Buying your first home. Something every Gen X did at the ripe age of 24 when the economy was booming and optimism was all around. Now, Gen Y may have grown up believing their parent’s pipedream, but have found reality to be a harsh burn. So, we thought we’d take a closer look at Gen Y and the housing market and offer some industry tips on how to save for that elusive house deposit. First, let’s at the inner workings of Generation Y and see why it’s so damn hard to afford a house deposit.

What does Gen Y look like?

Following up the act of Gen X is Generation Y or Millennials (as the cool kids would say). Much like lots of things nowadays, universities and academics argue over the correct outline for the Gen Y timeline. But most institutions have concluded that Millennials are anyone born between the years 1982 to 1996 approximately. The cohort came of age during the 2008 global financial crisis. And braved the advance of the digital age.

Millennials are the longest lasting buzzword to hit the block, but the hype is for all the wrong reasons. Gen Y is the first generation that is projected to be worse off than those that came before. Not a promising start. And unfortunately, the saying rings true when we look at Gen Y and the housing market. Just 1 in 10 Gen Y’s think they’ll be more financially secure than their parents.

Gen Y’s outlook on today’s society reflects the doom and gloom that seems to follow the generation. In a 2017 Deloitte Millennial Survey, the results showed that Gen Y Aussies are damn fed up with how the country is run. Unsurprisingly, financial security and stability are at the forefront of Millennials’ concerns. So, we want to help by breaking down the situation between Gen Y and the housing market.

What do we mean when we say ‘housing market’?

This may sound like a silly question, but there’s no such thing as a stupid question. We want to clarify that entering the battleground of the housing market doesn’t include paying 150 a week rent to your mate’s cousin. No, we’re strictly talking about buying a house. And for Gen Y it seems that prospect may be out of reach.

What’s the most significant barrier to homeownership for Gen Y?

The biggest barrier to homeownership for Gen Y is the ever elusive home deposit. A recent survey looked at Housing Affordability championed by the Bankwest Curtin Economics Centre suggests a few alarming figures about Gen Y and the housing market. Like, Millennials living in unaffordable housing made significant sacrifices to meet housing costs. 55% of participants said high housing costs lead to mental health issues.

And the gap between reality and expectation is immense when it comes to a home deposit.

There is a significant deficit between the money Millennials have in their bank accounts and the money they need for a home deposit. The gap is currently sitting at $50,000. Out of the miraculous Millennials that have made it into home ownership, 38% had support from their parents or grandparents.

Enlisting assistance for home purchase is becoming more and more potent. And to add salt to the wound, these alarming stats have dubbed Gen Y “Generation Rent.”

Bad blood

So, when it comes to the housing market, what’s all the fuss about? Is it indeed true that Gen Y has a rocky relationship with the marketplace? Well, it seems in the years between 1982 and 2011 the young adult (25 to 34 years) homeownership rate has dropped from 56% to 34%. These rates have hit Gen Y hard, and many have vocalised their concern over achieving homeownership. Now, there is a split between Millenials who are choosing to jump on the property ladder for lifestyle choices and those who cannot.

You may be thinking, “what’s caused this bad blood between the housing market and Gen Y?” Well, there are several factors at play that may be halting Millennials’ ability to afford a home loan. And no, it’s not out of pure laziness or spending too much of smashed avocado.

Youth unemployment

. In the eyes of some members of older generations, Millennials demand the best from work and simultaneously expect the smooth ride to the top. However, taking a look at the stats, this is far from the truth. It’s not that the youth of today are unemployed, it’s that the very nature of employment has shifted. According to an Australian Bureau of Statistics (ABS) report, 39.3% of young people are employed casually. The casualisation of the job market leads to a loss in sick leave, annual leave and fundamental worker rights. Not to mention a lack of stability in the workforce.

Overeducation also contributes to an increase in casual employment. With the job market flooded with endless degrees, the gap between higher education and entering the workforce has tripled to 2.7 years.

The pipe dream.

Somewhere down the road, owning a house twisted from an essential for providing shelter to a pipe dream. Many researchers blame the shift of buying housing for investment rather than necessity – a trend set in place by Baby Boomers and Gen X. The investment trend has somewhat shattered the housing pipe dream for Millennials who are looking to jump onto the property ladder.

Daniel Mookhey, a Labor member of NSW Upper House, discusses how investment housing hurts Gen Y’s chance at homeownership. “I think the first thing we need to do as a country is reset our tax laws around property investment, so investors are not privileged over homeowners as they currently are.”

Eternal kids.

Gen Y may be labelled as the lazy kids; however, the truth is far more complex. The issue lies in the nature of the problem. Gen Y hasn’t been given the opportunity to grow up. With a lack of opportunity to buy or even rent in the housing market, Millennials are starved by lack of growth. And with little chance to strike out on their own, most Millenials take up the challenge by working multiple jobs or merely cultivating a comfy nest at their parent’s home.

Wage growth.

The next culprit accountable for the bad blood about Gen Y and the housing market is a lack of wage growth. In the last 10 years, we have seen median house prices grow to 14 times the average income, and it’s not slowing down. With Gen Y spending less than any other preceding generation on food, drink and recreation, you can understand why they have a rocky relationship with the housing market.

What’s next?

Now, things may seem all doom and gloom, but there are still ways for millennials to break into the housing market. The key is thinking outside of the box, and tapping into ideas that the previous generations haven’t thought of. So, let’s step away from all the bad news and look at how Milianiels can jump onto the property ladder!

Sharing is caring

. You may think sharing is only for renting, but consider home collective when you want to gain headway in the housing market. So, get together with a few of your most trusted companions and co-finance a mortgage! Of course, such commitment requires trust between all the partners, so make sure you choose carefully. If you decide to embark on co-homing, look for a house that is suited to having 3 or 4 individual occupants, such as a few bathrooms and a spacious kitchen.

Think Tiny!

Tiny houses are hitting the global market. With an increase in population, smaller living has become increasingly popular. However, just because your home is tiny, doesn’t mean you exchange affordability for comfort. If you design your very own smart home with the necessities vital to you, then it’s your very own cubby house! Not to mention tiny houses are also super kind to the environment. Tiny houses waste less power and have little to no carbon footprint. Not convinced? Read all about the success story of Brisbane locals Lara Noble and Andrew Carter.

Stay ahead.

In times of uncertainty, you can never be too prepared. So, if you’re looking to strike into the housing market tomorrow or in the next five years, keep a keen eye on all that exciting housing market news. Whether you’re looking at the Sydney housing market or Melbourne housing market, or simply the Australian housing market in general, it’s important to stay alert. You never know when lightning will strike. So, enlist the help of your tech wizardry and get to work monitoring the housing market for your future self.

Save, save and save.

It may seem old-fashioned, and for some it’s impossible, but where you can, don’t forget to save and save! Now, we know it’s more tempting to head out for dinner with the crew, rather than stay at home, but saving doesn’t mean giving up on all life’s pleasures. Simply find cheaper alternatives. So, instead of paying for someone else to cook you and your friends’ food, have a community dinner at home! The next step is to set up a savings plan. Figure out how much you can save without depriving yourself of joy, and stick to it!

And most importantly…

With the housing market crisis in full swing, perhaps it’s time to ask yourself if you actually want to buy a house? Despite the pessimism that surrounds Gen Y, they also have plenty of opportunities that were closed for other generations. For instance, accessible global travel. So, before we pressure Gen Y into owning a home they can’t afford, see what else is out there!

We’d love to hear from you

If you’re a Millenial either looking to buy a home or deciding to skip the housing market altogether, we’d love to hear your story. Comment on Facebook, or send us an email at hello@35.201.15.107!

Let’s stay in touch

Heard of the recent penalty rates cut? Read all about on last month’s blog.

Speaking of change, if you’re ever in a financial bind, you know where to turn to. We can FIND you a loan that’s right for you. If you’re on the hunt for small loans or short-term loans, we can help you out. So, think about applying today with We Find Loans.

Want more of We Find Loans? Well, you’re in luck you can follow our Facebook, Instagram and Twitter for all the industry updates, plus, hilarious memes of course! To keep up to the date with an in-depth look at all things personal finance and lifestyle, follow our blog.

If you spend your day tied to a desk, you probably won’t noticed the latest slash in penalty rates. However, for 700 000 workers in retail, hospitality and pharmacy, the recent Sunday penalty rates cut has disrupted their earnings. For many uni students, part-time workers, single mums and immigrants, penalty rates are a crutch to support their lifestyle. The decision to cut penalty rates in 2017 has recently come into effect and it’s expected to deliver a significant blow to this crutch. So, we wanted to investigate. Where are these cuts happening and why?

What are the facts?

In 2017, Australia’s Fair Work Commission decided to gradually cut Sunday and public holiday penalty rates. Each year until 2020, penalty rates will decrease. The full or part-time retail, fast food, restaurant, hospitality and pharmacy workers will gradually feel the sting of the penalty rates cut. Following the cut, the Australian Council of Trade Unions (ACTU) has concluded that nearly half of a million people would lose up to $6,000 a year. Some of these workers are the lowest-paid employees in the country. President of the Fair Work Commission, Iain Ross has confessed that,

“Many of these employees earn just enough to cover weekly living expenses.”

