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Simple changes to a daily routine can not only make a person more productive, but can add years to their lives, two new studies have found.   Here are the time saving tips from the article

DON’T postpone or procrastinate – do it now.

GET up 15 minutes earlier each day and plan a schedule based on goals at work and leisure.

MAKE lists, identifying things such as urgent, important and optional.

MANAGE frivilous chatter which can delay or restrict achieving your goals, reducing time spent chatting which takes you away from important tasks.

CHECK emails only three time a day and turn off your mobile phone for the time allocated to achieve ‘urgent’ goals.

STRIVE towards the five principles of happiness: Connecting; Being active; Being curious; Learning; Giving.

Here is the article in full if you want to invest the time to read it…..

Being better organised can create up to an hour of ‘extra’ time in a busy day and the benefits of using those 60 minutes wisely can add up to a four extra years of life, an American study found.  Finding time for activities such as gardening or meditating also protects mental health and helps people lead more productive lives, a separate British study concluded.

The changes needed to find some extra time each day for a better balance between work and play are not as difficult as some might think, according a British time management expert, June Dunleavy. 

“You will burn yourself out if you don’t take time out,” said Dr Dunleavy, who lectures in time management as well as running her own business.  “It is important to make sure that you are achieving your goals in every way.”  She said making a daily list of tasks and setting small achievable goals was one of the first steps towards saving time.

Brisbane organisational psychologist Judy Pears said clients often complained they were becoming busier, but not necessarily more productive.   “If you could manage your time better to gain an extra hour each day, how would you use it?” she said.  “Prioritise your activities, separate important and urgent tasks,” she advised.   Ms Pears, who specialises in business and life coaching, used her extra hour a day to meditate.  That choice can be vital to a longer life, according to the American study of 8900 people that found diligent, industrious and emotionally stable people live up to four years longer than those who were slapdash and complacent.

The British study surveyed more than 400 scientists who concluded that a better organised program of social and personal activities could improve mental well-being.  The study concluded there were five categories that need to be addressed to improve lifestyle.   People should try to connect with others, be active, take notice of their surroundings, keep learning and give to their neighbours and communities.

“These actions are so simple that everyone should aim to do them daily,” said Felicia Huppert, Professor of Psychology at the University of Cambridge, who led part of the project.

Source: http://www.srj.com.au/plugins/Announce/default.asp?articleId=500&name=Prioritise%2C+it+can+prolong+your+life

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“There must be a better way,” is one thought that every working mother has definitely had at one time or another.

This is followed closely, by the notion that every other woman in the world is juggling better than she is.

“We all think that everyone else is doing it better,” says Kate Sykes, director of careermums.com.au. “We all try to look as though we have it under control and we’re not honest with each other about what [a] challenge parenthood is.”

If we are honest, we discover that everyone is in the same boat. And this is where we also discover that other mothers have fantastic tips for making life easier.

Here, Kate Sykes and Jo Scard, co-author (with Melissa Doyle) of The Working Mother’s Survival Guide, share their best tips for keeping your sanity as a working mum:

