At Equity Mates Media, we’ve got two podcasts designed to help new investors and those who are yet to get started. Here’s what we’re chatting about this week…
We’re all struggling with the rising cost of living.
We’re hearing about this everywhere – so this week we’re starting a new series on Get Started Investing. We’ve identified 5 of the biggest drivers of our rising cost of living, and are unpacking ideas about how to reduce these expenses. So in our email this week, we’ve gone through our archives and rounded up our best ideas – and scoured the internet for some ideas from our friends as well.
We recognise it’s hard at the moment. There’s also a lot of our expenses – heating, electricity, our mortgages or rent – that most of us just can’t reduce. So we’re focussing on the things we can control, because those small savings do add up over time to make a big difference.
Each week we’ll share our best ideas from the episode:
- Opt for Non-Brand Household ProductsWhen it comes to household cleaning products, the brand doesn’t always equate to quality. Often, non-brand items from stores like Aldi or Costco work just as well as their branded counterparts, but at a fraction of the cost. By making this switch, you can save on your regular shopping.
- Re-evaluate Your Appliance Purchases:Major household appliances can be a significant outlay, but there are ways to save. Consider purchasing from online platforms like Appliances Online, which often offer competitive pricing and excellent service (seriously, they take the old, broken appliance away). Additionally, second-hand marketplaces like Facebook Marketplace can be a goldmine for good quality, pre-loved appliances.
- Consider Hairdressing Training salons:
Hairdressing can be a significant expense. A great tip is to consider alternatives like hairdressing academies, where students offer discounted services. Just Google your city + salon academy and you should be able to find a couple. And it’s not just haircuts – you can help a beginner get experience on any service that you’d need like spray tans, or nail technicians. (Or Alec recommends just shaving all your hair off for maximum low-maintenance vibes). - Take Advantage of Discounts and Freebies:
Many companies offer discounts or freebies, especially during your birthday month. For instance, IKEA offers a $10 discount during your birthday month if you sign up for their free membership. Additionally, some local councils offer free trees, which can be a great addition to your garden without any cost. Or join the ‘good karma’ neighbourhood groups that turn up on Facebook, where people often get rid of things they no longer need!
If that’s not enough, we’ve linked to some of our favourite articles at the bottom of this email. And don’t forget to listen to the episode to hear our thoughts!
We’re curious about you…
We’ve been wondering about you recently, and what course of action you’d take in certain scenarios. Remember, this is a judgement free zone! We just want to make content that you want.
How’s your emergency fund doing?
Compare the Market recently found the average 18 – 25 year old has $1019 saved for emergencies. If you had a sudden expense arise, would you:
Curious about last week?
Boost your income with these side hustle ideas…
An increasing number of us are turning to side hustles. These ventures offer a way to bolster financial security, test your entrepreneurial mettle, and build a cash injection that isn’t your day job. From freelance graphic design to running an Etsy store, the possibilities are endless.
You’re In Good Company did a deep dive back in Feb, and we thought it was time to have another peek…
Our side hustle non-negotiables:
- You might have to spend money to make money. Ask yourself, will you invest? Start by setting aside a dedicated amount of start-up money. Dog walking might need a police check, or an etsy store might need some test samples. Whether it’s $100, $250, or $1,000, be prepared to lose this amount if your venture doesn’t take off.
- Start now as you mean to continue. Get your finances in order. Declare all your income to the Australian Taxation Office (ATO) and consider opening a separate bank account for your side hustle. This makes it easier to track income and expenses. Also, remember to set aside a percentage of your income for tax to avoid unpleasant surprises at tax time.
- Undecided? Thing about what you love doing, and what you know a lot about. Side hustles take a lot of work, but they also allow you to work on your passion. Why not make money from something you love doing? It’s a chance to apply skills that aren’t utilised in your day job and even better – test out a potential career move without the risk of switching jobs. You don’t have to move mountains straight away, you’re just putting your toe in water.
- Don’t let paralysis get you – you don’t need to launch a full scale business! Explore freelance work (like graphic design or writing), running an online store, or offering professional services in your field of expertise. If you’re looking to make cash right now, platforms like TRIBE and Sunroom connect creators with brands. Jobs in hospitality or freelance work like writing captions for Rev.com, or if you’re consistent, surveys from Octopus Group or Attapoll can add to your earnings.
And here’s a quick tip: if you’re still searching for side hustle ideas, head over to TikTok and search ‘side hustle’. You’ll be amazed at the creative ways people are making extra cash! Still wondering where to go? Have a listen to the YIGC Feb Financial Fixes series.
Biznerdle: How many clues do you need?
The challenge is simple: Identify a publicly-listed company from a set of clues, with as few hints as possible.
Let’s take a peek at yesterday’s clues… How many did you need to guess right?
How many clues do you need?
Click below to have a go at today’s game.
This is an excerpt from our Get Started Investing Newsletter email. Once a week, for those , we’re featuring some of the most interesting content we’ve come across in this weekly email. No spam, we guarantee.