Yet, the cuts are going ahead as planned by the Fair Work Commission and the sitting parliament. The President wishes to implement a scheme to help workers experiencing financial hardship, but have yet to decide on an appropriate plan. The only workers left untouched by the penalty rates cut are casual restaurant and hospitality employees. Casual restaurant workers will receive no cuts to their Sunday or public holiday rates. And casual hospitality workers will only see cuts to their public holiday rates.

The rest of the employees have scheduled cuts on the horizon. To help us visualise the drop in penalty rates we have whipped up a pretty fancy graph:

Info gathered from the Fair Work website.

Before diving into the nitty-gritty of penalty rates now, let’s look to the past! Penalty rates have been a staple for the Australian industrial regimes since the late 1800s. The first national penalty was established in 1947, before that, states deliberated rates amongst themselves. Like most things before the turn of the century, introducing penalty rates was motivated by religion. The government wanted to reduce business from opening on Sunday and performing evil Sunday work. The initiative was motivated less by compensating workers for their time, and more to appease religious laws.

However, after the economic boom of the post-war world, the need grew and businesses began to operate on a Sunday despite having to pay higher wages. Soon it became accepted that workers were paid penalty rates for compensation, rather than religious rationale.

Who does the penalty rates cut effect?

We know that the recent penalty rates cut will affect hospitality, fast food and pharmacy workers, but, who exactly are those people? To put it bluntly – they are mostly low-income earners. The penalty rates cut comes at an unfortunate time for low-income earners. The latest report from the Australian Bureau of Statistics (ABS) showing that growth in the private sector is falling and the cost of living has reached new heights.

So, let’s look at who these low-income earners are. The penalty rates cut mostly affects industries where the majority of the employees are under 25. So, that means students and fresh-faced grads. We’re sure we remember hearing something else in the news that was costing students – ah, yes, the lowering of the HECS debt threshold. Not a great year for low-income students. Yet, despite the increase of loan repayments and a decrease in wages, Australians youth has it pretty comfy compared to other countries (they are the snowflake generation, after all). That’s the popular opinion. However, recent evidence suggests that Australia has the lowest ratio between the youth wage and the average minimum wage, in the world.

For students, or anyone forced to work weekends to make ends meet, the lifestyle can disrupt their social lives and their ability to engage in family life. If we zoom into an industry that employs 1 in 4 young Australians, Retail, we can see the micro effects.

Imagine

You’re a 20-year-old student who works weekends to pay for, well just life. Sunday is your favourite day, your friends are out on a Sunday sesh, your family is catching up for their weekly BBQ and you’re folding clothes. But, Sunday is still your favourite day. It pays such a vital role in the survival of your budget, that you can’t help but love it. That’s about it change. You’re about to lose almost $10 an hour. And that equates to losing $80 a week if you work a typical three-hour Sunday shift. Doing the math, that’s a $4,160 loss for the entire year. That’s a lot of rent money. Approximately 26 weeks worth of rent. Seems like a lot now doesn’t it?

Now, it’s time for the opposing side, those who advocate for the penalty rates cut to increase employment and reduce costs for small business.

Who wants the penalty rates cut?

The Productivity Commission and small businesses were the two main parties in the wages equation campaign for the Sunday penalty rates cut. The Productivity Commission believes Sunday penalty rates should align with Saturday rates to create a unity across work hours. Small businesses, of course, a campaign to reduce wage cost. Some businesses argue they cannot afford to open on Sunday, because of the high cost of wages. And others say it would also open the door to offer employment to more people.

With most issues, there’s always more than one clear-cut answer, and there are many arguments for the change in penalty rates:

• It will allow employers to hire more staff
• An increase in the number of hospitality venues open on a Sunday
• Provides a better experience for customers if venues have more staff and a wider availability of entertainment
• Business would become more profitable with an increase in opening hours and staff levels
• Price could decrease (some business charge a surcharge for Sunday)

Whether these positives have any bias, in reality, is for the future to reveal. But, with the penalty rates cut gradually coming into effect, we may not see the effects on business for a while.

Are penalty rates outdated?

The penalty rates cut has inspired a debate on whether penalty rates are even relevant in today’s economy. In an economy that has become a landmark for flexibility and diversity, some critics find penalty rates irrelevant. Some workers can easily divert from the traditional landscape of the 9-5 Monday to Friday work week. So, is it really that inconvenient to work weekends?

We asked the young bucks in the office (all survivors of work weekends), and it was a unanimous yes.

How we reacted

Of course, any major government decision demands a chorus of varied responses from us – the public. According to a poll taken after the 2017 decision to cut Sunday penalty rates, 82% of Australians supported penalty rates as a compensation for working outside of designated hours.

How to cope with a change of income

All talk and no action made Jack a very poor boy. Unfortunately, all the debating won’t change the fact that the penalty rates will decrease and people will lose income. So, we want to help people prepare for a change in income.

A change of income can happen in any job. Whether your company is downsizing, or you may be in the midst of changing careers, a change of income can be disruptive. So, we want to minimise the damage to your savings account with these handy tips (or any income change):

Re-calibrate your outlook.

When change is on the horizon, it’s time to adjust the direction of your thinking. The first step is to remain calm. Then, begin to get used to your new income. Also, begin to change the way we think about money, and where you spend it. Perhaps doing out to dinner with friends, you can host a potluck at home. There is a myriad of practical ways to save money, but it all starts with your mindset.

Re-work your budget.

Start with recurring expenses. Maybe you pay too much for the internet or your mobile plan? Go on a hunt for cheaper plans to ease the stress on your weekly income. And whatever you do, stay away from impulse buying! Treat it like your archenemy. If you ever find yourself strolling innocently past a sale and feel compelled to make a quick purchase, leave it. Then, if you’re still dreaming about the item in a week, you know it’s something you really want.

You mean think budgeting and inconvenience come hand-in-hand, but when you harness the power of technology, all your budgeting info is a tap away. You can input your budget into an app and simply have the info ready to go. Budgeting is made easy and convenient with apps like Mint and Wally.

Set your finances to Autopilot.

Again, when you harness the power of technology, anything is possible, including automating your bills and expenses. That’s less time spent on paying bills and worrying about paying them. If the money is already set aside, you’ll struggle to miss it. You can set up automatic payment in your internet banking app.

Invest time in a side hustle.

If it’s money you’re short of, why not make a little more? Without much hassle, you can profit from a little side hustling. We mean the good kind. Think of your passion, and see if you find a way to make a little moolah from it. Such as photography, design, gardening or blogging – where ever your passion lies, in our 24/7 online economy you’ll find somewhere to start your passion into gold.

So, when all is said and done there’s always a way to cope with the stirring winds of change. No matter what you can find a way to adapt to change. That’s what we humans do best!

Before you leave

Sometimes with all the budgeting in the world, plans just don’t go to…plan. So, if you’re ever in the need for quick loans, you can trust us to find you the perfect lender. All you need to do is simply fill out our quick application and we’ll let you know within minutes if you qualify. If you’re approved, we will begin the process of finding you the perfect lender. So, when you think your wallet is looking a little light, you can trust to find you some moolah!

Let’s stay in touch

Speaking of change, if you’re ever in a financial bind, you know where to turn to. We can FIND you a loan that’s right for you. If you’re on the hunt for small loans or short-term loans, we can help you out. So, think about applying today with We Find Loans.

Want more of We Find Loans? Well, you’re in luck you can follow our Facebook, Instagram and Twitter for all the industry updates, plus, hilarious memes of course! To keep up to the date with an in-depth look at all things personal finance and lifestyle, follow our blog.

The leaves are falling and change is coming. In the next coming weeks, Western Australia and Queensland are about to be hit with the plastic bag ban Australia. Unlike the chills of winter, we need to meet the change with a warm embrace and prepare for an onslaught of frantically running back to our cars for more bags. Perhaps even purchasing one too many reusable bags and simply giving up and popping overflowing groceries in our handbags or backpacks. However, we must be brave and face this challenge will all our skill and willpower!

Before QLD and WA plunge into the unknown, you’ll want to get as informed as possible. Let’s find out all the facts of the plastic bag ban Australia, the why, how and what comes next.

The need-to-know facts of the plastic ban

When big news hits and the tornado of opinions and info begin, sometimes the facts can get swept up and lost. So, before we dive into the why and how of the plastic bag ban Australia, let’s get some facts straight:

• Who is banning plastic bags?

  The WA and QLD state governments. In the news, it may seem like the supermarkets have taken this giant step for mankind by their own intuition, however, that’s not the case. The QLD government has introduced plastic bag regulations that will penalise retailers with fines of around $6,300 for supplying plastic bags. Therefore, retailers would be taking an unnecessary risk by not taking note.

  Tasmina, Northern Territory, South Australia, ACT, and Victoria have already had the ban in place for several years now. With QLD and WA now following suit, NSW is still without a ban plastic bag policy.

• When will the ban be in place?

  The ban will commence on the 1st of July 2018. Woolworths is anticipating that all plastic bags will be banned in their stores come the 20th of June.

• What is being banned?

