Wise With Money

Kevin Rudd’s stimulus package was today approved to go-ahead by The High Court of Australia, after Barrister Bryan Pape had challenged the Government and their position to give out such tax-funded payouts under the Australian Constitution.

For the past week, many Australian Citizens have been concerned that they may miss-out on the bonus payment, which was handed out to families in February.

Pape’s arguments were overturned, and Chief Justice Robert French said that the Tax Bonus for Working Australians Act was “supported by one or more constitutional heads of power and that there had been a valid appropriation of the consolidated revenue fund”.

The cheque bonus payments will be sent out starting Monday 6th April 2009, with the hope that the money will be spent in the economy and stimulate spending activity, particularly in the retail sector.

For more information, refer to the Australian News Website

The federal government bonus was passed onto eligible families last week in Australia, as part of the Australian Government’s Economic Stimulus Package.

One can only imagine that it is a much needed help for families in need during these tough times, and  those families will be either saving their money gifted to them by Kevin Rudd, or conservatively spending it on the essentials.

The next stage of the stimulus package, or the “Kevin Rudd Handout” as some are calling it, is being released to single tax payers in April, and it will be interesting to see if the money will be used toward spending, as the government intended to circulate some much needed money in the retail industry, or if people such as myself will be wise with that money and use it to pay off debt, or put in the bank to save for a rainy day.

Certainly with the economic crisis on everyone’s minds, people are being a lot more conscience of their spending decisions, and I for one will be putting the money towards necessities, reduce debt or saving the money.

For information on the Australian Government Tax Bonus Payment, visit the Australian Tax Office Website

The Global Economic crisis is very scary to think about, and the media everywhere is in a frenzy publishing doom and gloom while companies are writing down profit forcasts, posting multi-billion dollar losses, laying off staff and closing their doors. Share markets are crashing and the general outlook for the next few years appears to be bleak.

Many people are bracing themselves for tough times ahead, but as a  “Gen-Yer” myself, I know that for many younger people, the reality of the whole situation is only just starting to sink in now, and it’s time to take action.

Over the next few weeks, we’ll be publishing articles on how you can save money and reduce debt in this economic downturn.

Our articles include:

• Reducing spending, and cutting costs, a precursor to debt reduction
• Debt reduction, the logical step before saving
• Saving money
• Consolidating your super
• And much much more.

We’re only just starting to wake up from the propaganda of high-risk investment and get-rich-quick scammers, our once high-disposable incomes are retreating and our instant gratification may need to be replaced by waiting in the Lay-by queues.

I think from a financial perspective, we’re all a little hung-over!

Check back in the coming days and weeks for important tips on surviving a recession.

Wise With Money.

Hello, and Welcome to wisewithmoney.com.au, a new website all about being wise with money.

I find it  a little ironic that I’m running a website of this nature, because in the past, I’ve been anything but wise with money, but in times of economic uncertainty it pays for everyone to become a little smarter about how they manage their money.

This website aims to assist people on their financial journey, demonstrating how a person with a high-disposable income who is laden with debt can transform into an active saver on the path of reducing  personal and credit card debt whilst achieving their financial goals.

This site will bring you a common-sense approach with basic and easy to achieve methods you can use to help you save money and cut your debt!

I hope you enjoy.

Chris Hooker