• Good childcare is critical. “If you get the right care, it makes your working life so much simpler,” says Sykes. “Spend the time to ask questions, go and visit different centres. Do the research to find the best you can and then drive hard to get your kids in there.”
• Get organised. “Knowing that you have food in the house to feed the kids makes life a lot easier,” says Scard. “The reason things fall apart for a working parent is when organisation falls apart.”
• Share the load. Sykes suggests a weekly planner on the fridge so that the adults in the household know who’s responsible for what — from the cooking and cleaning to the dropping off and collecting of children. “I work in partnership with my husband to make our family and working lives work,” she says. Scard also recommends outsourcing when your budget permits. “Outsourcing the cleaning does cost and I know that budgets are tight at the moment,” she says, “but it’s a fantastic feeling knowing that the basics are getting done.”
• Logistics matter. If the distance between childcare, work and home is too great it can make life difficult for everyone. “It’s critical that this be manageable,” says Sykes. “If it’s not, something needs to give.”
• Request flexible work arrangements. “The biggest problem people have with this is that they get emotional,” says Sykes. “You must keep emotion out of it. Know the facts about your workplace and how you can negotiate flexibility.” She suggests that you ask to view your company’s parental leave policy and Flexible Work Arrangements policy. This will help you to know where you stand, and what you can and can’t do. “One of the biggest misconceptions about flexibility is that it means slacking off or working part-time,” says Sykes. “It doesn’t. It simply means you’re not working the core standard business hours over five days. You can still do a fulltime role working 9am to 3pm in the office and then making up two hours at night when the kids are in bed.”
• Take time off when you can. “Time to yourself is vital,” says Scard. “It means different things to different people — for some it’s a yoga class or going to the gym, for others it’s just about closing the door to the bathroom, but it’s a sanity saver.”
• Ask for help. People don’t do this often enough, according to Sykes. “They just have this view they have to suck it up and deal with it,” she says. “Create a community or network around you and tap into it.”

Dealing with the guilt
Sykes says she has no time for “Mother Guilt”.

“It’s a Western society phenomenon. It’s indulgent, it makes us feel bad and it’s not worth it,” she adds.

“It just makes life harder. We should find ways to make sure we’ve got all the measures in place to make the week run smoothly and then not bother with guilt.”

Which is easier said than done for women who easily feel guilty about leaving home in the morning and guilty about leaving the office before midnight. The office guilt, though, is manageable, says Scard.

“Part of it is getting everything done that you need to do — even if it’s later that night,” she says. “And then it’s about your relationship with the person who employs you. You will never change the minds of some people in the office, but as long as your employer knows what you’re doing, and that you’re doing what you need to do, that’s the most important thing.”

Source: http://yourlifeworks.ninemsn.com.au/article.aspx?id=617763

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1. Schedule your time

An easy way to manage your time is by using activity logs, prioritised to-do lists, and action plans. This way, if you feel that there aren’t enough hours in the day, you can take control of your time by monitoring where it goes. Use rewards and deadlines to help you stay on track. Avoid time wasters like surfing the Web and e-mail.

2. Organize.

Bringing your time into line isn’t just a matter of scheduling. The mechanics of how you operate can be every bit as important. That means organizing most every element to allow as smooth a workflow as possible. Everything should be set up using logical systems so anyone needing anything can find it when they need it. Eliminating clutter and the chaos it causes will give you a gift of 240 to 288 hours every year.

3. Use technology.

Although personal habits and practices can do wonders for time management, don’t overlook technology as yet another weapon to make the most effective use of your workday. For instance, Microsoft Business Contact Manager lets you organize a wide array of customer and product particulars, allowing quick and easy access. “Sticky notes are one of the worst things in the world,” says McGonagle. “You should live by your database. That way, nothing is ever forgotten.”

4. Learn to say ‘no’

If you want to buck the trend towards putting in ‘face time’ and incorporate some real balance into your life, then learn to say ‘no’ to unreasonable demands and leave the office on time without feeling guilty. Saying ‘no’ with respect is not only effective, it feels good, too.

5. Ask for help

There’s nothing worse than feeling stressed and overwhelmed because you’re trying to do everything yourself. Fortunately, letting go and learning to delegate will help you work smarter not harder, and can develop your leadership skills, too. Take baby steps by delegating one task at a time to people you can trust.

6. Be web savvy

When creating a better work-life balance, don’t neglect the convenience of technology. A growing number of companies now offer their services online, making many time-consuming chores a thing of the past. Banking, paying bills, and grocery shopping can all be done electronically, cutting stress and freeing-up valuable time.

7. Look after your health

Constant exposure to stress can lead to exhaustion and burn out. To keep the effects of stress on your health to a minimum, make sure you get enough sleep, eat healthily, and exercise regularly. Relaxation is also a great stress-buster, so make time for your favourite hobby daily.

