More and more families are struggling with finances in WA, leading to increase stress. The workshop provided attendees with information and strategies on budgeting, refinancing, and saving money.

1. “Money Saving
Strategies”
Workshop
Dom Del Borrello

2. Agenda
• Overview of WA economy & outlook
• Australian Spending & Saving patterns
• How to take charge of your money
• Top 9- Money Saving Tips
• Further information & tools
• Questions

3. Current WA economy & financial stress
• Mining boom finished
• Slower population growth & softer economy
• Weak growth in income levels
• Consumer spending will remain lower 2016-17
No pay rises, reduced hours, job losses
= lower disposable income $$ = stress
“…..time to challenge every expense... !!

4. Australian Spending and
Saving patterns

8. How to take charge of
your money

9. Take charge of your money
TRACK: your day-to-day spending
COMPARE: money in and money out
PRIORITISE: where you want your money
to go
ACT: to make your money work or you

11. Tracking your day to day spendDate: ………………………………… (Current Situation)
Weekly Fortnightly Monthly Quarterly Annual Total
Property Expenses Annual
Home and Contents Insurance -
Rates &/or Body Corp -
Electricity/Gas/Water -
Repairs / Maintenance / Pool -
Other -
Vehicle Expenses & Transport Weekly Fortnightly Monthly Quarterly Annual
Insurance -
Registration -
Fuel/Tolls/Parking -
Repairs/Servicing/Tyres -
Bus/Train/Tram/Ferry -
Other -
Personal/Education Expenses Weekly Fortnightly Monthly Quarterly Annual
Food & Supermarket items -
Clothing/Shoes/Accessories -
Phone/Internet/Pay TV -
Hairdressing/Grooming -
Coffee/Lunches/Takeaway -
Entertainment -
Cigarettes & Alcohol -
Gifts & Celebrations -
Holidays -
School Fees, Uniforms, Equipment -
Child Maintenance -
Gym Fees / Sport -
Health Fund -
Doctor/Dentist/Pharmacy -
Glasses & Eye care -
Pets: Food/Care/Vet -
Life/Trauma/Income Insurances -
Other Insurances -
Other -
Other -
TOTAL LIVING EXPENSES -
-
Housing & Other Repayments Weekly Fortnightly Monthly Quarterly Annual
Rent -
Mortgage -
Car Finance -
Furniture Finance -
Other -
TOTAL DEBT REPAYMENTS -
TOTAL EXPENSES -
NET Income Weekly Fortnightly Monthly Quarterly Annual
NET Income 1 (after tax) -
NET Income 2 (after tax) -
Rental Income -
Other -
TOTAL NET INCOME -
Weekly Fortnightly Monthly Quarterly Annual
0 0 0 0 0
Budget for Living Expenses
AVERAGE MONTHLY LIVING EXPENSES, EXCLUDING DEBT REPAYMENTS
DISPOSABLE NET INCOME

12. Analyse your spending
How much money is coming in?
How much is going out?
Think about where your money goes each month:
• weekly basics like food, groceries, transport
• regular bills eg rent or mortgage, electricity, phone,
insurance
• less frequent spending like clothing, holidays, car rego,
medical expenses.

13. Prioritise your needs and wants
Identify where you can reduce your expenses and save
money
How to reduce your expenses
• First, highlight the most important things in your
budget – your needs or basic necessities.
• Then, identify the things you want but could do
without, if you had to.
• What can you cut out or cut back?
…..Challenge every expense …...80:20 rule

14. Example – challenging & prioritising
every expense
Mortgage: we need this, potential to find a cheaper loan.
Groceries: we need to eat, potential to optimise shopping budget
Petrol: we need to drive (no buses), not much wiggle room.
Mobiles: we need these, but open to review our plans to cut cost
Internet: a good deal already, recently reviewed.
Health Insurance: necessary as we have a family.
Netflix: we enjoy this, bit of a tough one!
Stan: we don’t watch often, more expensive than Netflix
Swimming lessons: our daughter’s - we see as important.
My income protection insurance: can cancel, due to not working.
Husband’s income protection: will keep as we rely on his wage.
Quick notes: $2,000 savings per year.

15. Money Saving Tips
“..how to give yourself
a pay rise..”

16. Money Saving Tips
9. Make a point to shop around on big ticket expenses
Think about the biggest ticket items you spend on. These will
include: mortgage, rent, car repayments, insurance (health, life, home, car)
Best way to save money on these items is to shop around & compare
current providers
• Call your bank & ask for “retentions” team
• Talk to landlord/agent ask for rent reduction to stay
• Get quotes annually on all insurance policies + check cover - excess
• Look at bundled policy discounts (eg car + home, internet/mobile)
• Talk to a mortgage broker to refinance loan – cheaper deal
8. Stop relying on credit cards
• Convenient but expensive
• Consider consolidating credit card debts into one loan or similar
• Use a debit card as an alternative or cash

17. Money Saving Tips
7. Are you getting all the Centrelink benefits you are
entitled to?
eg Child Care, FTB – Part A, Part B
6. Go online - Selling unwanted goods & buy others
• I fell in love with Gumtree – for “need it now” purchases & sales
• Ebay is great for “planned” purchases eg printer cartridges, pet
medication, iphone accessories etc etc
5. Stop buying brand names – especially when it comes to
supermarkets
• Considered blended shopping eg Major(s) Coles / Woolies combined
with Aldi (toilet paper, cleaning products, etc)
• Reject Shop – parallel marketing (dishwasher tablets, pet food)
• Price competition – use Reward programs

18. Money Saving Tips
4. Alcohol – it is expensive – hello “Dan Murphy”
• Buy bulk and drink at home – if you must
• 525% average mark-up at local pub or club.
3. Stop paying for Convenience – think for 5 mins
Quick ways to reduce spending quickly include:
• Cooking at home instead of eating out
• Taking your lunch every day – snacks in drawer
• Not buying coffee at work
• Using food from your pantry instead of doing a weekly grocery shop
• No to - Milk, groceries, etc from 7/11 or Coles Express
Convenience shopping exploits what is known as ‘situational price
gouging‘ – where prices are lifted
The above are actionable, easy and will put real money back into your
wallet / purse

19. Money Saving Tips
2. Electricity / Utilities – will continue to rise
• Never leave lights on
• As lights blow consider changing them with energy efficient ones
• Try not to use clothes dryer or pool pump all the time
• Consider peak vs off-peak electricity – the “Nonna experience”
• Dishwasher only with a full load
• Spend 5 minutes on way out or way to bed to switch off !
• Check your meter readings against bills !

20. Money Saving Tips - No 1.
1. The best way to save money? Remain pro-active
• By attending tonite, it means that you are one of the few people who
genuinely wants to save money.
• Always continue to self-educate on money, read personal finance blogs,
money books and learn from experiences (both your own and others).
• Continue to challenge every expense and stay pro-active

21. Support
Where do I get more info,
help or support ??

22. Stress & Support
• You are not alone
• Talk to someone (your Psychologist….)
• Free resources
• Banks have “financial hardship” assistance
• www.savingsguide.com.au (blog free subscription)
• Educate / inform yourself

23. ASIC - Money Smart Website

24. ME Bank – website Ed

25. “…...Questions…...”
THANKYOU FOR YOUR TIME