Budgeting on an irregular income: A guide for sole-trader contractors and freelancers

  • Budgeting on an irregular income: A guide for sole-trader contractors and freelancers

    Updated on Budgeting, Investing

    Budgeting can be hard enough for those in regular employment, who need to cover today’s bills as well as, hopefully, tomorrow’s emergency savings and investment in their future. But if you’re a self-employed sole trader, you have three more financial headaches to add to the list: setting aside correct amounts to pay the ATO, covering your own super contributions, and dealing with periods when there is no income flowing in. It can seem like a formidable task, but with the right advice, you can create a budget that will help you to navigate this potential minefield.

  • The hidden cost of extending your mortgage back to 30 years

    Updated on Investing

    The federal government has tried (via 2009 legislation and later instructions to banks from APRA, the Australian Prudential Regulation Authority) to ensure that mortgage borrowers will be able to service their loan and cope with any future interest rate rises. Despite this, many Australian homeowners are struggling financially as a result of inflation’s impact on the cost of living, geopolitical influences on fuel costs, and the Reserve Bank’s interest rate increases.

  • How many bank accounts should you really have?

    Updated on Investing

    There’s no such thing as a perfect number of bank accounts that will suit everyone. But there are good reasons for avoiding the extremes of having only one account struggling to cover all your needs and goals, or on the other hand, having a large and confusing mix of accounts with different banks, some of which you’ve simply forgotten to close.

  • Financial Wellbeing: More than Just Numbers

    Updated on Education

    When most people think about financial advice, they picture investments, superannuation, or maybe insurance. But the true value of advice isn’t just about the numbers, it’s about what those numbers allow you to do in your life.

  • The Real Value of Financial Advice

    Updated on Education, Finance

    When most people think about financial advice, they picture investments, superannuation, or maybe insurance. But the true value of advice isn’t just about the numbers, it’s about what those numbers allow you to do in your life.

  • Understanding Your Money Story, and Why It Matters

    Updated on Finance

    We all have a “money story.” It is the set of beliefs, habits, and emotions we carry about money, often shaped long before we ever earned our first paycheck. We all have a “money story.” It is the set of beliefs, habits, and emotions we carry about money, often shaped long before we ever earned our first paycheck.

  • Your 10-step personal financial audit checklist

    Updated on Budgeting, Debt

    There’s a growing issue facing families today, and it spans three generations. At the heart of it is the younger generation—the first-time homebuyers—who are struggling to break into the property market. This challenge isn’t just theirs to bear; it’s one that also involves their parents and grandparents, who want to see them succeed but are grappling with how to provide the right kind of support without overstepping or creating dependency.

  • You Don’t Need High Risk Debt to Become Wealthy 

    Updated on Debt

    There’s a growing issue facing families today, and it spans three generations. At the heart of it is the younger generation—the first-time homebuyers—who are struggling to break into the property market. This challenge isn’t just theirs to bear; it’s one that also involves their parents and grandparents, who want to see them succeed but are grappling with how to provide the right kind of support without overstepping or creating dependency.

  • Talking Money, Strengthening Relationships

    Updated on Budgeting, Finance

    Money is one of the most common sources of stress in relationships. Whether it is with a partner, family member, or even a business partner, the way we think about and manage money can have a big impact on how we relate to each other.

  • Planning for Life’s What-Ifs

    Updated on Finance, Insurance

    Life does not always go to plan. Illness, job loss, accidents, or unexpected expenses can arrive without warning. While we cannot prevent these events, we can prepare for them. Having the right protections in place provides peace of mind and ensures your family is supported when life takes a turn.

  • How to build a diversified portfolio with ASX ETFs

    Updated on Finance, Investing

    Despite the temporary, sudden downturns caused by the 2007-2009 global financial crisis and the 2020-2021 COVID pandemic, the value of the ASX increased by more than 160% between 2000 and 2024, as evidenced by the growth in the ASX 200 market index. This demonstrates that it’s better to invest in a variety of shares rather than sticking to just a few.

  • Small Steps, Big Impact

    Updated on Budgeting, Finance

    When it comes to money, it is often the small, consistent steps that make the biggest difference. You do not need to make dramatic changes overnight. Building good habits and sticking with them over time can transform your financial future.

  • Setting SMART financial goals that actually stick

    Updated on Debt, Finance, Investing

    In the context of your personal finances, SMART refers to setting clear, quantifiable, feasible and appropriate financial objectives, to be carried out within a defined time frame. You’re much more likely to succeed if you avoid vague, non-measurable, unrealistic and inappropriate aims with no actual deadline. Relying on SMART goals will help you stay on track as you shape your financial future.

  • Debt: the good, the bad and the ugly 

    Updated on Debt

    The opinion of many people towards debt can be best summed up in the often quoted line from Shakespeare, ‘neither a borrower nor a lender be.’ Yet others will embrace…

  • The Hidden Cost of Lifestyle Creep – why upgrading your lifestyle too quickly can slow down long-term goals.

    Updated on Budgeting, Education, Finance

    It is natural to want to enjoy the rewards of hard work. A new job, a pay rise, or a bonus can make it tempting to upgrade your car, move to a bigger house, or start spending more on dining and holidays. This is called lifestyle creep, and while it feels good in the short term, it can quietly slow down your long-term financial goals.

  • Smart Ways to Use Your Tax Refund This Year

    Updated on Tax

    You may be one of many Australians who make an interest-free loan to the federal government every year. That’s because, when you receive a tax refund, you’re not getting free money. All that’s happening is that cash which is rightfully yours is being returned, somewhat late. So it makes sense to make it work as hard as possible once it’s back in your hands.

  • The Truth About Paying Off Your Home Loan in 7–10 Years

    Updated on Debt

    If you’ve ever clicked on a Facebook or Instagram ad about paying off your home loan in under 10 years, chances are you’ve been bombarded with more of them since. I’m all for reducing debt as quickly as possible. But let’s be real: not all strategies are created equal, and not all of them are safe.

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