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Budgeting Page

Unknown userMember25 Oct 2023, 9:21 pm AEDT

Budgeting Page

Hello everyone and welcome to my Budgeting Page.

With the way the economy is going its going to make a lot of people have to pull their purse strings tight in future. Financial wellbeing is also integral to mental health. They are both entwined. I studied commerce at university and also have survived on a low income right throughout my early onset diagnosis.

I wanted to create this page for people to gain tips and useful information about how to stay in the black financially and for people to share any difficulties they are having. This is not a substitute for financial advice but ways and means of ensuring that we can meet our expenditures and find cost effective solutions to our budgeting dilemmas.

Feel free to drop by, contribute and share according to your liking! Let's get this thread a happening thing!

S.G 🦎

90 replies

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In response to: Budgeting Page

Unknown userMember02 Mar 2024, 3:36 pm AEDT

Re: Budgeting Page

@TAB @Oaktree

Saw this in March edition of Money Magazine about withdrawing Superannuation early.

In response to: Re: Budgeting Page

TABSenior Contributor02 Mar 2024, 3:40 pm AEDT

Re: Budgeting Page

cant see yet @Former-Member

In response to: Re: Budgeting Page

Unknown userMember02 Mar 2024, 3:41 pm AEDT

Re: Budgeting Page

It will come up soon @TAB I just took a screenshot of Money Magazine's article on what to know about withdrawing Superannuation early

In response to: Re: Budgeting Page

TABSenior Contributor02 Mar 2024, 5:15 pm AEDT

Re: Budgeting Page

okay I am over super age, so I set up TTR accounts when I take money out. @Former-Member

In response to: Re: Budgeting Page

Unknown userMember09 Mar 2024, 10:36 am AEDT

Re: Budgeting Page

PHONE DECLUTTERING AUDIT

@tonys @Glisten @ENKELI @Emelia8 @StanD @Oaktree @saturnzoon @Flying_Hams @Adge @Clawde @Sophia1 @oceangirl @Shaz51 @Meowmy @StuF @Bill16 @Historylover @Faith-and-Hope

There is a 'money saving' task that I ticked off my list this weekend: reviewing my mobile phone plan.

It's not the most exciting thing to do but it was 100% guaranteed that I'd save some money with minimal effort. Here are the steps I followed:

First, checked my monthly data usage and matched it against my phone plan. I was on a high data plan of 50GB when my average monthly usage was only 7MB not 50GB! So I use virtually nothing and it was costing me $49. They recently sent me an email to say they had jacked up monthly costs

Second, different phone providers charge different fees for the same data plan. A quick look at WhistleOut a mobile price comparison website shows the price gap can be as high as $20 per month, depending on the provider and any ongoing promotions. Look for the best deal folks

Third, research from the ACCC shows that Australians use an average of 12.8GB of data each month. That means most of us would default to a 15GB phone plan. But you can save between $5 and $15 per month if you can keep your data usage down to the next tier, which is capped at 10GB

WhistleOut recommend you do a mobile plan audit every six months unless you are in a lock in contract with high exit fees as in my case. Just be aware of the contract terms and conditions

I have saved $10 per month by doing this or $120/year.

In response to: Budgeting Page

PeppyPattiSenior Contributor17 Mar 2024, 9:49 pm AEDT

Re: Budgeting Page

Thanks. I asked my NDIS coordinator to set me up with a budgetter.

Your information is gold. How did you get those budget posts out on your message.....

Fab.

I'll check it out but.

No worries 🤠

In response to: Budgeting Page

Shaz51Senior Contributor09 Apr 2024, 1:11 pm AEST

Re: Budgeting Page

@velosophist 🙂

Come and meet @Former-Member , @PeppyPatti , @TAB , @8ppleTree , @Oaktree , @tyme

And I am Shaz51 a community guide xx

In response to: Re: Budgeting Page

Unknown userMember14 Apr 2024, 10:07 am AEST

Re: Budgeting Page

THE HIDDEN FINANCIAL COSTS OF OWNING A PET WITH THE RISING COSTS OF LIVING

from The Age Money Editor weekly newsletter

Hello folks this arrived in my e-mails this morning. I was so glad to receive it as it goes into an extensive breakdown of costs of owning a pet. I had a dog for 13 years and he required ongoing medical treatment for most of that time with immunotherapy for allergies, atopic ear problems, steroids for his skin and serum for his paws as well as arthritis later on in the piece. I had pet insurance and it covered most of the costs but I still had to pay a gap. These days things aren't so kind with the rising costs of living which put me off buying a pet again.

There are places you can go if you have medical hardship and can't pay vet bills such as:

* Pet Medical Crisis a registered charity which pays your pet medical bills if you can demonstrate you have no money to pay https://petmedicalcrisis.com.au/

* Lort Smith Animal Hospital Its in Melbourne and offers a significant discount for low income earners and pensioners. On their site they say "they exist for pets and people not profit"

https://lortsmith.com/

@Shaz51 @TAB @8ppleTree @Oaktree @saturnzoon @Bunniekins @Dimity @StuF @Historylover

You can understand why the 21st century has witnessed the rise of “fur babies” – as adults opt for pets in lieu of children as both a low commitment, and low cost, option. According to Animal Medicines Australia’s Pets in Australia report, just under 70 per cent of households had a pet in 2022, up from around 60 per cent reported in 2019 and 2016.

