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.

  • Strategies for Reducing Debt and Enjoying Your 60s

    Investing

    Carrying debt into your 60s can feel stressful, especially when retirement is getting closer. The good news is that there may be practical ways to reduce debt while still making room to enjoy this important stage of life.

  • Transition to retirement pensions: A step-by-step guide

    Updated on Retirement, Superannuation

    As you progress towards retirement age, the idea of reducing your working hours can be appealing, especially if you can do it without reducing your income. Fortunately, there is a way to do this. It’s called a Transition to Retirement Income Stream (TTRIS), which allows you to supplement your part-time income with regular payments from your superannuation savings.

  • Retirement Is More Than a Number

    Updated on Finance, Retirement

    When most people think about retirement, they picture a dollar figure. How much super will I need? Do I have enough investments to last? While money is important, true retirement planning is about much more than a number on a page.

  • Should you downsize to boost your super? Pros, cons, and tax implications

    Updated on Superannuation

    The idea of downsizing can be very appealing to empty-nesters. There will be less cleaning, gardening and maintenance, more time for hobbies and travel, and the icing on the cake comes if you can use the cash surplus you created to give your super a significant tax-effective boost.

    But is the picture totally rosy, or are there some drawbacks to downsizing?

  • 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.

  • What happens to my superannuation if…? 

    Updated on Retirement, Superannuation

    A client once shared a poignant regret:
    “When I was working and the kids were young, I saved too much. It restricted what we did when the family was together.”
    This simple reflection struck a chord with me. It got me thinking about the delicate balance between saving for the future and living fully in the present. While we all know the importance of financial security, is it possible to save too much—at the expense of the moments that matter most?

  • Your super: A scammer’s new target

    Updated on Education, Superannuation

    In a recent media release, the Australian Securities and Investments Commission (ASIC) warned about a new scam doing the rounds. Scammers attempt, through cold calls to superannuation savers, to extract…

  • 6 steps to a Happy New Financial Year

    Updated on Budgeting, Education

    The new financial year provides an opportunity for a fresh start for your finances. Make this the financial year you get on top of yours… for good!  We’ve broken it…

  • Get ready for June 30 now!

    Updated on Superannuation, Tax

    When it comes to getting the most (money) from your annual tax return, there is usually a lot to think about, so we’ve identified a few options that could open…

  • Roadmap to retiring young

    Updated on Budgeting, Retirement

    The dream of retiring young is one that captivates many peoples’ imaginations. The freedom to live life on your own terms, doing what you want, when you want is undeniably…

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