  Single-use, lightweight plastic bags, even if they are biodegradable. Bags that are made with HDPE plastic or degradable material and have a handle and a thickness under 35 microns. So, supermarkets and other retailers will still be able to supply heavyweight plastic bags (similar to the ones Aldi already uses). The ban also doesn’t apply to plastic bags we use to bag fruit and vegetables.

• What is not being banned?

  There are a few forms of plastic bags that are not banned, such as garbage bags, bags for unpackaged fruits and veggies, and dog poo bags (phew!).

• Who does the ban apply to?

  The latest plastic ban in QLD and WA applies to all retailers, including supermarkets and department stores.

And that’s the facts. Now you know what the plastic bags ban Australia is, let’s find out the how and the why.

Why ban plastic bags?

Our rise in population has strained the environment we live in. This includes the oceans, rainforests, and other ecosystems. Globally, we have taken steps to help evaluate the strain on our environment and now more Australian states have taken the plunge. QLD and WA are banning plastics bags on the 1st of July. All retailers will not contribute plastic bags and will instead supply reusable bags for consumers.

The ban aims to reduce Australia’s waste and negative effect on our beautiful environment. The ban also aims to reduce litter and plastic pollution across Australia as well as reduce plastic and it’s harmful impact on the environment.

You may be thinking, “how do plastic bags affect the environment, especially if I mainly reuse mine?” Well, not only does the circulation of plastic bags harm nature and wildlife, but the production of plastic bags is just as harmful. In the production of plastic bags, the main environmental impacts are the use of fossil fuels, marine litter and recycling contamination – leading to recyclables ending up in the landfill. So, the ban not only stops the use of plastic bags but also halts harmful production.

In QLD, close to one billion single-use lightweight plastic shopping bags are used each year. A whopping 16 million of those plastic bags end up as litter. In Australia, 90% of all seabird species have ingested plastic debris and 30% of all sea turtles have ingested plastics. Australia’s wildlife is rich and vibrant, and we need to look after it and make sure it’s around for generations to come.

How to prepare for the plastic bag ban Australia?

We all know that change can be difficult. Especially, when the habit is so ingrained in our daily routine. Some of us may already opt for fabric bags, but majority stick to plastics, whilst imaging the horde of fabric bags either at home or in the car. Habits certainly die hard, but when change is thrust upon us for the common good, we can learn embrace it.

To adjust to the plastic bag ban Australia, let’s treat plastic bags like a bad habit we need to break! We are all in the same boat, so here are some top tips to help prepare for the plastic bag ban Australia:

• Substitute the bad habit.

  Plastic bags are gone! It’s time to replace them with reusable bags. So, why not start now? The ban isn’t in place for another month, however, you can get into practice by starting now. Start by buying a few reusable bags and leaving them in your car. If you find yourself in a supermarket or retailer without your reusable bags, head back to your car. It may seem tiresome, but it will save you in a long run.

  Changing a habit is all about changing every single step of the process. For example, if before you head out to the shops you grab your grocery list from the same spot on the bench, then have your reusable bags sitting nearby, reminding you to take them. Or even put your list inside the bags, that way you’re more likely to remember to take them. And we all know how difficult it is to do a proper shop without that trusted list.

  After July 1st, if you don’t have a reusable bag with you, you’ll have to purchase one from the retailer. Then, before you know, you culminate 10 reusable bags without meaning to.

  When it comes to breaking a bad habit, cover all your bases. For example, with the plastic bag ban Australia, if you tend to do your shopping on the way home from work and you take public transport, keep a reusable bag with you at work, or carry one in your work bag.

• Work together.

  Everyone is suffering the same thing you are, so don’t forget you’re not alone. It’s certainly hard to break a bad habit, but you have people around you to support you. Ask your workmates, parents and friends how they are handling the plastic bag ban Australia. Leach their tips and tricks and adapt them to your game plan.

• Visualise yourself succeeding!

  Giving up a bad habit may seem impossible, but don’t give up in the face of a daunting task. Instead, visualise yourself succeeding. Imagine yourself strolling into your local supermarket with a reusable bag, your head held high and a warm feeling in your heart.

So, mark the date in your calendars and get ready to ditch that bad plastic habit!

Will banning plastic bags help our pledge to fix the environmental crisis?

The issue is certainly up for debate. The question at the heart of this debate is whether thick durable plastic bags (still available for purchase in most supermarkets) are any better for the environment. The answer depends on our usage.

If we don’t opt for fabric, tote-like bags for our groceries, and simply use the heavy duty plastic bags at the same rate as regular plastic bags, then the environmental impacts could be worse. A study conducted in the UK indicates that you need to reuse heavy-duty bags four times to reverse the negative impact on the environment. Heavy duty bags may take longer to break down, and both are harmful if they reach the ocean. Many scientific experts say that using heavy-duty reusable bags is only a short-term solution.

The golden rule for all things environmental is to reuse them. So, if you do have to use heavy-duty bags, reuse them as much as you can! A Zero Waste report found that if all Australian households committed to switching to green bags, 2,200 trucks filled to the brim with garbage would not end up in the landfill, 42,000 tones greenhouse gases would be eliminated, and 50,000 litres of water saved.

Cotton bags are also another great option, as they are easy to reuse. However, reports estimate that you need to reuse cotton bags at least 130 times to reduce greenhouse gases. Furthermore, when you purchase a cotton bag, commit to it – don’t leave it hanging.

How does the world compare?

Countries across the globe have committed to plastic bag ban initiatives. These include African states, Asia, South America, Demark, Ireland, Italy, Wales, Scotland, Germany, England and some states in North America. Denmark was the first country to introduce plastic bag tax in 1994, reducing the plastic bag usage by 50%. Collectivity the EU and Asia have large, widespread policies on banning plastic usage.

What’s next?

As a community, we can all do our part to keep working to preserve the environment for future generations.

For Australia, the next step may be banning the use of single-use plastic straws. With the recent announcement of the plastic ban, momentum is growing for The Last Straw campaign. Tourism operates in QLD support the campaign to help protect the beauty of the Great Barrier Reef. Straws easily find their way into the mouths of innocent (and adorable) seabirds, turtles and other marine life.

Let’s stay in touch

The plastic bag ban Australia is coming and it’s time to prepare. So, don’t forget to (reasonably) stock up on reusable green bags.

Speaking of change, if you’re ever in a financial bind, you know where to turn to. We can FIND you a loan that’s right for you. If you’re on the hunt for small loans or short-term loans, we can help you out. So, think about applying today with We Find Loans.

Want more of We Find Loans? Well, you’re in luck you can follow our Facebook, Instagram and Twitter for all the industry updates, plus, hilarious memes of course! To keep up to the date with an in-depth look at all things personal finance and lifestyle, follow our blog.

We’re sure your parents taught you that sharing is caring. Having heard this repeated throughout our formative years, it has become a defining trait of our modern economy. The sharing economy has only recently emerged with the rise of the internet and technology. Developments in technology and app capability have paved the way for the shared economy to emerge. And what a beautiful thing it is. The shared economy is responsible for money savers, such as Airbnb, Uber and, the new kid on the block in Australia, Airtasker. But, can you save a few bucks by using these services? Well, that’s what we’re going to find out!

What is this “sharing economy” we keep talking about?

You may have heard the term bouncing around the financial section of your newspaper and wondered what it meant. Simply put, the sharing economy describes economic activity involving online transactions and the sharing of access to goods and services. A hybrid market model made up of peer-to-peer exchange. This peer-to-peer exchange often happens on a digital landscape. However, the term can also refer to ongoing sales in the online marketplace. For now, though, let’s just discuss it in reference to sharing of good and services and more importantly how ‘sharing’ can save us precious dough.

Who’s in the shared economy

Since 2015, we’ve seen a number of massive apps hit our stores that have slowly become part of everyday life. A sharing economy works both ways, for those who want to earn a quick buck and for those who need a service. For some, these apps have become a staple for saving a couple of bucks. However, in case, you’ve been living outside of the loop, here are the names in the shared economy:

The ones you’ve definitely heard of

Airbnb

Airbnb is probably one of the most famous shared economy enterprises. It is globally recognised as an alternative to traditional hotels. Airbnb has grown from a small sharing service to hosting millions of trendy hipsters, romantic couples and fun families alike. Hosts all over the world open up their homes to travellers. Whether they have a houseboat, a London townhouse or a rainforest cabin, you’re always in for an experience. Airbnb rooms are typically much cheaper than your average hotel room, but more on that later!

Uber & UberEats

Uber has become a pillar of the shared economy. So much so, that experts are beginning to call the emerging shared economy uberisation. Uber is car riding service where drivers use their own vehicles and simply sign up for the Uber service to find customers. The convenience of the service is slowly rendering taxis useless. With its wide availability and cheaper fares, customers are opting for Uber rides every day.

UberEats is the child of the Uber brand, giving lifts to food rather than people! In terms of cost saving, UberEats isn’t a massive win, however when those lazy feels strike, it becomes the best friend you’ve never had.

Airtasker

Recently this gem was only available overseas, and now it’s hit Australia! Airtasker can service anything from your odd jobs to some social media marketing for your startup! In an economy with plenty of workers and countless jobs to go round, there is no shortage of business. Need a handyman? Check Airtasker. Need an expert cleaner? Check Airtasker.

