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Strange Ways To Save!

Now that we are well and truly into 2018, what are you doing to keep those coins in your back pocket? Looking to buy a house? A new car? A splurge item? Whatever is on your ‘need’ or ‘want’ list is achievable, you just need to know how. Not purchasing the smaller items like coffees is an obvious one. Although it’s only an outlay of a couple dollars every day, by the end of the week, it all adds up! But let’s think in more abstract terms about how to save money. These lesser-known ways to save may get you across the line!

What I find fascinating about personal finance is that there is not a ‘one size fits all’ answer or only one way to achieve a goal, there are different ways that suit different people.  Believe it or not some of the most diverse answers come when we talk about different ways to save money….. so here are some of the most unusual ones I have heard lately.

Cold Hard!
Yep – you read it correctly when I asked one of my classes the other day how they saved money one lady piped up and said “I have cold hard!”…. “er pardon” was my reply.  I certainly hadn’t heard that one before and my mind boggled as to what that could be!  As she went on to explain that she saves her money as soon as she gets paid putting a set amount of cash in a plastic zip lock bag and putting it in her freezer!!!!  Between the meat and the peas apparently!!!!  She also went on to explain that putting the money into her freezer means that she won’t touch it, whereas if it is in a bank account she will.  She has used this strategy to save for a solar hot water system and is currently saving for a cruise!!!  Obviously this one is not great if you get robbed and the robbers are hungry!!!  But still, I was impressed with her ingenuity!

Coke bottle anyone?
Apparently an empty 600ml bottle of Coke can hold close to $800 worth of coins, according to one guy from my class.  It is often touted on the internet to be $1,000 but my participants claim that is not true and it is more like $800 (what?! something on the internet that is not true!!!).  Being a closet Coke drinker I am keen to give this one a go myself.  I think it is a great way to save for Christmas!!!

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Don’t claim the tax free threshold
When you get a job, you fill in a form which asks whether you want to claim the tax free threshold.  Australian residents for tax purposes are entitled to an $18,200 tax free threshold  If you select ‘no’ on the ATO form and don’t claim the tax free threshold, you are taxed on that first $18,200. It means you are paying tax on a sum of money, at your regular tax rate, even though you don’t need to.  As a result you will overpay tax and get a tax refund at the end of the financial year.

Over-pay your rent
This is another popular one especially to pay for Christmas.  Often paying more on your rent means you can have a month off at the end of the year to pay for Christmas.

Saving is a really individual thing, but when you get something that works for you – stick with it.

What is your unusual saving tip?

As you know, and as you have read by now, saving money is a worthwhile investment in time and discipline. However, if you need quick loans, Cigno might be able to assist.

To apply, complete our quick and easy online application and send us your bank statement. Receive up to $1,000 in your account with our same day loans with manageable repayment options. For details, contact us.

Read the original source article here.

Disclaimer: Please be aware that Cigno Loans’ articles do not replace advice from an accountant or financial advisor. All information provided is intended to be used as a guide only, as it does not take into account your personal financial situation or needs. If you require assistance, it is recommended that you consult a licensed financial or tax advisor.

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NOTIFICATION OF MISCONDUCT BY CIGNO AUSTRALIA

Ordered by the Federal Court of Australia

The Federal Court of Australia has found that Cigno Australia Pty Ltd (Cigno Australia) and BSF Solutions Pty Ltd (BSF Solutions) have breached the law by engaging in unlicensed credit activity and charging prohibited fees.

In the period from July 2022 to 3 October 2023, over 100,000 consumers have been lent a total of $34 million, and charged fees of over $70 million, under the ‘No Upfront Charge Loan Model’ operated by BSF Solutions and Cigno Australia. At no time has either BSF Solutions or Cigno Australia held an Australian Credit Licence.

The Court also found that Mark Swanepoel (director of Cigno Australia) and Brenton James Harrison (director of BSF Solutions) were involved in these breaches of the law.

With effect from 24 May 2024, the Court has granted permanent injunctions preventing Cigno Australia and BSF Solutions from:

  • demanding, receiving or accepting fees or charges, including amounts of loan principal, from consumers in relation to credit provided under the ‘No Upfront Charge Model’; and
  • engaging in further credit activity pursuant to the ‘No Upfront Charge Loan Model’, including by entering into new agreements with consumers, for so long as they do not hold an Australian Credit Licence.

Cigno Australia was ordered by the Court to, by 5th July 2024, send written communications to consumers who between July 2022 and December 2022 entered into agreements with Cigno Australia and BSF Solutions under the ‘No Upfront Charge Loan Model’.

The Court will later determine whether (among other things) Cigno Australia and Mark Swanepoel ought to pay a pecuniary penalty in respect of this conduct, and whether Mark Swanepoel should be restrained from carrying on a business engaging in credit activity.

Cigno Australia, BSF Solutions, Mr Swanepoel and Mr Harrison intend to appeal the decision of the Court and have filed an application for leave to appeal. If the appeal is successful, some or all of the orders of the Federal Court of Australia may be set aside.

Where can you get more information?

Where to go for further support

You can access legal advice in your state at: Free legal advice – Moneysmart.gov.au.

If you are experiencing trouble with debt, or money worries in general, contact:

  • the National Debt Helpline on 1800 007 007 or online chat (9:30am to 4.30pm, Monday to Friday).

If you need someone to talk to, contact:

  • Lifeline on 13 11 14 (24 hours) or their crisis support online chat or
  • Beyond Blue on 1300 22 46 36 (24 hours) or their webchat