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Shopping online is becoming increasingly popular – especially as transport costs rise and retail store overheads soar.

Many people, however, are reluctant to dive into the online shopping adventure, as they worry about scams, fraud, and their rights as a consumer.

These tips can help you shop safely and enjoy your shopping experience.

We are waiting for news from our lenders on how they are going to pass on this latest interest rate cut.

What was Australia like during the Great Depression and are there any lessons for today.

No Deposit Required

Last night the German market shows what can happen when short sellers get it horribly wrong.

As we move towards the end of yet another year, and ponder how fast it has come and gone, many of us find ourselves thinking about the coming year and our aspirations for the future.Let’s face it, we have worked hard right through the year and now is the time to reflect on what we have achieved, where we want to go and what we need to get there. These times of reflection are critical to our lives whether we run our own business, are employed or retiredA financial checklist is an excellent tool to check on how you are progressing towards your goals, and to also help identify any specific areas you might need to focus on in the immediate future. The key issues to consider are:

Home loan review

If you’re still making repayments, is it time to revisit your progress? Are you able to increase your payments or frequency of payments to save interest?

Other debts

The amount of hire purchase, personal loans, credit card or other debts currently being paid off. If the total of all loans exceeds 10% of household income, you need to implement a plan to reduce them as a matter of priority.

Savings and superannuation

What is the current value of your retirement savings, including superannuation? It is estimated that by the time you reach 65, your savings will need to be at least 7.5 times your annual household income. Are you on track or do you need to start putting more away?

Annual savings

How much money did you save this year? Are you spending first and saving what’s left, or are you saving first, and then spending what’s left? If your savings aren’t as healthy as you’d hoped by this time of the year, it’s time to remember to pay yourself first and allocate up to 10% of your income to a regular savings plan.

Insurance

When accidents or illness strike, most people are caught insufficiently protected. It is important to regularly review your insurance policies to ensure that you and your family have adequate cover.

Your Will

Everyone has heard of the importance of making a will and keeping it up to date. Making a will itself is not particularly difficult or even terribly expensive. It is a fact of life that people get divorced, form new relationships, change old relationships, or establish new interests. Any of these may result in a will being challenged through the legal system and create long-term animosity, anger, resentment, and considerable delay in finalising the estate. Estate planning matters should be regularly reviewed in addition to your will.

You don’t have to wait until 1 January to review your financial situation … do it today, and you may find that your other New Year resolutions are more easily achievable as a result! 

The vast majority of Australians believe they have the skills necessary to manage their day-to-day money tasks, according to a new report released by the Minister for Revenue and Assistant Treasurer, Peter Dutton.Titled Financial Literacy – Australians understanding money, the report surveyed 7,500 Australians aged 12 to 75 on issues dealing with money management, budgeting, investment and money protection.

Dutton said that the overall results were encouraging and that it was important for Australians to continually work towards better understanding.

“Where people are less confident is on those tasks they have to do less frequently, such as investing and planning for retirement,” Dutton said.

“This makes sense, as the more exposure and practice a person has in dealing with money issues, the more confident they will become. Encouragingly, most people expressed a genuine interest in learning more about those areas which were less familiar to them.”

According to Dutton, the report will also highlight a number of negative beliefs that people hold on financial services that can stop them from achieving their financial goals.

“It is hoped that by understanding the extent to which people hold such negative beliefs that financial literacy services can be better tailored to help people in the future,” he said.

Dutton has also launched a database of financial literacy programs called Financial Literacy Resources Australia.

The database provides a comprehensive listing of financial literacy programs that are provided by the government, education, industry, banking, finance and community organisations.

Every day the Aussie dollar moves up and down against the US$, euro, pound and yen – but what does it all mean and how does it affect everyday Australians? Here is a simple explanation of the impact of different exchange rates.  