8. Focus on end results

To keep yourself motivated, it’s important to focus on positive outcomes as much as possible. Action is a natural enemy of procrastination, so consider visualising the extra time you’ll be able to spend with your family to spur you on to reach maximum effectiveness daily

9. Take time out for you

Know when to shut things down. Resist the temptation to let work spill over into your personal life. Instead, keep your personal life for family time alone, and make sure you create clearly designated boundaries for work and personal tasks. Consider ‘unplugging’ regularly from your laptop, email and mobile phone; the minute you leave the office is ideal.

As much as your work and family takes priority in your life, it’s important that you schedule “me time”. Taking just one hour, once a week to do something for yourself can do wonders for your wellbeing — and your relationships and career will benefit too. It doesn’t need to be a visit to a day spa (although that’s a great idea!) — take a novel to the park and enjoy the outdoors, play a round of golf, visit the gym or go for a long, relaxing walk … just make sure you get away from it all and give your mind a chance to wander.

10. Use up your annual leave

Most of us are allowed four weeks or more annual leave a year, but rarely take it. Remember, it’s there for a reason — to provide you with some much needed R&R.

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• Pack the kids lunches, lay out their clothes and get backpacks ready the night before.
• Don’t allow television unless children have finished breakfast and dressed for school
• Decide what you are going to wear the night before don’t be tempted to change your mind, if it looked good last night, it will look good today too!
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1. Figure Out What Really Matters to You in Life

Personal coach Laura Berman Fortgang, author of NOW WHAT? 90 Days to a New Life Direction, says getting your priorities clear is the first and most essential step toward achieving a well-balanced life. The important point here is to figure out what you want your priorities to be, not what you think they should be.

“I use an exercise for figuring out what matters most,” Fortgang tells WebMD. She has her clients take a couple days off from work to contemplate the following series of questions:

1. If my life could focus on one thing and one thing only, what would that be?

2. If I could add a second thing, what would that be?

3. A third?

4. A fourth?

5. A fifth?

If you answer thoughtfully and honestly, the result will be a list of your top five priorities. Fortgang says a typical top-five list might include some of the following:

• Children
• Spouse
• Satisfying career
• Community service
• Religion/spirituality
• Health
• Sports
• Art
• Hobbies, such as gardening
• Adventure/travel

Ismael Al-Ramahi, a graduate student at Baylor College of Medicine, says his current priorities are his wife, his 4-month-old son, and his research. He tells WebMD the key is not only knowing your priorities, but devoting your full attention to just one priority at a time. “Split your time and your mind so that you’re thinking about work when you’re at work and you’re paying attention to the baby when you’re with him.”

2. Drop Unnecessary Activities

By making a concrete list of what really matters to you, you may discover you’re devoting too much time to activities that aren’t a priority, and you can adjust your schedule accordingly. Since having a baby, Al-Ramahi says he and his wife have become much more efficient in managing their time — cutting back on television, for example.

If at all possible, Fortgang recommends dropping any commitments and pursuits that don’t make your top-five list, because “unnecessary activities keep you away from the things that matter to you.”

3. Protect Your Private Time

You would probably think twice before skipping out on work, a parent-teacher conference, or a doctor’s appointment. Your private time deserves the same respect. “Carve out hours that contribute to yourself and your relationship,” says Stevan Hobfoll, PhD, distinguished professor of psychology at Kent State University, and co-author of Work Won’t Love You Back: The Dual Career Couple’s Survival Guide. Guard this personal time fervently and don’t let work or other distractions intrude. “Stop checking email and cell phones so often,” Hobfoll advises. “Few people are so important that they need their phones on at all times.”