The trendy, little guys

Mad Paws

If you love your doggo, kitty or bird and can’t bring them holidaying with you, then you’ll be on the hunt for a kennel. A few nights stay at a kennel can be expensive so for the sake of your wallet, listen up! The sharing economy has introduced Mad Paws for all your pet sitting needs! Simply search for your service, house/pet sitting, grooming, training etc with your location and you’ll be given a list of the available pet workers! All your pet needs in one place.

Spacer

Looking for space? If you live in an urban city, then the answer is most likely yes! Space is in short supply. Whether it’s parking or storage, you always find yourself needing more…space. That’s what Spacer is here for. You can rent space from people who have some to spare. Simply search for what you’re looking for and browse your options. Spacer is a marketplace for space; it’s affordable, convenient, secure and a trusted service.

Camplify

The sharing economy has produced plenty of competition for the big guys. If you’re wanting an alternative to Airbnb or hotels, then why not rent a camper? Let’s be honest, those here who own a caravan probably dust it off once or twice a year. Now, instead of collecting dust you can earn a few bucks on the side. Or if you’re looking for a unique and budget way to travel the country, then why not hire a caravan or RV? Much like Airbnb, all members are verified, it’s free to join and all hires come with free NRMA Roadside Assistance.

Lána

Lana is a homegrown peer-to-peer clothes sharing app! It’s trendy and socially aware. A winning combination! The philosophy behind the curtain is to reduce waste in the fashion industry by sharing stylish clothes. If you’re looking for a new look for a weekend shindig, then save the hassle (and cost) of hiking to the shops and rent on Lana! Instead of buying a dress you may only wear to one event, save a few bucks by renting your formal look. It’s a brand with a socially-minded conscious and is a small gem in the sharing economy.

FoodByUs

The sharing economy has opened up new avenues to accommodation, travel, fashion and pet care. What if you wanted a to cater for a work lunch or your next event? Well, the sharing economy has something for you. FoodByUs is a platform where caters sell their wholesale supplies. It’s your one-stop shop for wholesale meats, fruit and veggies, sandwiches, and bakery goods! And of course, would it be the sharing economy without great value for money? Of course not.

Why opt for the sharing economy favourites

Saving a few bucks

The sharing economy has brought us many gems. Perhaps the number one upside to all of them is value for money! Shared economy platforms are typically cheaper than their regular counterparts. When Airbnb comes head to head with a hotel in the same area, the hotel is gonna lose. So, when you’re heading on a holiday, save costs on accommodation. If you’re travelling home from a night out, cut costs on travel. Does kennel costs keep you grounded? The sharing economy has you covered.

Your savings aren’t massive, but with the sharing economy, it’s more about value for money. Savings depend on where you are travelling to, what city you live in, however, you can be sure you are getting value for money.

If holiday or travel costs are keeping you grounded, the sharing economy isn’t the only option. We can FIND you quick loans that’ll get you flying in no time!

Experience

Life is all about the experience. So, why not have a unique one? You never know what kind of conversations you’ll have with your Uber driver, and with Airbnb, you can get a taste for the local culture. Remember, sharing is caring. With the sharing economy, you are always meeting new people who are there to help you. The sharing economy gives us the opportunity to spread all the love we can with our fellow humans. After years of doing things the same, everyone is hungry for something different. So, get on the sharing market today and see how you can contribute!

On Trend Factor

Let’s be honest, who doesn’t love a good trend? In today’s economy, if something is trending, it means it has yet to hit the stage of becoming too popular and stale. Furthermore, the sharing economy is trending! Being apart of the shared community is a chance to experience the innovation of new products and ideas. Nowadays, it’s rare for something that’s trending to be cheap, but with the shared economy, you get the best of both worlds!

The other side of the sharing economy

Of course, with everything in life, there is a darker side to the sharing economy. When it comes to sharing with the rest of world, sometimes it can go wrong. Before using the sharing economy, take a look at some of the things to be wary of:

Lack of regulation

As the sharing economy develops, the call for regulation is getting louder. In some instances, regulation is already making steady progress. For example, in Queensland, Uber is held to similar insurance stands as commercial taxis. However, in regards to Airbnb, the regulation is thin. The rooms rented with Airbnb are not subject to the same standards of hotel rooms.

Airbnb takeover

Airbnb hosts are not held to the same standards as a hotel chain. Hotel chains are held to certain licences and certificates in order to provide a quality service. Airbnb has yet to find an equivalent. The other problem rising with Airbnb is hosts buying apartments, just to rent them as Airbnb rooms. So, basically turning your apartment floor into a hotel. The last thing you want to see in the halls of your lovely room is hordes of tourists.

Less guarantee of quality

Without regulation standards for service, there may be instances where the quality of the product or service doesn’t live up to the description. Of course, this can still be problematic in the regular marketplace as well. However, the risk is higher with the sharing economy. The sharing economy certainly offers plenty of quality products and services, but sometimes you may find yourself caught in a less-than-satisfactory purchase.

Safety

With less regulation, there may be more risk to your safety. For example, Airbnb hosts may not have the standard safety equipment you would see in a hotel. However, with Uber, there is more accountability with a drivers licence, regular vehicle checks and window stickers identifying Uber drivers.

The sharing economy is growing and growing fast, and regulation has yet to keep up. However, with awareness raising and the call for regulation growing, government bodies will soon respond. Unfortunately, there is always a catch; more regulation usually equals a higher price. So, keep track with the latest news coming out the sharing economy.

What’s next for the shared economy?

The sharing economy is a driving force that is not slowing down. In the coming years, we can expect to see a decline in transaction costs. Technology like robotics, blockchain and interconnectivity are set to reduce the friction and hassle of buying online. Soon buyers and sellers will be able to interact without intermediaries, eliminating the friction from the shared economy.

The future is bright and coming fast, so stay tuned for the latest hot news coming from the shared economy.

Let’s keep in touch

If you’re on the hunt for small loans or short-term loans, we can help you out. So, think about applying today with We Find Loans.

Want more of We Find Loans? Well, you’re in luck you can follow our Facebook, Instagram and Twitter for all the industry updates, plus, hilarious memes of course! To keep up to the date with an in-depth look at all things personal finance and lifestyle, follow our blog.

Dating is rough, tough and expensive. Even more so on Valentine’s day, where everything from flowers to food is marked up. However, regardless of whether you love or hate this day of love, it’s nearly upon us! Good Valentine’s day ideas can show your loved one how much you care. From homemade gifts to priceless Valentine’s day ideas, we’ve collated some of the best ways to celebrate this holiday. We’ve also thrown in some last-minute Valentine’s day gift ideas for her and for him the perpetual procrastinator.

Valentine’s day ideas: Gifts

It’s always important to know where to shop if you want to save money on your Valentine’s day gifts. While themed online sales are an excellent place to start, be wary that physical stores might mark up their prices especially for Valentine’s Day. For example, until February 14, Fitbit is offering sales for Valentine’s Day on selected Fitbit models. Similarly, Amazon has up to 70% off for Valentine’s Day as well, although you might need to spend a little extra on express shipping at this point.

Valentine’s day ideas for him

1. Take him out camping or glamping

   A romantic night under the stars, crackling campfire and a cosy little snuggle. You don’t even have to rough it out if you opt for glamping options!

2. A leather-bound notebook

   For the practical man in your life, you can get him a lovely moleskin notebook. Handy for taking down work notes, jotting down important dates or simply something he can carry around that’ll remind him of you. You can even get these engraved with their name or a special message!

3. Brewery tour

   Take your beer-loving man on a tour of a brewery or book yourselves on a romantic wine tour. Relax with a really good bottle and enjoy yourselves a nice meal after!

4. Tell them how you feel with a personalised mug

   It doesn’t have to be cheesy, it could be sarcastic or play to his sense of humour! You could even do something very subtle that only you and he would get. The idea is to get him to remember you every time he picks up that mug!

5. A record of ‘your song’

   If your guy a music lover? Do you guys have a specific song that’s ‘your song’? Get him a record version of the song! He can frame it up or play it when he misses you! Either way, it’s a great and thoughtful gift.

6. Tickets to a game

   You don’t need to celebrate Valentine’s day on February 14. Get some tickets and take your man to the game this month!

7. Beard grooming kit

   Does your special man have a really rough beard? Give both yourselves a gift and get him a beard grooming kit!

Valentine’s Day ideas for her

1. Cook dinner at home and save money and time

   If you don’t already have a reservation for Valentine’s Day, you might be hard-pressed to find one at the last minute. However, not all is lost. Instead, surprise your partner with a romantic home cooked meal! If you’re not much of a chef, not to worry. There are plenty of easy apps that can take you through each step. Or, make it a couple activity and include your partner and some wine in the process! After all, with a couple of candles, $9 fairy lights from Target and a nice tablecloth, any old room can be romantic.

2. Valentine’s day ideas can start in the morning

   Surprise your honey with some honey on toast in the morning. Breakfast in bed can be incredibly romantic and a thoughtful way to say, “sorry, I forgot to make dinner reservations tonight”.

