• Money Matters,  Socio-Political

    Walk on water

    This week when delivering the 2018-19 Queensland State Budget, the treasurer Jackie Trad took a walk on water. Nothing would deter her delivering a budget full of billions of promises. All the treasurer, premier and the Labor government must do now is to follow her and walk on water. Can it be sustained or will they soon be “trading” water or should that be spelt “treading” water? There was no mention of the “D” word, that is DEBT in the treasurer’s inaugural budget speech. Queensland’s debt is expected to blow-out to $83 billion by 2021-22 and there were “no apologies for borrowing to invest in infrastructure”. Given the smile on…

  • Money Matters,  Socio-Political

    In your interest

    It is in your interest to know what is going on with your bank accounts. Not only bank accounts but all your financial interests. While some people trust financial advisers and accountants it is always in your interest to check any documents they give you or ask you to sign. Take your time and if necessary take them away and sign another day! In early May I wrote a post about The Royal Commission into the Financial Services Industry. I notice that it is now called The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry. This is the royal commission that almost did not happen until…

  • Money Matters,  Retirement

    Royal commission into the financial services industry

    The Royal Commission into the financial services industry has uncovered serious dishonest behaviour by the banks, financial planners and other financial institutions. The fraudulent behaviour in the financial services industry is very disturbing. Charging people a few years after they have died; poor advice from financial advisers; falsely witnessing signatures and so it goes on. As of 27 April 2018, the Commission has received 4501 public submissions. The worst offender out of the big four banks is the Commonwealth Bank of Australia (CBA). Now it has just emerged that the CBA lost statements linked to 20 million customer accounts. While CBA has assured customers, their personal information has not been…

  • Money Matters

    Making money

    Most of us are out and about making money. If we are not working or unable to work then we need to work out how we can make the most of the money we have. It is easy enough to spend money. It is wise though if we do not spend more than we make! Once June (the month) arrived my thoughts turned to our yearly budget. Earlier in the week I prepared our 2017-18 budget. It did not take long as it is a habit that happens every year. All I need to do is examine our expenditure from the previous financial year and see where adjustments are to…

  • Money Matters,  Socio-Political

    Super slippery slide

    It seems like the global economy is heading for uncertain times gives the Brexit situation and the question I asked is “are we on a super slippery slide economically”? If you are reading this and don’t know what ‘Brexit’ means just turn on your television and within minutes you will be a Brexit expert. While all the negotiations for Great Britain to exit the European Union are underway how stable will the economy be in Australia and how will it impact our local economy? The landscape is unknown and in the days ahead the Australian government may have to negotiate a minefield of issues. Do we have to panic? No!…

  • Life Wise Hints,  Money Matters

    Frugal Frieda and sense savings

    I made a decision in January this year to write a “Frugal Frieda” post each month. Life has been busy and I missed the month of May altogether! Now it is June and getting close to the end of the financial year Frugal Frieda has thoughts about saving and spending – sense savings. Have you heard about ‘sense savings’? It is more than just a new buzz phrase – ‘sense savings’ is a new way of banking. It is a combination of two accounts; an everyday account and a savings account, with one statement. The ‘sense savings’ account does analysis on spending and saving and provides information using tools such…

  • Money Matters,  Retirement

    Reverse mortgage warning

    A Reverse Mortgage or Home Equity Conversion Mortgage (HECM) loan enables Senior Australians over 60 years to access the equity in their home as security to borrow money. This can be taken as a regular income stream, a lump sum, a line of credit or a combination of these options. Seniors who contemplate a reverse mortgage are often asset rich but cash poor. But is a reverse mortgage a good alternative to downsizing or some other solution? To begin with I am not about to venture into the territory of securing a reverse mortgage. My interest comes from reading about the availability of reverse mortgages and the experiences of others.…

  • Money Matters,  Retirement

    Super Snoop

    If you have super perhaps you would like to join me in being a “super snoop”.  It is not advisable to turn a blind eye to what is going on with your super and leave it only to the “experts”. If you are like me and retired there are no further earnings from your employment. At the moment money in bank accounts is earning very little. For example, if you invest $10,000 – $50,000 with the major banks you will get anywhere from 2.50% – 2.80% for a 12 month term deposit (paid at the end of the term). Investing $20,000 with a bank on this basis will return around $520…

  • Money Matters

    Mid-Year Budget Review

    Last week it was time for a mid-year budget review of our household income and expenses. The Federal Government calls it their Mid Year Economic and Fiscal Outlook (MYEFO). I am calling this My EFO (My economic and fiscal outlook). My budget strategy for the rest of the year is simple “do more with less”. The Australian government is intent on repairing the budget. Therefore this is something that every household should do if the household budget is in need of repair.  Just as the government is working towards “sustaining strong growth in living standards” we can all do this if we manage our budget. Following the 2008 Global Financial…