Monthly Archives: October 2014

Money saving tips for each & every day of the week

The saying goes that if you look after the cents, the dollars will take care of themselves.

woman looks at money jar image

Trying to save money can be a daunting task, so an effective way to get started is by committing to small, regular savings. If you can maintain your discipline, you will start to see the fruits before too long.

By committing to one money saving practice every day of the week, you could soon see the savings stack up. Here are some suggestions to help you get started:

Monday: Make breakfast a habit

Give or take a few pangs of the Monday Blues, you should be fresh on Monday mornings after a weekend off. Get up early and make yourself breakfast and a cup of tea or coffee instead of purchasing one for the day. This will save you up to $4 for a coffee and even more on takeaway food.

Tuesday: Exercise for free

Why pay for a gym membership when it costs nothing to run or activities outside? What’s more, you get to exercise out in the outdoors without the dreadful gym playlist assaulting your ears.

Wednesday: Be resourceful

Wherever possible, look to capitalise on multipurpose household items. For instance, things like baking soda and vinegar can double up as cleaning agents, instead of buying expensive miracle products from the supermarket that rarely get used.

Thursday: Monitor petrol prices

Don’t let yourself get caught with an empty tank at the height of the petrol cycle. Throughout the week, keep an eye on the pattern of petrol prices with resources like If you see it at a low point, it might be in your best interests to fill up even if you have half a tank left. Granted, it’s only a small saving, but it’s more substantial than stopping the pump at $0.02 above the dollar.

Friday: Cut out costly habits

Most of us have expensive habits that could be eliminated. Smoking is an obvious one from a health perspective, especially given the eye-watering cost these days. Drinking is also an expense that can add up quickly. Either limit your consumption or restrict yourself to only buying from bottle shops where you get more value than in bars.

Saturday: Have a night in

Rather than always meeting friends out at a bar where you’ll encounter exorbitant food and drink prices, turn your weekly catch-up into a night in. A home-cooked meal with cheap drinks and good company without the fuss will end up saving you big time over the long term. You’re also likely to save on costly late-night taxi fares.

Sunday: Enjoy local entertainment

There are plenty of options for free local entertainment on Sundays in the form of events, exhibitions, free walks and activities. Check out websites or event guides like or to see what’s going on in your city.

Saving is easy when you start small and stay consistent. What money saving tips will you use today?

Henry Sapiecha

hunded dollar notes line


fiftydollarnotes australian

Troy Adam Love busted with $30,000 in counterfeit $50 notes sentenced to three months jail.

A MAN busted with up to $30,000 of counterfeit $50 notes has been sentenced to three months behind bars.

Troy Adam Love, 31, pleaded guilty in the Southport Magistrates Court yesterday to making and possessing counterfeit money, possessing a knife in a public place and unlawful possession of suspected stolen property.

The court heard Love produced the counterfeit cash with a printer and precision-cutting instruments at his home in Mermaid Waters between January and October last year.


Police were alerted when three counterfeit notes were used by a woman at the Civic Video Store in West End in September last year.

When police forensically examined the notes they found Love had come into contact with some of those seized.

They then intercepted a vehicle he was driving and conducted a search.

Officers found several hundred counterfeit notes — some cut to size and some still printed on a sheet of paper — inside a pillow case in a sports bag.

The court heard the haul had a face value of $20,000-30,000.

Also in the bag was a black flick knife, notebook computers, precision blade-cutting instruments, plastic A4-sized sheets with shapes the size of the $50 ­window on the note.

Police prosecutor Seargent Reece Foort said some of the notes were in early stages of manufacturing while others were “fairly close” to a real note.

Solicitor Jason Grant said only one of the notes was complete with a window.

“He had started to do it then realised the stupidity of it,” he said.

Mr Grant said Love had started hanging around with a new group of friends, who introduced him to smoking ice, before he produced the notes.
“At the time he was using a substantial quantity of drugs.”

Magistrate Paul Johnstone said a prison sentence was appropriate as the “community must protect its currency”.

“The trick and deceit in uttering counterfeit currency is immediately damaging and potentially dangerous,” he said.

Mr Johnstone sentenced Love to three months jail and issued him a $1000 fine

Henry Sapiecha

hunded dollar notes line

Default looms for millions of Australians with credit ratings being poor

australia map showing areas of loan defaults image

Caesar says consumers will be able to use their credit scores to seek out better deals from lenders.

More than 2 million people, or 13 per cent of the estimated 16 million Australians using credit, are at risk of credit default.

That includes about 600,000 people who are at “high to extreme risk” of defaulting, an analysis of credit records by credit agency Veda shows.

The analysis comes from extrapolation of almost 1 million “VedaScores”, which is a number up to 1200 that summarises an individual’s credit record

overdue notice image

Under the new regime, credit reports will note any missed payments of more than 14 days.

The national average VedaScore is 760 and a score of 200 means the person has a 50 per cent chance of having an “adverse credit event” within the next 12 months.

Credit agencies are starting to collect more information since the start of the new credit reporting regime in March this year.

Before the change, credit reports, which credit agencies provide to lenders when they check on applicants, held only negative information, such as missed payments of more than 60 days and bankruptcies.

Under the new, comprehensive reporting regime, monthly payment histories on loans and credit cards will be shown and reports will note any missed payments of more than 14 days.

In the United States, which has had comprehensive reporting for years, as have most developed countries, lenders often use the credit score, alongside other factors such as income, employment history and financial commitments, to assess loan applicants.

Americans with poor credit records can pay higher rates of interest when taking out a new mortgage than those with good records.

The credit agencies that lobbied for comprehensive reporting in Australia, which included Veda, say the inclusion of repayment history on credit reports, for example, will help people with poor credit histories show lenders that they have changed their ways.

That was much harder under the old regime. In June this year, lender SocietyOne became the first to publicly declare it was using “risk-based pricing” for loan applicants.

The lender differs from most others in that it does not lend the money itself, but sources money from private and institutional investors.

As a new lender, SocietyOne has only one consumer credit product available: an unsecured personal loan for amounts of between $5000 and $30,000 for a term of up to three years.

Borrowers who are assessed as A-rated – those with the best credit scores – are offered the lowest interest rate while those with lower classifications pay higher interest rates.

Veda chief executive Nerida Caesar says the development of more sophisticated technology, which allows easier credit checking together with comprehensive credit reporting, makes it inevitable that more lenders will move to risk-based pricing.

It could be the second-tier lenders in Australia and the local operations of overseas banks that are the first to offer risk-based pricing, she says.

Caesar says consumers will be able to use their credit scores to seek out better deals from lenders.

Veda’s analysis shows the state carrying the highest proportion of residents at risk of default in the next 12 months is Queensland at 16 per cent, while ACT has the smallest proportion at risk at 10 per cent.

In NSW and Victoria, the risk of default is 13 per cent.

The analysis also shows that those aged in their 30s and 40s have the highest risk of default over the next 12 months.

People in their mid and late 30s and 40s have young families and are often under financial pressure, which is the most likely explanation for their higher risk of default than other age cohorts.

The Veda research shows women have better average scores than men. The research also shows that almost 80 per cent of people have never checked their credit report.

Consumers can obtain a copy of their credit reports once a year for free from credit agencies.

Henry Sapiecha
hunded dollar notes line