Category: Perth News

Is your partner hopeless with money? Here’s what to do

Marrying or moving in with your significant other is an exciting life event that comes with all kinds of advantages and compromises. This includes working out the household budget and savings plan.

PERTH FINANCE NEWS
Budget your money as couple

When you’re already living with your significant other as a couple, the way you spend money directly affects your partner’s financial wellbeing and vice versa. Hence, it is important to create a financial plan to share expenses and still save money.

Some couples split expenses and are happy with the results. Those who have similar incomes simply split expenses, 50-50 but things get more complicated when one partner earns significantly more than the other. In these cases, go for an equitable split over an equal one.

In a relationship, honesty is so important. This is more especially true with a couple’s finances – you need to be honest when it comes to sharing what you have and what you owe. However, there is still a high percentage of the general population keeping secrets from their significant others. There are still some who keep mum about their bank account and fail to disclose significant credit and debt.

There are many reasons why financial dishonesty is problematic, starting with the fact that you can’t create a budget or set financial goals for the future unless you know where you stand. Many are hesitant to open up about their finances to their partner, thinking that it can be scary and embarrassing. However, it also signifies a milestone in your relationship where you both acknowledge and accept shared responsibility for your finances.

Once you have developed honesty and trust towards your partner, the next step is to establish your priorities. You need to talk about what you want to do in life together and set financial goals. A good savings plan should include predetermined contribution amounts from each pay check toward long- and short-term savings goals.

It is so nice to have a partner who is financially smart, but what will you do if your partner is hopeless with money? Check this out to know the solution: https://www.watoday.com.au/money/planning-and-budgeting/is-your-partner-hopeless-with-money-here-s-what-to-do-20190618-p51ysm.html

WA’s first design guide to looking good

Re-designing your apartment can sometime be a headache. However, the benefits can often be ideal. By knowing the benefits of designing a beautiful apartment as well as the responsibilities and challenges it brings, you can have a clear picture about this topic which is crucial for many Australian homeowners.

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Apartment designs

The benefits of having a well-designed apartment are obvious. First, living in such type of apartment is comfortable. If you live in an aesthetically attractive place, you feel comfortable and content with your life. You can install new cabinets to liven up your kitchen. Or maybe you are looking simply to create more space in which to live. Not only you, but your guests will also be impressed to the new look of your place.

Another advantage of a well-designed apartment is increased market value. By putting money into your home or apartment, you are in a sense making it more valuable. The money you spend on the renovation can be looked at as a long term investment that will accrue over time, and work to make your living space even more appealing. For instance, by simply renovating your bathroom in your apartment, you are not only having a comfortable bathroom, but you are also increasing the overall market value of your property.

However, despite these advantages brought by a well-designed apartment, the renovation job brings a number of challenges. Of course, you need to think of the budget. Renovations, especially nowadays, are quite expensive. So when planning for a renovation project, you really need to prepare your money. Though there are many ways to save some cash on renovation, it still advisable that you prepare more than you need.

Aside from your budget, another challenge is to create balance between your apartment’s aesthetics and functionality. Do you want to know WA’s new guidelines for apartments to not only look good, but meet other building criteria? Check this out: https://thewest.com.au/business/commercial-property/was-first-design-guide-to-looking-good-ng-b881211144z

The best job for you, according to your personality type

Are you jobless? Or do you have a job but you hate your boring morning routine that is not governed by the thrilling anticipation of what’s to come for your day? If you’ve got all “yes” to these questions, you definitely need to look for the perfect job for you.

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Personality

Most people say that there is no such thing as perfect job. That no matter how you feel happy and satisfied with your current job, it will sooner or later turn into routine. On the other hand, there are some who say that, ever since they discovered their passion, they haven’t worked a day in their life. Perhaps it’s not accident that they’ve found the job of their dream. Or maybe they where just lucky enough to discover what they loved quite early in their life?

When looking for a perfect job, the first step is to ask yourself what makes you happy, what you are curious about and how much you enjoy it. If you’re able to have an answer to these questions, it will be the first step towards your ideal job.

Once you’ve determined the things you love or in other words, your hobby, the next step is to turn your hobby into your job. What you have to remember about work is that it serves others. You can offer your skills, your talent and your time in exchange for money. But the bottom line is: you give. You need to make your hobby profitable to others. For instance, if you’re good at dancing, you can organise dance classes and be the instructor. That way you can collect enrollment fees which can turn into your income.

Regardless of your hobbies and interests, starting should not be difficult. As long as your job is base on your personality, for sure, you’ll enjoy it for the rest of your working years. Read more at: https://www.businessinsider.com.au/best-job-for-you-according-to-personality-type-2019-5

David and Libby Koch’s savings mantras for first home buyers

When buying your first home, most soon-to-be homeowners focus on how much they need to spend. But the truth is, you also need to consider when to do the purchase.

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Buying your first home

Normally, purchasing a new home involves paying for the down payment. What is down payment? It is basically the money you bring to the closing table when purchasing a house. You may borrow money from the bank in the form of a home loan or mortgage, but a portion of the total cost must come directly from you.