If work consistently interferes with your personal time, Hobfoll recommends discussing some adjustments with your boss. “There’s a mythology in the workplace that more hours means more,” he tells WebMD. Demonstrate that you can deliver the same or better results in fewer hours. Your job performance “should never be judged in terms of hours of input,” Hobfoll says. Protecting your private time often leads to “greater satisfaction in both work life and personal life, greater productivity, and more creativity.”

If you’re your own boss, it’s up to you to create boundaries that keep work from intruding on family time. Lachlan Brown is president of Tech for People, a small business consulting firm specializing in Internet marketing. “I make it very clear at the beginning of any new business relationship that if I work nights and/or weekends then this is purely by choice,” he tells WebMD. “I’ve told clients more than once that if they call me at night or on the weekend that they shouldn’t expect me to a) answer the phone and b) reply until the next business day.”

Brown, who has a 9-month-old daughter, doesn’t see his reluctance to work after hours as compromising his career but quite the opposite. “I believe that if I truly honor the different aspects of my life, such as work, play, and family, I will be more successful and fulfilled in each area. If I skimp on family time or ‘me’ time, then my success in my career will suffer as a result. I look to my daughter to remind me of how to be open-minded and excited and curious about life … key ingredients for innovative, breakthrough thinking. If I don’t spend time with her now, this opportunity will be lost forever.”

4. Accept Help to Balance Your Life

Allow yourself to rely on your partner, family members, or friends — anyone who can watch the kids or run an errand while you focus on other top priorities. “Try tag-teaming,” Hobfoll suggests. “One spouse works out before dinner, one after dinner, while the other watches the kids.”

To get more alone-time with your partner, accept babysitting offers from friends and family, or try arranging a regular trade-off with another couple. “‘I’ll watch your kids this Saturday if you watch mine next Saturday.’ Tag-teaming is a great way to create extra free time,” Hobfoll says.

5. Plan Fun and Relaxation

Fun and relaxation are an essential part of living a well-balanced life. That’s why Brown makes time for weekly guitar lessons, a yoga class, a date night with his wife, and a guys’ night out a couple times a month. In addition, he exercises on a trampoline in his backyard most days of the week. How does he squeeze in all this playtime while running his business and sharing the responsibilities of raising a daughter? “If you believe that the most important thing is to be happy in life (not when I’m a millionaire or when I retire but right now) then you can always make time.”

Until you get into the habit of taking time for yourself, set aside space in your planner for relaxation and fun. Plan what you’re going to do and make any necessary arrangements, such as childcare, to ensure you’ll be able to keep your commitment. “Remember, you make time for what you want to make time for,” Fortgang says. If something is important to you, don’t brush it aside with a dismissive “I don’t have time for that.” You are in charge of your own schedule — it’s up to you to make time.

http://www.webmd.com/balance/guide/5-strategies-for-life-balance?page=2

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Taking stock of your financial situation is the first step in managing your money. Ask yourself two important questions:
1. Are you better off today than a year ago? Look at what you own and what you owe.
Write down what you own and what you owe today and a year ago in a table, like the one in our example opposite for Nat and Sam. It’s fairly easy to make a few estimates, and then use your mortgage, credit cards, bank accounts
and superannuation statements to fill in the blanks.A year ago, Nat and Sam bought a home and a new car. Now, their home is worth more, their super has grown and their car loan is coming down. Unfortunately their credit card debt has gone up, and they don’t have much saved for unexpected bills or time without work.If Nat and Sam were 25 years old, they’d be pretty comfortable, because they have plenty of time to pay off their mortgage and build up their super. If they were 55 years old, they’d be facing some serious problems with so much debt and so little super, even if they kept working till 65.
When you draw up a similar table for yourself, first look at what changes have occurred. Then think about your age and how much longer you expect to work to see if you are likely to be comfortable or if you face some serious issues.

2. Are you saving any money? Look at your income and your expenses.
Record all your income and expenses for a month, as we have for Nat and Sam in the table opposite.