Imagine you wanted to buy a computer game and it is made in America. You have Australian dollars, so you have to make two purchases – firstly, you buy US$ and then you buy the computer game. Let’s say the game costs US$100 and the exchange rate is 75 cents. Ignoring transaction costs, you would have to spend $133 to buy the US dollars before buying the game.

If the exchange rate rose to 80 cents, you would need to spend less Aussie dollars to buy the US dollars so the game would only cost $125. Of course, if the exchange rate fell to 70 cents, the cost would go up to $143.

So a higher exchange rate means goods bought overseas cost less. This is good for consumers but puts pressure on local industries that have to compete with cheaper imported goods.

There’s always another sideMovements in exchange rates work the other way for exporters – they like it when the exchange rate is lower. Let’s imagine you write computer game programs and sell them in America for US$100. Once you have sold a game you want to bring the money back to Australia. If the exchange rate were 75 cents, you would receive $133 for the computer game. If the exchange rate rose to 80 cents, you’d only get $125, but if it fell to 70c you’d end up getting $143.

This is why farmers and miners who sell their products overseas are generally not happy to see exchange rates rising – their incomes will fall as exchange rates rise.

However, nothing is this simple in practice, though in general terms there are always winners and losers from an appreciating Aussie dollar. In a global economy, there are many forces impacting on exchange rates and the experts say no country can control the ups and downs. The movements and the impacts are something governments, consumers and industries have to learn to live with.

Impact of an depreciating Aussie dollar

Winners

Exporters like farmers and the mining industry.

Australians investing overseas because their returns will be worth more in Aussie dollars.

Local tourism operators because the relative cost of Australian holidays will rise for overseas travellers.

Losers

Consumers of imported goods like cars, computers and clothing.

Motorists – from higher petrol prices.

Australians travelling overseas.

Every generation has different needs, attitudes and approaches to living. Life would be very boring without the generation gaps. Those in their twenties – labelled “Generation Y” – are tagged as being fast learners, practical, enterprising and sociable. On the financial side, they are said to not understand the concept of short-term sacrifice for long-term gain. They want it all, now.Gen-Yers have unique financial planning needs.

If you’re 20-something, here are five tips.

Super, super everywhere

You may have had many jobs – some casual, some short term while you seek your ideal career. Usually that means you have many superannuation funds. Whilst retirement may seem an impossibly long way away, getting super into one fund and investing for the long term will be a smart strategy. And don’t forget to check if the Tax Office has details of any “lost super”. Call the ATO on 13 10 20.

What happens if you die?Of course, you aren’t going to die just yet, but what if you did? You may think you have no assets and no need to have a will. But you may be surprised. Your super fund is likely to include life insurance so there will be tens of thousands of dollars that can be used to pay off debts and final expenses and be distributed to your beneficiaries. If you have no will, your assets will be distributed according to a legal formula – maybe not how you would have preferred.

Managing cash

Life in your twenties should be fun. Your salary may be increasing which gives you financial freedom like never before. The skill of managing cash is vital – paying bills on time, having cash when you want it and not having the “debt blues” is very liberating. Clocking up debts may seem of little significance but having a dodgy credit rating can be a serious problem later in life. Sure, Gen Y-ers don’t worry about the future but this is one area where you will be the one who suffers.

Where you do need insurance

A regular income gives you financial freedom but what if you can’t work? Sick leave will cover you for a short while. Maybe you have annual leave you can take but then you will be dipping into savings or giving the credit card a work over to buy groceries. How will you pay the rent? Moving back in with Mum and Dad may not be an appealing prospect!Income protection insurance can keep you in your own place and pay the car loan and the groceries until you recover.

Virtual savings

If you are saving for a trip, car or deposit on a house, online savings accounts may be the way to go. They are a simple, flexible and profitable way to save. With interest rates over 5% per annum and automatic deduction arrangements, it’s easy to build up a stash of cash quickly. And you can access it within 24 hours.There are more important things to worry about than money. Financial freedom will help you get on with enjoying life.