the fifo wife

Monday it seems has somewhat become Money Monday and so here is another tip that we use that I thought might help you to save you some money in the long run.

Its the ATO’s myDeductions app. My favourite money app; most of all because its free and tax time is when we get some of our vital dollars back so I need all the help and organisation I can get.

The official app is available not only available to users of Windows Phone but both Android and iOS users. You can also trust it to be accurate to all the ATO’s rules and regulations; being the official app of the ATO. It has also seen a number of updates since its release.

The app allows you to can enter and scan a receipt as soon as you get it which is perfect for the frequent traveller, nominate what the deduction falls into and file the receipt away {I mark entered and still keep them – habit} and then the next time you go into your My Gov account sync your app to your account. The deduction uploads directly to your tax return, prefilling it for tax time, or you can select to email the details to your accountant.

This myDeductions feature will also let you log car trips if you use your car for work, dividends, or extra income made.

It also has a number of tools and calculators, such as a tax withheld calculator, and the ability to set your voiceprint for biometric authentication with the ATO. While you’ll be redirected to either myTax or e-Tax to actually lodge your return, data entered into myDeductions will sync up, and you can even use this app after the fact to check the status of your tax return.

If you’re a small business owner, the ATO app has a couple of tools for you as well, such as a business performance check that’ll show you how your business matches up against its competitors in your industry.

And whilst all this is fantastic please remember to always back up to a separate location.

Head here for more information.

xx Deb

{Image is with thanks and full credit to Sharon Cairns}

It’s Friday. I don’t know about you but I have only just come to love the weekend. Previous to the boys being at school I detested them now its when I and my boys get to hang out and chill together.

This weekend we have our usual club night at the swimming pool tonight an evening and a community I have come to cherish. Then we head down the hill to the city for a hip-hop class and a browse around the shops {although at the moment it looks like we are flooded in} and then its a sleepover. B2 and B3 have mates coming over and so B1 and I are teaming up as entertainment officers.

Anyway, a few fun and interestings things from around the web that might tickle your fancy..

The trick to falling asleep. The trick is apparently worrying about things purpose. Although if you are like me it’s not falling asleep it is staying asleep. Read more here.

Doctors Rule menstrual cramps can be as bad as a heart attack. Read more here. 

A group of women just brought the Weinstein Movie company. Read more here.

A 100-year-old house makeover in Western Australia. Read more here. 

Finalist for the Smithsonian Photo Competition. See more here.

My favourite store {I love their philosophy and where they started from} Cotton On is having not only a midseason sale but a sale on its kid’s dresses. Cotton On KIds AU: $10 Dress Me Ups

xxDeb

Quinoa, pistachio and honeyed carrot salad.

I read my first finance book when I was 18 years old. It was “The woman’s money book” by Vivienne James. I still have it and I have read it more than once.

I have since then read various other finance books but usually got distracted by the money terms and jargon and never finished the book; nor implementing the suggestions, so basically money wasted.

As a result of not being clever-clever I am life clever and so have learnt to be pretty savvy with our money. We have made some major blunders and so as I have said previously I want to know what every cent is doing and I’m always wanting to make sure that I’m on the pulse if you know what I mean. As a result, I’m always reading learning about money etc Naturally then I read Barefoot Investor on a whim. On a whim, because I don’t like hype and its hype right now but its well deserved hype because I loved it.

I loved the easiness of it and how relatable it was. I even gifted it to my seventeen-year-old goddaughter for Christmas; I know I bet she loved me.

And I know there are so many posts on his book right now but seriously I can’t recommend it enough. He has a website, a facebook page and if you want a paid subscription to learn more about his investment options. None of this is paid or affiliated I should mention. I actually contacted him and whilst he said was flattered he couldn’t write for me or allow me to share his articles because he is fiercly independent, so instead I will rave about him which I am because I get being fiercely independent.

Anyway back to the book.

The book will show you how to create an entire financial plan that is so simple you can sketch it on the back of a serviette … and you’ll be able to manage your money in 10 minutes a week.

So do yourself a favour and head out to buy a copy. You can get them from any good bookstore including the link below and yes I will get 3% of your total spend because they are affiliated; I am nothing but honest. Buy it because it will save you money in the long run if you carry out his suggestions.

So how did it save me money? Personally, I found that whilst we have pretty much the same set up he recommends for debt and savings it was my Super and the fees being charged that I had never thought about. I’m on the ball with Super (at least I thought I was} and how much we deposit (15%). I had never considered the fees thinking that there wasn’t much I could do but as a matter of fact, there is and so I swapped my Super for a lesser fee Super. One that charges so much less than what I had been paying. Bingo best $24.95 I have spent all year – its saved me $600 bucks just there.

So do yourself a favour buy it.

Booktopia – 25% off the Top 100 Bestsellers

xx Deb

So you are earning how much interest on your savings he asked again.

A family member and I were talking money. He and I do a lot because both of us started with nothing and so we are always comparing and telling each other when a good deal has been found.

1.15% and if I deposit $1000 bucks a month into my everyday account that will go up to 2.85%

And so how much did you have to start with? he said more interested. At this point, he assumed I was talking about term deposits where you have to lock your money in for a period of time. I was not.

There is no limit cash limit or time limit this is my everyday savings account I replied but the catch for you is it’s an online bank.

Ah, I don’t like those he replied.

Hmm, I get it and once I thought that way but I have had this online account for almost 20 years and never had a problem. Ever. And it offers me a better savings account rate than any of the big four ever have.

Does this sound like a sales pitch? It’s not. I’m not affiliated in any way I have just learnt to know everything about where our money is and what it’s doing. I learnt the hard way because that’s my preferred method learning. I learnt this from lessons from not only from a bank manager with a money problem himself; who stole 1.1 million dollars and hid in the mountains for six weeks { I kid you not} but from getting greedy, taking advise from someone else who was handling our money and then losing 20 thousand dollars in the process.

Regardless of the reality is online is the future of banking. Bricks and mortar banks will eventually be phased out. Everything will be done online and people will be talking to chatbots instead; which isn’t a bad thing. Have you ever dealt with a teller whose paycheck depends on selling income protection? The National Australia Bank one of Australias biggest banks alone will cut 4000 jobs and repurpose another 2000 into other areas in its efforts to restructure, streamline and simplify its digital products.

So I think it’s important to get comfortable with online.

However, this is a story about getting the best interest rate for your money and here are three alternatives I have looked into recently {my yearly getting the best deal shuffle- which you should do also} offering more than the big banks average .80 %. It should be mentioned to get the bonus rate you need to open an everyday transaction account and a savings account but with no account or transaction fees for either, it’s not such a big deal I think and for me is out of sight out of mind- bigger dollars in the long run because I haven’t been tempted to spend it.

Here are three online alternatives to the big banks to get more from your money.

ME. Bank 

Their online product is the aptly named Online Savings account. The base rate is 1.30% bonus rate is 1.55%. the highest rate is 2.85% Here for more info.

ING

Their online product is the Savings Maximiser. Their standard rate is 1.15% with a bonus rate of 1.45%. The highest rate is 2.80%. Here for more info. 

U Bank

Their online product is Usaver Ultra. Their standard rate is 1.81% with a bonus rate of 1.06%. The highest rate is 2.87%. Here for more info.

* Warning I am NOT A FINANCIAL ADVISOR. Never act on someone else advice unless you have researched and thoroughly understood the fine print and consequences for your actions.