Nat and Sam, who both work and have two children, are doing well to save $230 each month. However, their debts take up a lot of their money, and $230 won’t stretch far. There’s also not much room for them to put extra money towards paying off loans or building up money for their children’s education. Looking at your own income and expenses is a first step in budgeting, and shows if you’re making progress, standing still, or going backwards.

TIP: List each loan repayment as a separate expense, then convert everything into monthly figures.

Your own plan will help you control your money. If you set some goals, make a plan and stick to it, you can make progress even with ups and downs along the way.

What do you want to achieve?
Would you like to:

Pay off your credit cards?
Buy a new car and pay it off quickly?
Buy a home and pay it off quickly?
Save for your children’s education?

Put some money aside for your retirement? These are some typical financial goals. Others include paying off personal loans or saving up for a holiday. Write down your own goals as the first step in your plan.Your own plan will help you control your money. If you set some goals, make a plan and stick to it, you can make progress even with ups and downs along the way.

How long will it take to reach your goals?
Some goals may be urgent, for example getting credit card debts under control and paid off. Remember how Nat and Sam’s credit card debt had gone up? Paying almost $500 each year for just $3,000 (16.5% interest) is
very expensive, so they would probably need to fix this soon.
Longer term goals, for example buying a home or saving for retirement, can be just as important. Because they cost a lot of money, the sooner you start working towards them, the sooner you can achieve them, even if you can only spare a small amount of money. It can cost a lot more to do these things later. In the table on the next page, based on Nat and Sam’s situation, we have:

drawn up some financial goals estimated how long they may take, and noted some things to do to get started.

 TIP: Using your own goals, you could draw up a similar table for yourself. If you’re not sure about some of the things you need to do, come back to them after reading the ideas in this website.

Nat and Sam’s financial goals, time needed and how to start

Pay off credit card (2 years) How to start: Stop using the cards. Instead, use a card that debits their savings account, so they spend their own money, not pay to use someone else’s.
Check how much they need to pay monthly to get rid of the debt within 2 years, and stick to that amount each month.

Pay off new car (3 years) How to start: Work out how much they can afford to pay per month, including the cost of insurance. Choose a model within their price range and shop around for the best price. Make the biggest deposit they can. Shop around for the best loan, as well as the car. Maybe extend their mortgage, so long as they pay off quickly the extra they borrowed.

Buy a home and pay it off (long term) How to start: Work out how much they can afford each month, and look around in their price range. Shop around for a low interest rate. Make payments fortnightly and pay a bit more than required each time. If it won’t cost more in interest, a redraw or offset savings account can let you put any extra money you may have, including your pay cheque, on your mortgage.

Save for children’s education (medium to long term) How to start: Set up a long term investment account that they won’t touch. Check personal finance magazines about suitable long term investments.

Put some money aside for retirement (long term) How to start: Put more money into superannuation (more on super later). If their funds offer investment choice, consider which option best meets their needs.

How much will each goal cost?
The next step in planning your finances is to estimate how much your goals may cost, and compare that cost with what you are saving. Then you can see if there’s a gap to close. Estimating costs is fairly straightforward for the goals you have already started, such as loans you are paying off. Useful internet loan calculators can show how much a loan will cost, and how your repayments are affected by shorter or longer term loans. To estimate long term savings and investments, we will show you some calculations for Nat and Sam, which you could use or adjust. Later we’ll offer some extra figures on super and saving for retirement.

A gap between your goals and your savings?
Is there a gap between what you can save each month and the cost of your goals? The gap between Nat and Sam’s savings and their goals are shown in the table below. Nat and Sam’s goals cost more than they can spare from the $230 they save each month. They can’t afford to start everything today, but they can afford to do some things that will close the gap within a fairly short time. Suppose they grit their teeth, stop using their credit cards and use what they save to pay off their cards in two years. Around the same time, they will also have paid off the car. Their costs then drop and so their savings increase to $665 per month. So in two years, there’s extra money to pay off their home loan faster and put some money aside for the children’s education.They can achieve their goals if they make a start, even if it takes two years longer than they would have liked. Closing the gap means finding ways to free up cash that you can devote to your financial goals. Usually the top priority is paying off high-interest loans. When you achieve that goal, you can channel the extra money you save into your next goal, and so on.