Down payment acts as an insurance of sorts for the person or institution that lends you. When you hand over money from your own account, you’re officially invested. You’re more likely to make good on your mortgage payments month after month and year after year. Banks like working with people like you.

If you think that the down payment asked from you is that big and overwhelms you, you need to decide when you need to buy the home you want. You need to divide up your needed down payment by the number of months you need to save. For instance, if you need $35,000 to cover a down payment and all closing costs of buying a new home, then you need to save for 2 years for about $1,000 each month to hit your goal.

Meanwhile, if you think that the $1,000 monthly savings amount is too high, that’s fine. Give yourself a little more time to save up and be on the lookout for creative ways to save.

Saving for a home can be easier if you are able to cut your luxuries. You need to cut out your expensive cloths, furnishings, gadgets and jewelleries. You need to think of saving every dollar and look towards your long term goal – buy your dream home.

Buying a home can be easier and faster if you have the right money habits. Check out this article about David and Libby Koch’s saving mantras: https://www.perthnow.com.au/lifestyle/personal-finance/david-and-libby-kochs-savings-mantras-for-first-home-buyers-ng-f1cb0691790e14321f5f55f54eb106e4

How to do a budget (The ins and outs of budgeting)

If you want to manage your earnings properly, you should start with learning how to budget. Normally, many people are turned off by the simple term “budget.” They associate it with putting themselves in tough, restricted situation, with restrictions and of hassles and headaches.

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Budgeting

The most common misconception about creating a budget is thinking that they are too poor – many Australians have this mentality coming up with a number of budgeting excuses. However, budgeting can save you money, and allow you to have more to spend by helping you to make the most of your money. Your budgeting style can determine how successful you are at budgeting.

The truth is, there are certain things that make budgeting extremely difficult or even impossible and you are the ones who do these things. Here are some:

Overspending is the number one reason why you can’t have a realisable budget plan. Hence, you need to stop overspending so that can have more of your salary, instead of using some of it for debt repayments. The stress of finding a way to pay for the rising cost of gas and food can be astronomically when most of your paycheck is already planned.

Another reason why it becomes difficult for you to budget is because you don’t have financial goals. If you have financial goals, you are forced to make priorities hence creating a budget. Then, your budget will help you focus your money on the things that are most important to you. It may be getting out of debt, saving up for a home or working on starting your own business.

Perhaps, another reason why you don’t want to budget is you don’t worry about your financial future. However, the truth is, there is no certainty so everyone has to make a budget. Budgeting is not about limiting the fun in your life, but opening up opportunities and money to have more fun. It is there to help you be prepared financially whatever unfortunate event occurs in the future.

Read more about how to do a budget right here: https://www.moneysmart.gov.au/managing-your-money/budgeting/how-to-do-a-budget

We need to talk about money

After all, money is just a medium of exchange. It cannot be used as a transportation, you can’t it eat, you can’t drink it, you can’t wear it, and you can’t live in it. However, it enables you to buy food, drinks, and transportation that allow you to make live easier. This is why talking about money is important.

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Talk about money

Managing our money and talking about this topic with your partner, children or family members is important. For most of us, taking care of our finances is a daunting task. Easy accessibility to credit, high interest rates as well as lack of knowledge ensures that many people and families are actually living deep in debt and way beyond their means.

In order to avoid getting in bad debt, people need to teach each other on how to properly deal with our personal finances. If we’re not taught how to mange money at young age, we will be making a lot of mistakes with our financial decisions as we grow older. The reason many men and women are struggling with handling money is actually quite simple – we don’t understand how to do it.

When money is tight, we don’t believe we’re making enough in order to put anything aside or develop anything even remotely looking like a financial plan. As our earnings scale up, we very quickly consume this additional cash and revel in our new-found freedoms.

If you already have a partner in life, both of you have to come up with a list of every one of your short, medium and long-term goals. Include anything and everything which will likely have a substantial financial commitment. These include your retirement, holidays, large purchases, building an emergency fund, etc.

Nowadays, talking about money seems awkward to many. But the truth is, this topic is important to be discussed. Continue reading at: https://www.watoday.com.au/money/planning-and-budgeting/we-need-to-talk-about-money-20190402-p519zx.html

How to bounce back after failure

Failure is inevitable in life, especially in business and career. However, there are some ways to overcome these occurrences and use them to your advantage.

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Failure

For some, it may be hard to believe that the most highly successful people are actually the ones who have failed the most. We’ve already learned about these people and their companies once they have made it big. We admire their success yet rarely witness the immense struggle they went through to get there. Since we are usually not exposed to their failures, we are sadly only left to compare ourselves to their achievements.

This in turn can make us believe that our failures are for losers who have no hope to succeed. This makes difficult for us to validate the mistakes we make and problems we experience. Often, we second-guess ourselves and question our abilities. We do not realise that adversity is required in order to succeed.

This way of thinking have affected people from all over the world; thinking that failure is the worst thing that could ever happen to anyone. This is why they are so much afraid of failing. Even as a kid, you have been taught that being wrong and making mistakes are bad. Your mind uses painful memories of the past to provoke negative emotions like fear and anxiety to stop us from making those same errors today.