3. Book a hotel room and enjoy a Valentine’s day ‘staycation’

   Can’t get away for V Day? Valentine’s day ideas for her don’t need to involve plane tickets! Sometimes you can create a whole new world of your own with a simple change of scenery. Book a nice hotel room with a gorgeous view and enjoy your time together!

4. Take a tour down memory lane

   Perhaps one of the best Valentine’s day ideas for her is to revisit all the places you went to when you first started dating. It’s a really romantic and thoughtful way to show your partner that you remember important milestones in your relationship!

5. Go big or go home!

   We mean literally. If your partner is a sucker for stuffed toys, get her a really large teddy bear or toy of her favourite character. That way, even when you’re not around, she’ll be able to feel your love! Of course, you can also go big and rent out a hot air balloon, take her skydiving or abseiling. John Krasinski scored, his now-wife, Emily Blunt’s heart when he took her to a gun range on their first date! Clearly, there’s something to be said for taking the plunge off the bat.

6. A few of her favourite things

   These are really simple and foolproof Valentine’s day gift ideas for her. If you’ve just started dating, or don’t know what your wife’s favourite things are, ask her friends and family for ideas! Collate them into a lovely gift basket for thoughtful Valentine’s day ideas for her!

7. Chase a beautiful view

   If your partner is a nature lover or an avid photographer, take them to a beautiful sight or a mountaintop! Scout out the nearest hike or climbable mountain and plan a picnic at the top! You may be crowded by other similar couples, especially at the top, but with such great views, who’s going to care?

8. Don’t let it rain on your parade

   If the weather has rained on your Valentine’s day idea for a date, just take it indoors! Recreate your picnic in your basement or living room. Build a blanket fort and create a world that’s entirely yours in your living room or bedroom.

Valentine’s day gift ideas for her and for him

Gifts can be the most stressful part of any holiday. Sure, we can all go the easy cliché route of chocolate, perfume or jewellery, but what if you want something truly memorable? A good place to start is to think of what your partner really wants or needs. Sometimes the best gifts are those that your partner wouldn’t necessarily spend the money on themselves for. If you’re still stuck, don’t worry! We’ve collated a list of some Valentine’s day ideas for the truly clueless.

1. A couple’s massage

   If a massage isn’t their thing, you could even book them in for a day at the spa! We can hear tired mom’s everywhere cheering already! It might not be your thing, but isn’t it worth it if it’ll make your partner happy? You might even surprise yourself and find that you like a spa day! Of course, if you’re just going to make your partner stressed with your whining, your best Valentine’s day gift to her could be a spa day break to herself or her girlfriends.

2. Get away from it all

   If you’ve got the time and the budget, plan yourselves a quick getaway. You don’t have to go far, just somewhere new. Discover new places, do new activities and unearth new sides of you and your partner!

3. Take a food tour around the city

   Is your loved one a foodie? Instead of going to one restaurant, take them on a day’s adventure to many different places! Try a little bit of everything and perhaps you’ll discover your new all-time favourite restaurant.

4. Impress them with your smarts

   There are many trivia nights around the city. If you want to impress your loved one with how much or how little you know, take them to one of these fun nights! If they’re really competitive, choose your teams carefully.

5. Rock-Climbing or Ice-Skating

   These are activities that won’t get you too sweaty but will also bring you closer together! Plus, the adrenaline rush won’t hurt how they feel about you.

6. Cat-café date

You might not like these cuddly creatures, but if your partner is an animal lover, an hour at a cat café could give them all the feels. Don’t be fooled by the common misconception that cats are evil. They’re friendly and usually well-behaved animals who just want to be loved unconditionally.

7. Allergic to cats? Find a yappy hour!

   There are quite a few bars that are pet-friendly, which means there are always some 4-legged puppy customers to play around with. Show your partner your sensitive side by cuddling a couple of cute puppies!

8. A round of karaoke

   We’d suggest that you wait to spring this Valentine’s day idea until you’re both comfortably in love with one another. Showing them your rendition of Queen’s Bohemian Rhapsody in a key that only dogs can hear might not be the best impression you want to leave them with.

9. Couples cooking class

   If you both don’t know how to cook and not even a guided app can save you, get a professional on board! Most of the time these cooking classes come with a free flow of wine, which can make the dicing and stirring immensely more fun. Plus, you get to cuddle your honey under the guise of checking on the food.

Whatever your Valentine’s day ideas, from a ghost tour to catching a show at the planetarium, a date and gifts will cost you something. Don’t let a lack of funds rain on your love. Give your partner a nice treat or show them your love in a really special way. Let We Find Loans help you out with the how! Apply for our short-term loans and get same day cash! That way, you just need to focus on the what.

At times when you are strapped for a cash, a good idea you can consider doing to bring some side income is to make money with a side hustle. Whether it’s to help you pay off a debt, or simply to supplement your income. Starting a side hustle is a fun and resourceful way to make extra money on the side, in your spare time.

So, if you’ve got a particular skill or talent that people would be willing to pay for, you might be able to make some money from it. That’s why we’ve created a list of possible side hustles that might be perfect for you and your skillset.

Get paid to do surveys

This isn’t a side hustle that is going to make you rich, but it could a few extra bucks on the side. Survey Junkie is a great one because they pay you straight away directly into your pay pal account. Another great website to do surveys is http://www.mysurvey.net.au/.

Basically, the way it works is you get paid for taking the time to fill out a survey. This is where you’ll be asked a series of questions, but be warned, the surveys are often quite long. You just register with the website, which will ask you some demographic details such as age, gender, sex, etc. That way you’ll be matched with surveys that are appropriate for your demographic.

Become an Uber driver

The ultimate way to make money with a side hustle is apparently being a driver for Uber! Uber has been the result of changes in technology. It has revolutionised the way that people get around. Since 2016, Uber has had more than 18 million registered users. That means that the demand for drivers became incredibly high too.

It means it has also brought about changes in the ability for people to do part-time work. It means that those wanting to make money outside of their regular full-time job can do so easily. Since many Uber trips take place at night, it makes it a perfect platform for people to earn money and supplement their income.

Teach English from your own home via webcam

As a first language English speaker, an easy way for you to make money online is to be an English teacher via webcam. Since English is the international language, there is a huge demand for non-English speakers to learn from native English language speakers. To make money with a side hustle like this you just night a computer with a webcam and a decent internet connection.

Rent out a room in your house with Airbnb

If you’ve got a spare room in the place that you’re staying in you could make a little extra money on the side by renting it out. You could rent it out via Airbnb to either holiday goers or for short-term stays. Some people even make money with a side hustle such as Airbnb, while they are living abroad!

Sell your photos on stock photography

If you’ve got a knack for taking good photos, you might be able to capitalise on this and make money with a side hustle by selling your photos to stock photography. Stock images are becoming increasingly popular as they are used for all kinds of commercial, editorial, entertainment and artistic purposes. It’s largely to do with the fact that stock images have a larger impact on audiences rather than just the written content it is used with. The following is a list of websites where you can make money from your photos.

• 500px Prime
• SmugMug Pro
• Deposit photos
• Deviant Art
• Redbubble
• Shutterstock et al
• Etsy Scoopshot

Write and publish an ebook

Publishing an ebook is another great way to make money with a side hustle. If you are particularly knowledgeable in an area or have any valuable knowledge you’d like to share you, you could write an ebook and sell it online. It’s virtually cost-free. You can even create a self-published ebook, completely free with Kindle.

Sell hand-made items on Etsy

If you’re particularly crafty or artistic you could make money with a side hustle where you create goods and sell them online. Etsy is an e-commerce site designed specifically for the creative to sell their creations to people who are looking to buy beautiful creations.

Tutoring

Another great way to make money with a side hustle is to do some tutoring. You could either tutor primary school students, high school students or even university students, depending on what subject you are particularly strong in. The great thing about tutoring is that its virtually always in demand.

Web design

If you know how to design websites, this would be a great way for you to make money from a side hustle. That’s because web design is an in-demand skill. Many people want to create websites for themselves and/or their businesses but don’t have the skills to do it.

Graphic design

Again, if you are talented with creating things on your computer, making money from graphic design would be a great side hustle. You could either take on online projects as a freelancer or you could sell digital files that you create online.

Virtual assistant

This is a side hustle that has come about with the technological era. Virtual assistants allow professionals to outsource some of their daily activities so they can spend their time working on their core activities. A virtual assistant can help to shave hours of an employee’s workday, allowing their business to run more efficiently.

Some of the tasks a virtual assistant might need to do is manage and filter emails, set up autoresponders, book appointments with clients, follow up with clients and customers with a reminder email, answering some phone calls, calendar managing, booking flights and hotels, research on certain topics for blog posts or newsletters, plus various other activities. So, if you are a very organised person this could be the perfect side hustle for you.

Start a blog

If you’re a decent writer a good way to make money with a side hustle, would be to start a blog. It’s very easy to start a blog and you don’t even have to be very technologically savvy to start one. The way that you make money from blogging is to start by creating useful content. Once your blog starts to build up readers this is when you can start making money in a variety of forms. The following website explains the different avenues through which you can make money from blogging https://problogger.com/make-money-blogging/.