Part of this they attribute to the pandemic, which saw a massive jump in the number of households getting cats and dogs to help them through lockdowns. The survey also reports the number of inexperienced pet owners has jumped sharply to almost 50 per cent.

What’s the problem?

First time pet owners may be in for a shock when they realise owning a pet isn’t exactly cheap. Animal Medicine’s report shows the average annual household spend in 2022 was $4247 for dogs and $2718 for cats, figures that are likely higher now given the rising cost of everything from pet food to insurance.

And there’s some evidence that pet owners are struggling with those rising costs, with Melbourne-based animal shelter Second Chance Animal Rescue reporting this week a “severe” drop in adoptions, which it attributes directly to the escalating cost-of-living crisis.

What you can do about it

If you’re thinking about introducing a furry friend into your home, here are some hidden and not-so-hidden costs to consider:

Buying a pet: While the price of a dog or a cat can vary wildly, they’re very rarely free. Even adopting a pet, which is generally the cheapest option available, will cost you between $200 to $800. Furthermore, if you’re looking to buy a specific breed from a breeder, expect to pay multiple times that amount: for example, a cavoodle puppy, ranked as the country’s most popular dog breed, will set you back between $4500 to $7000. The breed you choose can also affect more than just how much you pay upfront, warns the Australian Veterinary Association (AVA). “Some breeds of dogs and cats can be prone to serious breed-related health issues, for example dogs and cats with exaggerated features (e.g. flat faced breeds),” a spokesperson said. The AVA says these breeds are not only potentially expensive due to the high cost of ongoing veterinary care, but may not enjoy the same length and quality of life as some other pets.

Healthcare: Regardless of the breed, the AVA points out pets have a far shorter lifespan than humans, meaning they reach old age faster and can (and likely will) develop chronic conditions that require treatment. “Planning for this is essential,” the AVA says. “Additionally, animals can have accidents, so how to manage veterinary care costs of unexpected illness or injury during the lifetime of a pet must also be planned for.” Dog owners report spending about $600 on vet services a year, but these can easily blow out to more than $1000 for one-off surgeries and procedures. Additionally, new pets require vaccinations (about $170), microchipping ($40), and desexing ($200 to $500).

Insurance: To try and reduce these costs, pet owners will often take out insurance which – surprise surprise – is also relatively expensive at $80 to $120 a month for comprehensive policies. While this is pretty steep (on par with some monthly car insurance plans), if it means you don’t have to shell out $11,000* for your French bulldog’s Brachycephalic Airway Disease treatment then it could be worthwhile.

* Yes, that’s actually how much that costs, as per industry body Pet Insurance Australia.

Making your house a (pet-friendly) home: Theoretically, you can just plonk a cat or dog into your home or backyard, and it might be fine, but more than likely you’ll have to spend some time and money making your house pet-appropriate says Dr Sarah Zito, senior scientific officer at RSPCA Australia. “For example, appropriate escape-proof fencing for dogs, safe enclosures for companion animals such as small mammals and birds which protect them from predators and prevent escape, and ideally providing a secure outdoor enclosure for cats,” she says. Many councils also impose curfews for cats, which can leave you with a hefty fine if you don’t comply.

Everything else: This has been in no way an exhaustive list, but does set out some of the higher costs to think about when it comes to supporting a pet. There’s a plethora of other things to consider, including (but not limited to) food for the entirety of your pet’s life; training and exercise (including equipment like harnesses and leashes); collars; toys; bedding; grooming; registration (up to $200 for dangerous breeds); and boarding or pet-sitting services if you go away (the latter of which can be extremely costly).

In response to: Re: Budgeting Page

BunniekinsSenior Contributor14 Apr 2024, 10:49 am AEST

Re: Budgeting Page

@Former-Member i spent $10k on my bunny which i took out of my super and have no regrets as he was a valued member of my little family. finally though he had to be euthanaised which broke our hearts. would i spend the money again idk as all the medical procedures definately had a negative affect on him ... anyone thinking owning a bun is cheap think again they are sensitive creatures who need a lot of time and money. plus you cant get medical insurance on them so get a dog or cat. i now give to shelters for buns.

In response to: Re: Budgeting Page

Unknown userMember14 Apr 2024, 2:03 pm AEST

Re: Budgeting Page

Oh thats lovely @Bunniekins 💯😇 I don't know how much I spent but I was with Petsecure insurance - a company that did not fold! Many pet insurance companies refused to meet peoples claims or went under financially. My dog was lucky. I don't know if Petsecure is still going but I loved my dog and stayed with him until he was ready to go

Just could not contemplate rearing another animal with severe health problems plus not having a car to get to specialists or late night dashes to animal ER. My dog required fortnightly ongoing care. I'm just glad Petsecure met me where I was at.

I noticed after the pandemic with the rising costs of inflation many people were surrendering their animals they acquired during covid. Many of these animals people could no longer afford to care for. I read about it in the newspaper awhile back. But the costs of animal caretaking nowadays are alarming and it pays to be aware.

It would be nice to have another little dog though but realistically I can't afford it anymore. The figures all add up. I think pet ownership these days is a luxury now!

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