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What if you’re not saving any money, not saving enough or unexpected events throw your finances into disarray? Budgeting and being prepared for unexpected events can change things for the better, often without too much pain.
Budgeting: what you need, and what you want The best tool for finding extra money is a budget, much like Nat and Sam’s record of income and expenses. Look at the things you need – the essentials, such as housing and food – and those you simply like to have, or want. When you need to trim the budget, cut back on the ‘wants’ first – things that aren’t essential for everyday life. Don’t cut out all the wants, because if your budget’s too tight, it’s not going to work.

How can you save more?
The best way to save is to put money away as soon as you are paid and before you spend.

What you can do: Have an easy access cash account for everyday needs, with a debit card attached Potential savings: Reduces need to use credit card; earns interest How it could work: Get your pay deposited into this account
What you can do: Save or invest a fixed amount of money every pay in a separate account Potential savings: More for your future goals, and an emergency source of money How it could work: Get your employer to pay direct to
your account or have a fund manager direct debit your bank account What you can do: Save your pay rises, bonuses, special payments or tax refund Potential savings: Savings build up significantly over time as you continue to live within your existing budget How it could work: Increase your automatic savings amount. Immediately invest your extra money

What you can do: Pay your mortgage fortnightly, and pay an extra 5–10% on your mortgage every month Potential savings: Saves interest costs and pays off your mortgage sooner How it could work: Get your lender to deduct your
mortgage and extra payments fortnightly What you can do: Budget a specific amount for fun, leisure and personal expenses Potential savings: Controls impulse buying How it could work: Makes it easier to stick to your budget
What you can do: Put your change into a savings jar at the end of each day Potential savings: Creates a little pot of ready cash How it could work: Use this money for small personal expenses What you can do: Make extra superannuation contributions from your pre-tax salary (‘salary sacrifice’) Potential savings: More money for retirement and less personal income tax paid How it could work: Discuss with your pay office, but make sure that you can afford to make extra contributions

Pay by cash or EFTPOS instead of using credit Potential savings: Encourages saving because you use your own money (which is limited) instead of borrowing it. Saves interest on credit cards Pay credit cards off in full each month
Potential savings: Saves 16% per year on your outstanding balance Use lay-by for Christmas shopping or save small amounts over the year Potential savings: $25 per week would mean $1,300 in Christmas cash, avoiding high credit card bills in the New Year and interest payments Combine multiple accounts, such as cheque and savings accounts at the bank, and separate superannuation funds Potential savings: Saves fees and charges Use internet or phone anking Potential savings: May save bank fees Take your own lunch to work Potential savings: If you save $4 per day, that’s $1,000 a year

Save for your next car and choose a lower-priced model Potential savings: A big deposit reduces the total purchase price, and you may also get savings on borrowing and insurance costs Use pre-paid cards for your children’s mobile phones Potential savings: Make your kids top up the card themselves if they spend too fast Use self-catering holiday accommodation Potential savings: Saves on eating out at cafes, hotels and restaurants

What if you can’t pay your bills?
Stay calm and work out what you can reasonably pay each person to whom you owe money (your creditors), considering both your living costs, rent or mortgage, and all your debts. Not-for-profit financial counsellors can help you. Contact your creditors promptly and tell them you are having financial difficulties and want to discuss repayment arrangements. This is especially important if creditors hold security over your home, car or other assets. Offer only what you can reasonably afford to pay, and offer something to each creditor. Try to cover interest or charges applying to the debt.