Proofreading

Another way to make money with a side hustle is to do some simple proofreading. While it might seem like a basic task, it’s something that many people and businesses need. If you have a good grasp of the English language and have the patience and attention to detail to read long pieces of text and pick out mistakes, this would be the perfect side hustle for you.
A great place to look for Free-lance proofreading jobs is here: https://www.freelancer.com.au/jobs/proofreading/.

Start freelance writing

If you’ve got good writing skills, why not put them to good use? As a Freelance writer, you’ll be able to work from home and choose your own schedule. As you get better at writing, you may be hired by a major publication or a local business to start writing content for their website. If this is a side hustle you think you’d be able to make money from why not check out this website to find out more about it https://earnmorewriting.com/?affcode=70083_mzsqlbem

Do SEO for businesses

If you’ve got SEO skills, this is something companies are willing to pay big money for. There are plenty of jobs for you if you know how to SEO. Many companies and businesses are looking for people to help deliver their products and services online but don’t have the resources to do so. If you want to make SEO your side hustles reach out to local businesses who might need your expertise.

Bookkeeping

Bookkeeping side hustles can be done either online or in a physical location. Nevertheless, bookkeeping jobs are readily available. If you’ve ever worked as a bookkeeper, and know how to use bookkeeping software such as MYOB you’ll have no problem making money from this side hustle.

Edit videos

If you’ve had a hobby of editing videos in your spare time, it could something you could make money out of. If you’re very creative and you’ve got video editing skills, you could make a great side hustle out of it. The great thing about making money from a side hustle like this is you can easily do it from the comfort of your own home. If you think that making money from video editing could be a side hustle for you check out this website for some tips https://fstoppers.com/bts/12-tips-how-work-home-freelance-video-editor-46486.

Sell at farmers markets

Another fun side hustle you could consider making some money from is selling produce at farmers markets. Whether its food you grow, or selling baked goods, a farmer’s market could be the perfect side hustle if you’re interested in the culinary side of things. At farmers markets, people also sell handmade items, speciality foods, dips and sauces as well other creative knick-knacks.

Sell your designs

This is great for websites that sell T-shirts homewares and other bits and pieces. It’s great because you can do this all online. Some of the different websites where you can advertise your stuff online include:

• Creative market
• Design Cuts
• Art Web
• Big Cartel
• This is a limited edition
• Threadless
• Society 6
• Etsy
• Zazzle
• Redbubble
• In Print

Repair computers

If you know how to tinker with electronics, fixing computers is something you could make money from.

Create an online course

If you been gifted with the ability to teach and have a skill that you could pass on to others. It might be a good idea for you create an online course. People can pay for the course and they can follow it. It’s a great way to make money from a side hustle in the form of a passive income.

Become a voice-over artist

These are the people you hear on the radio or on TV commercials. So, if you have an attractive voice this could be a great opportunity for you to make money from a side hustle such as a voice-over artist. If it sounds like something you’d be good at check out this website that gives you a guide to how to find voiceover work: https://voicebunny.com/blog/voice-over-work-how-to-get-started/.

So, there you have it. A list of ways for you to make money with a side hustle. In the meantime, if you need a little extra financial help before you start earning income on the side, you can always get a loan with personal loan pal, and make your side hustle goals a reality.

There’s a saying that goes a little something like this: ‘if you fail to plan, you plan to fail’. We’ve found that this quote rings true throughout all aspects of life. It’s especially true when it’s comes to financial planning. Managing your finances is arguably one of the most important things you can do. It helps to setup a secure future for yourself. However, research shows that 80 percent of Australians do not use or intend to use a financial planner.

Many Australians understand the benefits of using a financial advisor. However, they would prefer to conduct big financial decisions on their own without seeking advice first. Though, since financial advisors are professionals they are the best people to speak to when it comes to making those big financial decisions. So that’s why we’ve put together a comprehensive guide to financial planning. We aim to clear up any reservations people may have about hiring a financial planner, and highlight the benefits that financial planning can bring to your life.

Remember, we aren’t financial advisors ourselves and this blog post is meant to highlight some of the things you could consider looking into. It’s always worth getting the input of a professional before taking any action.

What is financial planning?

It’s worth starting with a good definition of what exactly financial planning is. Financial advice is help you can get from a certified financial planner to assist you with achieving certain financial goals in life. Essentially, financial planning with a financial advisor starts with an evaluation of your current financial situation. Then the financial planner will help you to set up achievable financial goals for your future.

What do financial advisors do?

• Show you what you need to do differently
• Tell you how much you need to save
• Look at which retirement accounts to use
• Help you consider whether to finance your mortgage or not
• Weigh up the type of insurance you need and how much
• Figure out how much you need in your emergency fund
• Help you figure out how to achieve your financial goals over a given time frame
• Establish whether you should downsize later in life
• Look at what level of investment risk you should take

Why is financial planning important?

There are many reasons as to why investing in a financial advisor is a good idea. Financial planning helps you to remain in control of your finances and achieve your future financial goals. Here is a list of the ways in which financial planning is important:

Assess your income

financial planning allows you to look at your income and decide how much you can allocate to spending, saving and to paying off debt. It may also highlight whether it would be a good idea to increase your income level. This might be an incentive to go for that promotion or look around for a higher paying position.

Manage your cash flow

financial planning will help to highlight areas within your spending habits that need improvement. You may find that find that you spend way too much money on something as little as coffee and find that you could otherwise be putting this into a savings account and making a big difference to your overall financial well being.

Decide what investments you want to make

financial planning is also an excellent tool to help you decide what investments to make and increase your overall net financial wellbeing.

Helps to provide your family with security

another incredible benefit of seeing a financial advisor is that they help you to make your sure family is protected by advising you on the best insurance policies to cover your family in case the unexpected was to happen.

Give you a better financial understanding

seeing a financial advisor provides you with general knowledge about finance that you may not have already known. Just having access to this valuable information might help change your whole mindset towards finance and perhaps even make it less intimidating.

Manage your assets and liabilities

one great benefit of financial planning is that it allows you to determine the actual value of your assets and cancel out your liabilities.

Helps you to set up good savings habits

financial planning is another great tool to help you to put your money aside in the form of savings or to make investments.

You give yourself a source to receive ongoing advice

when you receive financial planning advice from an advisor you set yourself up with a source of financial knowledge that you can refer to if you need further advice in the future.

When should I do financial planning?

Financial planning can be done at any stage in your life. Though since there are many different life stages, the financial advice you receive will be different depending on what stage you’re in. Here is a list of the various life stages where you might want to speak to a financial planner:

Between 20 – 39: this is when you are in your young to midlife age. Financial advice at this stage of your life will be advice regarding building up your career, starting a business, getting married, starting a family or buying your first home.

• Between 40 – 49: during this life stage, this is when you are looking to achieve a comfortable lifestyle for yourself and want to manage your long-term future.
• Between 50 – 65: this is when you will be planning for your retirement. You may be wanting to focus on eliminating debt, protecting your assets and wealth management.
• 65 and onwards: this is a time when you want to be enjoying yourself, making time for hobbies and going on trips. You might be thinking of aged-care planning or passing on wealth to other family members.

Where can I find a financial advisor?

Once you have made the decision about getting a financial advisor the best places to look is to find a financial planner with the Financial Planning Association (FPA) or the Associate of Financial Advisors (AFA).

Myths about financial planning

The fact that so many Australians do not use a financial planner or have the intention of using one in the future, may be because there are so many myths out there about financial planners. However, we are about to bust those financial planning myths so you can the truth about financial planning once and for all.

It’s just for the wealthy

Many people think that financial planning is only for the wealthy. However, this couldn’t be further from the truth. Anyone at any stage of life, with any income level can get a financial advisor. Your financial goals will be different but it doesn’t mean they aren’t as important.

Advice is general and not specific to the individual

When you speak to a financial advisor an important part of their role is to get to know and understand you. This allows them to tailor advise specific to your needs and your circumstances. They want to help you to create goals that are going to suit you.

It’s risky to trust putting your financial future in someone else’s hands

Many people can be very sceptical when it comes to showing their finances to someone else. However, the financial advisory industry is heavily regulated and advisors must meet a very high industry standard. There are industry rules that advisors must follow.

There’s plenty of time to sort out my finances

For many of us at least at some stage in our lives, retirement seems like it’s forever away. However, important financial decisions come throughout life, and aren’t just when it comes to retiring. It can be when it comes to buying your first home or making a career change. Financial planners can be especially helpful when it comes to navigating through these difficult life choices.

What about financial planning for millennials?

When it comes to financial advice for millennials there are some specific tips for them. This is because they are having to manage their finances during a time when it’s more difficult to find a job, they have high student debts to pay off and may have to face moving back in with their parents because rent is simply unaffordable. So here is some specific advice for millennials when it comes to financial planning.

Save

When you first start earning when you get a real a job it can be tempting to spend your money having fun, but it’s worth developing a good habit of saving at this early stage in your careers.

Pay off debt

you may have a student debt, car loan or perhaps credit card debt. The sooner you get these cleared, the sooner you’ll be able put this money towards saving. Plus, the longer you have debts outstanding the more interest you’ll have to pay.

