Save Money and Become Savvy

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Money Management what is it and how do we do it? If you are not savvy with your finances then money management can be a real struggle. Hopefully we can give you some money management tips to get you out of the red and back into the black!

What is Money Management?

Money management is the organizing of your money in the form of budgeting, saving, investing and spending to improve your overall financial position.

How does money management work?

The first and easiest way to manage your money is to write a budget and cut out anything you don’t need or can be classed as a luxury item.

Some people like to start off with a Needs & Wants list:

Needs are things you can’t live without on a weekly basis ie. power, fuel for your car, grocery’s, utilities etc.

Wants are usually things that you like but can live without ie. Do you really need to buy that coffee on the way to work? Maybe you could make one at home or at the office.

Changing spending habits can really make a big difference to your money management.

Needs Vs Wants
ElectricityHoliday
Grocery’sNew clothes
Fuel for your carEating out
BillsTickets to a game or show

Tips to saving on the little things:

Making small changes can make a big difference to your weekly budget, for example you can save at least $15 a day on average by making lunch at home and taking it to work.

Leave your credit card at home and pay with cash, this will help you rationalize that you don’t need that impulse purchase because you will have to go home to get your card or return to the store at another time.

Know where your money is being spent!

You need to keep an eye on your bank account and adding up how your money is being spent ie. “was that purchase necessary?”

Also keeping an eye on your transaction history will ensure you know if you have been charged incorrectly or if you have been a victim of fraud or identity theft. Awareness is the key with saving!

Get a Saving buddy!

It’s always hard to say no when everyone else is going out for lunch or dinner. However if you had a like-minded money management friend who is also keen to save you could find things to do on a budget together.

Saving money on food bills!

This is a big one, your grocery bill can differ dramatically just by where you are shopping.

Compare prices of your local supermarket and try budget supermarkets like ALDI or IGA to see if they can offer some money management relief.

You could also try your local farmers’ market to grab a bargain you may have to buy in bulk or shop on a particular day but it is still well worth the savings.

Another good money saver is using a local butcher or meat market, they often have great specials and the option to buy in bulk and save. You can always freeze the meat for when you actually need to use it this way you don’t have to buy meat every week.

Write a Shopping List!

Writing a shopping list can really help with money management. Have a pen or a chalkboard ready to write down anything you may have run out of during the week.

Then stick to it when you do your groceries and avoid impulse buying, this will make sticking to a budget easier.

Saver Plus Program

If you’re a low income family and have a relevant concession card you may be eligible to join the Saver Plus program.

This is a program that encourages saving for low income family’s to help educate them on how to ANZ gives them a hand up by matching their savings dollar for dollar up to $500!

If you are chosen for the program you will need to make regular deposits over 10 months and attend workshops to build your money management skills.

You really can save big money by being choosey about where and how you spend your money.

There is a reason why big companies spend a lot of money on advertising because it works!

Don’t beat yourself up if you do get conned by clever marketing just be aware and organize ahead of time how you are going to spend or save your money to improve your bottom line and your future money management. You may also like some of our other tips!

Happy Saving!

money management

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Small Personal Loan

Loan Amount

Minimum
$300


Maximum
$2,000

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Terms

Minimum
12 Months


Maximum
12 Months

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Costs

Up to 20% Establishment Fee
+ monthly fee up to 4%

Jacaranda Finance does not charge an annual interest rate on SACC loans. These small amount loans incur 'fees' instead of interest. The maximum comparison rate on our loans between $300 and $2000 is 199.43%.

WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate
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Examples

Loan Amount of $1,000 over 6 months repayable weekly (25 weekly repayments). $1,000 (Principal Amount) + $200 (20% Establishment Fee) + $240 (fees based on 4% per month over 25 weeks) = $1,440 total repayable in 25 weekly installments of $57.60.

Loan Amount of $1,000 over 12 months repayable weekly (50 weekly repayments). $1,000 (Principal Amount) + $200 (20% Establishment Fee) + $480 (fees based on 4% per month over 50 weeks) = $1,680 total repayable in 50 weekly installments of $33.60.

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Medium Personal Loan

Loan Amount

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$2,100


Maximum
$4,600

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Terms

Minimum
13 Months


Maximum
24 Months

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Annual Percentage Rate (APR) starts at 20.56%
Comparison Rate is 20.56% per annum.

This comparison rate is based on a medium amount credit contract of $2,500 repaid over 2 years with a $400 establishment fee and APR of 20.56%.

WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate
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Examples

Loan Amount of $3,000 over 18 months repayable weekly (78 weekly repayments). $3,000 (Principle Amount) + $400 (Establishment Fee) + $555.83 (reducing interest*) = $3955.83 total repayable over 18 months with weekly installments of $50.71.

Loan Amount of $4,500 over 24 months repayable weekly (104 weekly repayments). $4,500 (Principle Amount) + $400 (Establishment Fee) + $1081.85 (reducing interest*) = $5981.85 total repayable over 24 months with weekly installments of $57.51

* Reducing interest means that the 20.56% APR is applied to the outstanding balance on a loan. When a loan repayment is made, the loans outstanding balance goes down and the APR is applied to that lower balance. Therefore, the interest component of the loan will constantly reduce (as long as repayments are being made!) - thus it is called reducing interest.
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Large Personal Loan

Loan Amount

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$5,000


Maximum
$10,000

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Terms

Minimum
13 Months


Maximum
36 Months

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Costs

Annual Percentage Rate (APR) is 12%
Comparison rate is 19.88% per annum.

WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate
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Examples

Loan Amount of $5,000 over 18 months repayable weekly (78 weekly repayments). $5,000 (Principle Amount) + $1831.16 (Interest) = $6831.16 total repayable over 18 months with weekly installments of $87.57.

Loan Amount of $10,000 over 24 months repayable weekly (104 weekly repayments). $10,000 (Principle Amount) + $5041.72 (Interest) = $15041.72 total repayable over 24 months with weekly installments of $144.63.

* Reducing interest means that the 19.88% APR is applied to the outstanding balance on a loan. When a loan repayment is made, the loans outstanding balance goes down and the APR is applied to that lower balance. Therefore, the interest component of the loan will constantly reduce (as long as repayments are being made!) - thus it is called reducing interest.
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