Ask if the creditor will agree to reduce the interest on the debt until you can get back on your feet. Confirm any agreement in writing. What if you get retrenched? Before making any decisions, taking any money or signing any documents, find out your entitlements and the best way for you to deal with any money you may receive. You may not be able to undo a decision you are unhappy about. Ask someone who understands your terms of employment and your superannuation benefits, how much tax you’ll pay and what makes the best sense for you financially. If you belong to a union, they may be able to give you free advice.

What if you get a windfall?
Above all, go back to your personal goals. Consider paying off all personal debts first and then your home mortgage.If there’s still money left over, consider making a personal contribution to superannuation, a contribution to your spouse’s superannuation or starting to invest. Windfalls can easily disappear through unplanned spending or hasty investments. For large sums of money, you may need the help of a financial adviser.

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Getting into debt is far easier than getting out of it. If you shop around and manage your loans, they won’t make a mess of your finances.

When should you borrow?
Look at the total cost including all the interest before you borrow. Only borrow if you are sure you can afford the repayments. For things you just want, such as a holiday, it’s cheaper to save up for them. For example, Nat and Sam’s $3,000 two-week holiday, paid on their credit cards, took them two years’ hard saving to pay off, and cost them an extra $534 in interest. Even for things you may need, such as a car, it’s cheaper to save if you can.If you do borrow, pick the shortest repayment period you can afford, especially for anything that you use up quickly, like a holiday, or that loses value, like a car. For a home, almost everyone has to borrow because it’s hardly realistic to save up for one. In this case, it can make good sense to borrow, because a home could increase in value, perhaps even faster than the interest rate you will pay.
How much should you borrow?
It pays to be cautious. Lenders may offer you a bigger loan than you would feel comfortable with. They may increase your credit card limit without asking and without checking if you really can repay higher debt. Interest rates could go up, and if you borrow too much even a small rise could get you into trouble.

TIP: Do a trial run before you borrow.
Try saving an amount equal to your loan repayments each month, or saving the difference between your rent and home loan repayments (include the one-off costs, such as stamp duty and moving house).

Could you afford to do that for the full term of the loan, maybe for 20 or 25 years?
You may be overstretching yourself if: l your total loan repayments cost more than half your take home pay l your home loan repayments cost more than a third of your take home pay.

What’s the best loan?
Usually it’s the loan with the lowest interest rate. This is often the single most important thing to get right, so shop around. Even small differences in interest rates can make a big difference to the total amount you will pay, especially with long-term loans. Extra features that cost you more in interest rates may just waste money. Look for the ‘comparison rate’ which takes fees into account. ‘Honeymoon’, ‘introductory’ and ‘low start’ loans may sound appealing, but once the honeymoon ends, you could end up in a more expensive loan. Check that your loan allows you to make extra payments, and if there are any fees for doing so. Loans with fixed rates may:

• not allow extra payments or, if they do, will commonly limit the amount you can repay over the life of the loan
• charge very high extra fees for paying out the loan early.

Where to find loans?
The CANNEX website at www.cannex.com.au is an excellent place to start. Magazines and newspaper columns also give a good idea of current rates. Do consider all types of lenders: credit unions, building societies, banks and non-bank lenders. Loans with the lowest rates of interest may not be the most heavily advertised. Mortgage brokers may not offer all the low interest home loans available.

Which loans should you pay off first?
Pay at least the minimum amount due to every lender on time. If you can afford extra payments, start with the loan charging the highest interest. Only put extra into other loans once the most expensive one has been paid off. The lowest-priority loan is one that has taxdeductible interest – for an investment property loan, for instance.