Avoid new debt

when you land your first job credit will be much more easily available to you. Though it’s important not to get too tempted. You don’t want to get into new debt that will get in the way of any savings goals you may have.

Develop a good credit rating

The importance of your credit rating is not something that is openly taught in school. But the earlier you can start building a good credit profile, the better.

Start saving for retirement

it’s never too early to start saving for retirement. That’s because the earlier you start, the more time your fund will have to grow.

Set up automatic savings

when you schedule for your savings to come out of your account automatically it will help you to build up your savings more quickly to achieve your financial goals.

Build up an emergency fund

as millennial no longer dependent on your parents it’s a good idea to build up an emergency fund to ensure you are prepared for the unexpected.

Develop a plan

finally it’s important to make a plan. When you start making your first financial commitments like buying a house and starting a family, you’ll want to be prepared. That’s why it’s a good idea to develop a plan so you’ll be ready for when those key life moments occur.

Great financial advice websites for financial planning

While there’s no doubt that getting advice from a financial planner will be beneficial in helping you work towards achieving certain financial goals, there are some great website some great pieces of advice for when it comes to financial planning

Millennials Money Man

The is a great website and blog that gives advice targeted towards millennials on finance. It’s perfect for graduates and young professionals who want to start out on the right financial foot.
https://millennialmoneyman.com/blog/

Frugalwoods

This blog is based around the benefits of being frugal, and the idea of early retirement. It is written buy a family whose aim is to live a financially independent life.
http://www.frugalwoods.com/

Blonde on a Budget

Another great blog for millennials. It was started by a young girl who wanted to document her debt repayment journey. In the end, the blog has turned into a financial resource for other millennials. She blogs about a variety of finance topics, as well as her recent adoption of a minimalist lifestyle.

Afford Anything

This an excellent finance blog that serves the purpose of inspiring readers to effectively use their money to pursue their passions.

Final thoughts

To sum up, there’s no denying that planning your finances is good practice. It’s also great to see a financial advisor to do this. They’re the professionals, so they’ll be able to use their knowledge and assess your financial situation to push you in the right direction towards achieving your goals.

There are some myths out there about financial planning, and hopefully we’ve cleared some of those up for you. In addition, there’s no harm in checking out some of the great websites and blog are filled with plenty of useful financial info. So what are you waiting for? Start planning!

Teaching your kids about finance is one of the most important things you can do for your child. The earlier you teach your kids about finance, the more prepared they will be when it comes to dealing with their personal finances as adults. Many parents never to speak to their children about money. They would prefer not to get them involved or want them to worry. Parents might feel that finance is an adult matter and don’t think it’s necessary for kids to know about it. However, finance can be made understandably for children too by using various money games for kids.

So, what happens when you don’t teach your kids about managing their finances from an early age? By the time they are adults, they will have no idea how to manage their money and might get themselves into financial trouble.

Teaching your kids about money doesn’t have to be boring. It can be a lot of fun and a way for you to bond with your child too. Therefore, we’ve put together a list of the top 5 money games for kids so you can teach them about finance. In addition, we’ve created a list of 5 tips for teaching kids about money.

5 money games for kids

There are plenty of money games for kids you can use to teach your children about the value of money. Fun money games are great way to teach kids about finance, especially when your kids are young. You can even play money games with kids as young as toddlers.

1. Pretend Shop Game – this is one of the best money games for kids and is particularly good for toddlers. You can set up a pretend shopping cashier and shop with products that have price tags. Let your child have some money that can be used to pay for products in the store. They will only have a certain amount of money they can spend. It means they will have to select a few products (or toys) with the money they have. It will teach them to budget, and to understand the concept that you need money to pay for things that you want.
2. Money matching game – this is one of those great money games for kids for after they have learnt to count and are starting to develop basic maths skills. The way the game works is you use real money – a mixture of gold and silver coins, as well as notes. Create cards with a financial value then get your kids to match the value on the card using real money. This is a valuable skill as it will re-enforce the mathematics skills they are beginning to develop.
3. Monopoly – for when the kids are a little older, teaching them about money can be done using board games. One of the most famous money games for kids is monopoly – and it is a fun money game to play with the whole family. There are a few key financial principles that monopoly teaches kids which includes: the importance of keeping cash on hand, managing cash flow, having an emergency fund, basic math skills and the art the of negotiation.
4. Pay day – this is another board game that teaches kids about using money. It’s one of those money games for kids that teaches them about budgeting and encourages entrepreneurship. The way the game works is it is played over a 2-4month period (which lasts 1-2 hours in real life), and all players start the game with the same amount of money. They can take out one loan at any time of the month. Cards are picked and payments are made, and the aim of the game is to have the most money remaining at the end of the period.
5. Online money games for kids – you can find some great games online games that teach kids about finance. Some popular ones are called Piggy Bank, Money Word Games and Changer Maker. The great thing about these games it that they are free! And they are fun interactive money games that allow kids to really grasp the concept of finance.

5 tips for teaching kids about money

1. Get them involved in real life money situations

When kids get involved with real life situations, it is like practice for them. When the time comes for them to do things themselves they will have a lot more confidence in handling certain situations.

• Let them pay for something themselves at the shop – this is something you can do with toddlers. Introduce them to the concept of needing money to pay for things.
• Teach them how to use an ATM and how it works – teach kids how to take out money from an ATM. Explain to the them the concept of a bank account and introduce them to putting money in the bank. Particularly when children are very young, it’s important to explain that money doesn’t just come out of the wall.
• Tell them about deals and discounts they can get at the supermarket – get them involved with shopping in the supermarket and teach them about how to choose between products. Show them how to shop around and find the best price for a product. It’s a good way to teach kids about making healthy choices too.
• Teach them about paying bills – when you receive a bill, whether it’s in the mail or via email, tell them about what the bill is for and why it needs to be paid. You can tell them about the importance of paying bills on time, and how it’s paid for through your salary.
• Involve them in planning the family budget – don’t be afraid to get your kids involved with planning the family budget. Kids are much smarter than we often give them credit for, and if they understand the concept of budgeting, not only will this help them in their future, but they may be more helpful in helping you to stick to your household budget.

2. Let them earn an allowance

The key word in that sentence is “earn”. Teaching kids that they need to earn their allowances will help them to appreciate the value of money. Teach your kids they must do their chores first before they receive their money. There are some things that the allowance shouldn’t cover such as cleaning their room or washing the dishes. These should be things they are expected to do, and it’s important that they understand that contributing is a part of being in a family.

The allowance should reward them for doing other chores such as folding the clothes, mowing the lawn, vacuuming, dusting, cleaning the windows, or any other household duties. You can then pay them after they have done their chores, this will fill them with a great sense of pride. If they haven’t done their chores then they won’t get paid. This will ensure that they feel proud of the money they’ve earnt and are less likely to spend it frivolously. This is an invaluable lesson to teach your children that they will carry with them throughout their lives.

Tips for giving children allowances to teach them about finance:

• Don’t obsess too much over the amount you give them – it doesn’t matter how much you give them. The most important this is to use their allowance to teach them about money management.
• Start giving them an allowance from an early age. Experts say that starting to give children an allowance as early as 5 years old – as soon as they have learnt how to count – is a great way to lead them into responsible money habits.
• Pay your boys and girls the same way

3. Teach them how to save

This can be done hand in hand with giving them an allowance. Teach them that a portion of their money should be saved. This will teach them that they need to save up for items that they want. It will also help them to develop a savings habit.

One way you can do this is to give them 3 money jars, one labelled save, one labelled share and one labelled spend. Get them to put 10-20% of their allowance into the save jar. Then help them to divide the rest between the other 2 jars, depending on what they are working towards.

The jar idea is great because it gives them a visual to work with. Getting them to use a bank account is something you can start introducing to them at around 10 – 12 years old. Once they have a bank account you can pay their allowances here and teach them to transfer 10-20% into their savings account.

4. Teach kids about investing

One important concept not to overlook when teaching kids about money is the importance of investing. In fact, it’s never too early to teach your kids about investing, because the earlier the better. To gain the most out of investments, you must do it overtime, because the longer you have been investing the bigger your gains will be.

If you’ve been teaching your kids how to save, teaching them about investing is a similar concept.  Teach them the difference that investing makes in helping you to build up a return on the money that you put away. One way to teach them about investing is to use money games for kids (e.g. computer games). They are meant to introduce kids to investing and making it fun and easy for them to understand. One great money game is called “The Stock Market Game”. It is one of those interactive money games that specifically teaches kids about investing.

5. Teach kids about credit

This is not something that you need to teach toddlers, but a good time to start introducing kids to the concept of credit is around the time they start using a bank account. The reason why it’s so important to teach your kids about credit, is to ensure that they don’t get themselves in trouble with credit as adults.

