Wise With Money

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.