Saving, Budgeting Finance & Investment

City Of Yarra Urban Planning Planning Department Rejects Property Owner's Eroded Amenity Argument [March 2008] Please read our disclaimer

This is a case about a couple living in the inner city Melbourne in 2006, who challenged a municipal council refusal notice for a planning permit application for a screening device on their first level balcony. The permit applicant submitted that the screen was needed to prevent overlooking from a recently approved neighboring building. Although this article is not to be taken as advice within itself, the moral of the story is that in such cases, investing in professional urban planning advice and/or legal advice can go a long way to protect your investment. When the couple engaged the services of legal group Russell Kennedy they were advised that a day of professional representation at the appeals tribunal could amount to a costly affair and were advised to try and settle the matter amicably with their local council if possible, to save costs. The couple attempted to settle with the local council but were issued with a Notice Of Refusal (NOR) So they took the option to appealing to the tribunal whilst representing themselves armed with the their newly acquired town planning knowledge. Their appeal to the state tribunal (VCAT) was successful.

SAVING AND MANAGING YOUR MONEY [April 2008]

Doom and gloom news stories regarding imminent recession in the United States and the housing affordability crises in countries such as Australia make the headlines every day. The need for younger people to start off on the right foot with their budgeting and saving skills can not be over emphasised if they are to grow financially successful in the future. For many adults in the thick of financial hardship today, better saving and budgeting skills can be a matter of survival.

I believe that understanding the importance of saving and managing money is essential if you want to prosper financially. After all, without savings you can’t buy the things you really want in life. The secret to successful saving is to start as early as possible because the earlier you start the better your saving habits will become. Your spending habits play an important role in how much money you will have at the end of each payday. If you assume or adopt a continuous spending attitude or behavior then your chances of saving will obviously be reduced. Most of us work really hard to make a living, so why be reckless with the money you earn? We travel to and from work everyday, we work long hours, we work overtime (sometimes without pay), we spend more time with work peers than our loved ones at home and we are occasionally forced to work with people we don’t like or have anything in common with for years on end. The really important point here is to take care of the money you earn and think twice about what you intend to spend it on. In other words STOP buying junk you don’t need.

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USING YOUR CREDIT CARDS WISELY [May 2008]

When managed correctly a credit card is a very convenient financial product and has many advantages. For example, you can buy goods now but pay for them later, there are loyalty incentives, interest free days, you don’t need to withdraw cash, you don’t need to transact at the bank, you can make bookings easily, obtain free travel insurance, there are travel advantages, you can obtain purchase protection, get loss protection and build a credit rating. But how do you maintain your spending so it does not get out of control? After all, it is very tempting to use the credit card when you go shopping.

The key to successfully owning a credit card is financial management. Financial management is the way you manage your income, the way you pay expenses and then maintain any remaining cash. The message here is simple, never use your credit card unless you already have the money to pay the card off, never make late payments and never pay interest on the card. Following these simple steps will ensure that your credit card is always managed efficiently and working for you, not against you. The last thing you want is to fall behind in payments because it is the moment that you do, that the debts begin to accumulate.

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BUDGETING BASICS [June 2008]

How do you overcome the overwhelming desire to spend money or the immense urge to splurge? The answer is BUDGET.

Many people know what budgeting means but putting it into practice is a completely different ball game. Nobody wants to live within a budget and often maintaining a budget can leave you feeling restricted due to the amount of record keeping required. But budgeting can be a way to help you achieve your financial goals and dreams. It’s essential that you have a positive attitude towards budgeting otherwise you will fail miserably. The worst thing you can do when deciding to maintain a budget is give up. Always remember that a budget is there to assist you in achieving your goals. Budgeting can be used as a guidance tool and can help you move forward financially.

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FIND THE RIGHT FINANCIAL INSTITUTION THAT HELPS YOUR MONEY GROW [August 2008]

I worked with this guy once who was a manager for a financial institution. He had worked for the same company for 19 years and felt that he owed the corporation a sense of gratitude because they provided him with employment for so long. He was the type of person that put his job before his family and he did this because he believed that without his job he wouldn't’t have been able to afford the things he has today.