Check out our 5 ways to stretch your budget further below.
1. Get a smart accountant
Although most of us could file a simple tax return, it pays (literally) to have a strategic accountant. At Aspect Accountants and Advisors, we work on each client engagement to legally and strategically help optimise your tax position and protect your assets. This requires experience, to ensure you comply with the law and maximise your wealth. Don’t forget, your accountants fee is tax deductible.
2. Ask for a discount
Most transactions are negotiable. Have you ever wondered why companies only offer discounts to new customers? What if you have been a loyal customer for the past 5 years? All you have to do is call your service providers, such as your bank, phone or internet company, and ask for a loyalty discount. They might say no, which may prompt you to shop around for one of those new customer deals, however most will agree to the discount to retain your account. Just another way to stretch your budget further!
3. Medicare Safety Net
Are you eligible for a higher refund from Medicare? If you have spent more than a certain amount in a calendar year, you can ask if you are entitled to a higher refund. Also, if you are part of a family or couple, your costs can be combined by registering as a family on servicesaustralia.gov.au
How many ongoing monthly subscriptions are you subscribed to? Could you cancel your magazine subscription as most articles are online now? Does everyone in your family have a Spotify account when you could combine and get a family account? Do you have Foxtel and Netflix? Could you cull one?
Or have you looked at how many apps you’re subscribed to on your phone? Some people make the mistake of buying an app, thinking it’s a once off payment only to discover it’s a subscription. Go to your Settings, the Apple ID and tap Subscriptions. You can see how many ongoing apps you currently pay for. Which ones could you cancel?
5. Write a shopping list and stick to it
For many people, aside from the mortgage, food shopping can be high up the list of household spending. If you have no self-control, make sure you write a shopping list and stick to it. It’s the extras that you grab as you go that can add an additional $50 unnecessarily. Depending on how often you shop, this could end up being and extra $200 a month!