Teaching kids about credit can be done by lending them money to buy something they want, then they repay it to you at a pre-determined interest rate, with their allowance. In addition, here is a list of some money games for kids you might like to use to teach your kids about the concept of credit:

• Thrive Time for teens – players must make decisions about buying cars and managing expenses
• Beat Debt – the aim of the game is to pay off all credit card debt as soon as possible with your disposable income
• Charge Large – the game involves purchasing buildings and businesses with both cash and credit
• Credit Safe – it’s an online game that allows you to use 3 credit cards to pay for different projects of your choice

Money games for kids that teach them about using credit responsibility will help to convey these important lessons that children should understand as early as possible:

• That you shouldn’t rely on your credit card
• There is a limit to what you can buy with your credit card
• It’s not your money, you are borrowing it and must pay it back
• You will be charged for missing payments
• Credit mistakes could last years
• The way you use credit impacts your credit score

In summary, teaching kids about money is important, and it’s never too early to start. On the other hand, it’s never too late either. Even if your kids are teenagers, it’s better to introduce money concepts to them before they enter the real world. Better late than never, right? Money is incredibly important, and will have a massive impact on their lives. Thus, the earlier your kids understand the concept of money, the more prepared they will be to handle their finances in the future. To conclude, here are the key take away points from this blog:

• Teaching kids about money can be fun – there are plenty of money games for kids
• Teach them about the value of money by getting them to earn an allowance
• Involve them in real life money situations so that get to experience it
• Teach them about savings and investing
• Help them to understand how credit works

Being stuck in debt can be one of the most difficult situations a person can go through. There is a reason why debt can be referred to as crippling debt. It’s because debt can have such a massive impact on your life and can hinder you in many ways. Though many people who are stuck in debt feel consumed by it and can’t see a way out. If they can see a way out, the thought of getting there just seems daunting. Yes, getting out of debt can be scary, especially in terms of knowing where to start. However, we know that it’s not impossible. It just takes a dedicated commitment to decide to act to turn your life around once and for all. So, that’s why we’ve put this blog together. To help show you how to get out of debt so that you can take control of your financial future.

Why do people get into debt?

The list of reasons people can get into debt can vary, depending on a person’s individual situation. Though, the most common reason is because of bad spending habits that have built up over a long time. One of the most common forms of debt is the accumulation of credit card debt. Here is a list of some of the main reasons people get into debt:

Spending more than you earn

The number one rule for personal financial management is to spend less than you earn. So, if you are getting into the habit of spending more than you earn, over time you will find yourself accumulating debt. Though overspending is not always a result of bad spending habits and having little self-discipline. It can also be a result of emergencies or unexpected expenses. These can inevitably force you to spend more than you earn.

Reduced income

Unfortunately, sometimes debt can occur as a result of circumstances outside of our control. If you are let go from your job or if you become unable to work due to illness or injury this may result in a significantly lower income. However, your expenses are likely to stay the same. This will result in you having to spend more than you earn and potentially falling into debt.

Gambling

An addiction to gambling can be a fast cause of debt and an incredibly devastating one. People have lost their homes because of gambling debt. Gambling may be a fun way to win cash fast. However, it can also be a way to lose cash fast.

Saving too little or not at all

When people don’t put aside money from their income it means that they can be unprepared for when unexpected expenses arise and may fall into debt as a result.

Medical expenses

You could end up falling into debt as a result of having to pay an expensive medical bill. This might happen if you or someone in your family falls sick and you don’t have private health insurance. In addition, if you have a medical emergency and can’t work, this could result in a reduced income. Meaning you will have to spend more than you earn.

How can debt affect you?

If you’ve experienced debt, you’ll probably know how it can affect your life. Debt can have tangible effects on your life but it can also have serious emotional impacts – making life incredibly difficult. Some ways that debt can affect you include having difficulty affording to buy a home, you might not be able to travel, or even afford to send your kids to good schools.

The emotional impacts that debt can have on you include depression and anxiety. Making you feel as though you can’t face everyday life. Resentment is another emotional impact debt can create. Especially if you are in a marriage or partnership where you share finances. It can result in one person feeling negatively towards the other. Especially when one partner has worse spending habits than the other. Another impact that debt can have on a person is denial. Rather than facing the issue at hand, many people would rather bury their head in the sand. Even though it is hard to tackle debt, denial just makes things worse.

Despite the negative impacts of debt, it is not the end of the world. There are ways to get out of debt. Read on to find out exactly how to get out of debt.

How to get out of debt

There are several strategies you can adopt to get out of debt. If you take them all on board, you’ll be assured that, before you know it, you’ll be free of debt. It may just take some time. It could even take years. But the sooner you start, the sooner you will be free of debt. Even if it is going to take a long time, you’ll feel pride in the fact that you are working towards getting out of debt. On top of that, you’ll be adopting spending habits that will become second nature. Ultimately, you’ll be changing your life for the better. Here are our top tips on how to get out of debt:

Work out your budget

This is the absolute first step of how to get out of debt. Establishing a budget means working out exactly how much you earn versus how much you spend. This will help you to determine where you can cut back on some unnecessary costs, by making paying debts a priority. It will show you exactly how much money you can allocate to paying off debts and how much you will have to live comfortably. A good tool to help you budget is ASIC’s Money Smart Track My Spend App https://www.moneysmart.gov.au/tools-and-resources/calculators-and-apps/mobile-apps/trackmyspend. This app is an excellent tool to help keep a track of your spending and to stick to your budget.

Decide to stop borrowing money

When you decide you want to get out of debt, this will come hand in hand with deciding to stop borrowing money. When you borrow money, you get yourself further into debt. Decide that borrowing is not an option for you anymore and it will force you to look for alternatives. Ultimately, this will put you in a better financial situation.

Always make your repayments

When you are paying off any debts it’s important to never miss any repayments. Missing payments results in you having to pay expensive penalty fees. It also means you are not making any progress towards achieving the goal of getting out of debt. Though, if you have worked out your budget, you shouldn’t have a problem with making your repayments.

Increase your debt repayments

After establishing your budget, you might realise that there are expenses you can cut out. Instead, this money could go towards increasing your debt repayment amounts. It means that you’ll get out of debt faster.

List your debts in order of highest interest rate

Part of planning how to get out of debt is to organise all your outstanding debts. One way to do this is to list them in order from the highest interest to the lowest. It means you are putting the highest interest debts as a priority. These are the debts that you should work towards paying off first. Pay as much as you can towards the debt with the highest interest rate and work your way down the list.

Consolidate multiple debts

Alternatively, a way how to get out of debt, if you have multiple outstanding debts, is to consolidate them. The way this works is by, instead of paying multiple interest rates, you get one personal loan that pays off all your current debt balances. That way you only need to work on paying off the one loan repayment with the one interest rate. This can save you loads of money in the long term. In addition, this will take some of the stress away from managing multiple debts and keeping a track of them all.

Downsize your living costs (at least temporarily)

One way of how to get out of debt is to reduce your living costs. When you create a budget, it will help you to see where you can cut back on some things. It might mean you need to move into a cheaper apartment if you are renting. Or if you are a home owner you could consider renting out your place and rent somewhere cheaper. Perhaps your budget has shown you that you spend too much on eating out. These are costs you could cut back on (at least temporarily) until you are debt free and back on your feet.

Consider re-financing your home loan

If you are paying very high interest rates, it’s worth doing some research to see if you could find a better home loan. Re-financing to the right home loan could end up saving you thousands of dollars in interest rates in the long term.

Use your tax return to pay off outstanding debts

When you get your yearly tax return, it’s a good idea to put it to use as a way how to get out of debt. Tax returns can vary between a few hundred to a few thousand dollars. This could be a great contribution to paying off your debts.

File for bankruptcy or enter a debt agreement

If your debts are seriously out of control and you are struggling to keep afloat, one option could be to declare bankruptcy. Alternatively, you could consider entering a debt agreement which is a less severe form of bankruptcy. Essentially, bankruptcy is a legal agreement that you enter, with the purpose of paying off your outstanding debts. Your situation is managed by a trustee, and there are restrictions because of bankruptcy. However, it does free your debts up and allows you to keep on living again. You must pay off your debts over a long term, usually between 3 – 5 years. It will be a manageable monthly amount.

Have a garage sale (sell any unnecessary items)

Having a garage sale is a good idea to help you sell anything that you don’t need anymore. Not only will this help you to reduce clutter in your life but the money you make from the sale can go towards paying off your debts.

Look to increase your income

Another way how to get out of debt is to consider increasing your income. You could look for a job that pays a higher wage or salary. Alternatively, you may want to consider starting a side project that will earn you a side line income. One example would be to try and turn a make money from your hobbies.

Get help or financial advice

Finally, something that is worth doing when you want to get out of debt is to seek financial advice. A financial advisor will be able to recommend the best thing for you to do. Whether it’s to get a debt consolidation loan, enter a debt agreement or file for bankruptcy. They will be able to assess your individual situation and give you an idea on what the right thing is for you to do. If you are looking for free advice, Money Smart’s website has a great source of free debt advice.

Ultimately, being in debt can be incredibly difficult. Though, it’s not impossible to turn things around for yourself and start a fresh. If you are ready to turn your life around and be debt free once and for all – this is a totally achievable goal. Just follow our tips on how to get out of debt above and, before you know it, you’ll get out of debt. Don’t be afraid and think you are alone in this, there are plenty of people and resources out there to help you achieve your goal to be debt free.