the holder of AFSL 225051). Integrity One Planning Services Pty Ltd and Integrity One Accounting and Business Advisory Services Pty Ltd are not liable for any financial loss resulting from decisions made based on this information. These articles are not owned by Integrity One Planning Services. We recommend that you seek personal advice from an advisor prior to implementing any of the information contained in this publication.

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Integrity One Planning Services Pty Ltd (ABN 59 125 846 933) is a Corporate Representative (315000) of Integrity Financial Planners Pty Ltd (AFSL No. 225051).