Why pay loans and mortgages off faster?
Paying off your loan faster can save you thousands in interest payments. One simple way to get ahead is to pay your loan fortnightly instead of monthly. In effect, you make the equivalent of 13 monthly payments a year instead of 12.
Fortnightly payments will cut four years off a 20-year home loan of $200,000. And if you can pay an extra $100 per fortnight, you will cut seven years off your loan. If you have some money to spare, consider reducing your loan balance. Paying $1,000 off a credit card charging you 16% interest obviously beats putting the same money into a term deposit earning 5.5%. Also, remember the effect of tax. Paying $1,000 off a loan charging interest of 6.5%, saves a full $65. Even if you could invest the money somewhere else that earned $65, you would then have to pay tax. Be careful about claims that refinancing will pay off your loan faster. You can only pay off loans faster by paying more money. Only refinance if you are sure the savings outweigh the costs.

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Why insurance really matters Insurance helps cover the costs of unfortunate events, such as losing your living because of illness or disability, or your home in a fire. It protects the financial safety of you and your family, and your property.
Common risks and how to insure against them
Common risks: Death and total and permanent disability Insurance product: Increased life and total and permanent disability insurance through your superannuation fund or a personal policy What can reduce your insurance premiums: Using your super fund if the policy suits you Common risks: Damage or loss to a home building and fixtures Insurance product: Home building insurance What can reduce your insurance premiums: Adequate maintenance, smoke detectors, sound electrical wiring
Common risks: Loss of home contents Insurance product: Home contents insurance
What can reduce your insurance premiums: Window and door locks, burglar alarms, smoke detectors
Common risks: Damage to someone else’s vehicle or property
Insurance product: Third party property insurance
What can reduce your insurance premiums: An accident-free driving record
Common risks: Loss or damage to your motor vehicle
Insurance product: Comprehensive insurance
What can reduce your insurance premiums: Security

Common risks: Sickness and temporary disability
Insurance product: Income protection insurance (this is tax deductible); Private hospital medical insurance; Trauma insurance
What can reduce your insurance premiums: Check if your super fund offers suitable insurance
Common risks: Unemployment
Insurance product: Generally you can’t insure against unemployment
What can reduce your insurance premiums: Not applicable
TIP: Before you make a choice, read about the risks and returns for each investment strategy you are offered.

How much cover do you need?
If you make a claim, the maximum an insurer will pay you is the amount of money, or ‘sum insured’, in your contract. That sum has to cover everything.
Most people underestimate the value of what they own and ‘under-insure’. If you under-insure, you won’t get enough money to cover the total cost of your loss.
For example, the ‘sum insured’ for your home must be enough to cover all your costs if your home were destroyed, including rubbish removal, alternative housing and rebuilding costs. Check your cover regularly, so that your sum insured keeps up with building costs and any renovations. Increasing your sum insured won’t necessarily cost a lot of money. Shopping around, or choosing a higher excess, could get you more insurance at about the same cost as
your current policy. Although many insurers have internet calculators to help you work out a reasonable sum insured, not all calculators are the same. Use a calculator that asks you lots of questions (up to 30) about your home, because you’re much more likely to get a more accurate sum insured.

How do you get the best cover?
Shop around and get a few quotes. To give you a quote, the insurer will ask you various questions. Answer all questions fully and honestly. You must tell them all the facts that could be relevant, otherwise the insurer may be entitled to refuse or reduce payment on a claim. You may save on insurance premiums by agreeing to pay an ‘excess’.Compare the actual cover offered in each quote. Go through what the policy covers and what it excludes with a fine-tooth comb. Many people find out only too late that something was not covered. Insurance covers only what’s defined in the policy and nothing else. A cheap policy that doesn’t cover what you need could be worse than a more expensive policy with unnecessary features. If you have special needs, seek expert advice before you take out insurance cover.

EXAMPLE: If you can afford to pay for the first $500 of damage to your home or contents, you may get a reduced premium. Packaging several insurance policies with one insurer may also save money.

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Income Analysis – Work out your regular income vs Expensis

Household expenses

Debt repayments

Education expenses

Work out your regular expenses.
Remember to use the same time frame that you chose for your income. Next, add up the subtotals to get your total expenses.

Click Here for the live calculator

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