But the truth is, even the most talented and gifted people fail. Setbacks and failures are inevitable in life and no one is vulnerable. Meanwhile, we’re also never teaching ourselves how to manage it effectively when we experience it, if we live so carefully to avoid failure. So when faced with adversity, it often overwhelms us and causes us to give up.

For more on bouncing up from failure, read this article: https://www.flyingsolo.com.au/live-smarter/health-and-wellbeing/resilience-how-to-bounce-back-after-failure

What to do when your boss becomes a bully

Bullying is not limited to pupils and teenagers. In fact, more and more people are reporting bullying cases in the workplace. Workplace bullying can occur between anyone in the workplace. But perhaps the most difficult situation to deal with is bullying by a boss.

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Bully Boss

The boss is the very person responsible for your advancement within the company. He leads the company into the right direction and creates strategies on how he can make his group cohesive performing like a well-oiled machine.

However, the boss becomes the bully and a lot of times the employees do not realise that they are already getting bullied. Instead, they believe that they have a tough boss or one that simply pushes his employees to get results. But it is important to be able to identify workplace bullying because it can have significant consequences.

One of the most obvious signs of workplace bullying is when you get verbally abused. When your boss humiliates you in front of others, this is already a form of bullying. He may also make offensive jokes at your expense. And he may ridicule and berate his employees on a regular basis.

If your boss spy on your event or stalk you, it is already a form of bullying. Avoid bosses who open your mail, read your conversation, and go as far as tampering with your personal belongings or your work equipment. Usually, this bullying boss is looking for weapons to use against you.

Here in Perth and all of Australia, bullying is a silent epidemic in many workplaces. Workplace bullying here in Australia is in broad terms becoming a risk to the health and safety of employees.

To learn more on what to do when your boss is bullying you, you should check out the article written by Perth Now’s Garry Martin. Read the full article here: https://www.perthnow.com.au/business/workplace-matters/what-to-do-when-your-boss-becomes-a-bully-ng-b881088582z

Outsourcing: Beware the contractor vs employee trap

In the past decade, outsourcing has been the word on every pair of lips of business persons. Outsourcing is nothing more than taking away a part of your processes and operations and entrusting them to a professional team that is not in your company and whose main task is to do this work for you.

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Outsourcing

Years ago, outsourcing was used only by large businesses. But thanks to technology especially the internet, it is now available to smaller companies. The internet has paved way to globalisation, threading paths though avenues. These days, tasks and processes are now outsourced day through information superhighways the world over. The Internet provides the access, so why not make use of outsourcing? There are a good many reasons to become an advocate of outsourcing.

One of the main advantages of outsourcing is it allows your business to effectively use your human resources. It allows you tackle your workload even if you do have a small workforce – just like any new small business as they normally start small with few employees. Employees in the company can thus focus on the main purpose of the business and their own area of expertise.

Another advantage of outsourcing is that you save some time on training and seminars. When you just outsource certain service, your employees don’t have to undergo extensive trainings to sharpen their skills on certain tasks. If the work is outsourced, there is then no need to train new staffs, which goes further in reducing costs.

There are many other benefits outsourcing brings. And by knowing all those advantages, you’ll be encouraged to use such type of services. However, just like anything in this world, outsourcing does not only bring benefits, but consequences as well.

To give you a better understanding on what this means, read this: https://www.flyingsolo.com.au/working-smarter/outsourcing-beware-the-contractor-vs-employee-trap

Are you better off selling your home and going back to renting?

Nowadays, it seems that interest rates keeps on rising over time – this has become one of the most popular issues Western Australians talk about. With wage growth remains relatively flat while other household expenses and bills, many individuals and families experience stress and panic mostly caused by mortgage stress.

Many households struggle financially these days. Many experience stress caused by mortgage interest. Some suggest that selling home and renting a new one could be a better, smarter option. It could be difficult to entertain, right? However, it can be just a smart option to consider.

Renting vs selling home

Buying versus renting a home has been an old debate. Both sides have valid points, so it can be a bit confusing. Like we’ve mentioned, recent changes in the tax law have also made owning a home less financially advantageous, so the buy vs. rent dispute continues to evolve.

Sure, many would argue that buying a new house to build equity for your self instead of paying monthly rent to your landlord is a wiser decision. But in reality, there are many financial reasons why renting may be more compelling.

Keep in mind that buying a house is a major investment and life decision. It is not as simple as it sounds. So, you first need to make sure you understand whether or not you are even in a good position to purchase a new home. Your finances are not your only consideration either. So if you struggle socially, professionally and most especially financially, now is probably not the right time to be buying.

Renting is the better option if you are struggling financially. Cost is the most obvious advantage of renting. Although rents can increase, monthly payments are typically less than buying a new house. Paying rent isn’t a waste of money. Yes, you won’t see your money again, but you get a place to live for you and your family. Even when you buy, you’ll be spending a lot of money on interest payments, taxes and other fees.

Read more at: https://www.watoday.com.au/money/borrowing/are-you-better-off-selling-your-home-and-going-back-to-renting-20181008-p508ed.html

 

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