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Top seven tips for saving money and making your dollar work for YOU

Saving money and cutting costs is often as exciting as watching paint dry.

But finance guru and Sugar Mamma founder Canna Campbell has revealed her seven top tips to get you enthusiastic and confident about growing your bank account.

The Australian video blogger says getting yourself into a healthy routine with money is the best starting point for saving money and making every dollar count.

In her latest YouTube video, Canna shared seven simple ways you can cut costs and squeeze every penny so you can sit back and watch your savings flourish.

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Saving money made simple for pensioners

OLD age pensioners are the salt of the earth.

Most soldier on, without complaints.

They are not whingers.

Most went through hard times where seeking second-hand goods were a habit as there was no money to buy anything brand new.

They survived to become great, unheralded, true blue Australians.

Luckily in those days, the only drugs were tobacco and alcohol, not the "killers" we see on the streets today.

Now, on small pensions, they must learn how to top up those empty pockets.

Below are some tips and information that could work for you.

Be determined, be lucky.

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Five money tips to give your children before they start university

In the coming weeks, hundreds of thousands of excited 18-year-olds will be heading to university. It is daunting for both the new generation of undergraduates and their parents.

University will be a long list of firsts – and many of these will involve money. Having a bank account with an overdraft (and very likely the offer of a credit card, too) will be just the start. There will be rental contracts and deposits, student loan borrowing and, for some, the eye-opening experience of doing a grocery shop.

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5 Money Tips to Help Your Side Hustle Succeed

1. Maintain three to six months of savings in your account. “As a contractor or part-time worker, your income will tend to ebb and flow,” Gugliuzza says. “Having an emergency fund with enough savings to cover three to six months’ worth of your critical expenses can help ensure you can pay your bills, even during times of low employment.” Figure out what this necessary dollar amount is and make sure your bank account is ready to go before you take the full leap into the gig economy.

2. Keep a handle on your debts. As part of the gig economy, you’re still responsible for paying taxes on what you earn, and bad news: You don’t have an in-house HR or accounting department to make that happen for you. “If you’re doing contract work and don’t want taxes withheld from your pay, you’ll need to make quarterly estimated state and federal tax payments,” Gugliuzza says. You’ll save yourself a lot of stress comes tax time if you are careful to put away a portion of each payment you receive and flag it as a tax payment before you accidentally spend it. Consider reaching out to a professional now to walk you through the specifics of the tax code in the area where you live.

3. Understand how much you need to save. While you may be feeling somewhat removed from your pals who are working in more traditional jobs (go on with your bad self!), the truth is that many of your financial needs are still the same as theirs. Take some time to establish some goals for what you’ll need to save for retirement or other long-term goals. There are plenty of tools and calculators available online to help you crunch these crucial numbers on your own.

4. Investigate investment opportunities. You can still take advantage of investment opportunities, even if you’re not working in a traditional full-time job. A 529 college savings plan can help you stash away funds to further your own education (and is a good way to save for your children’s future tuition as well). You should also do your homework on IRAs, which can help you grow your retirement nest egg so you’ll be sittin’ pretty when the time comes for you to quit that side hustle life. There are a lot of misconceptions out there about IRAs — for one thing, that you need to work a corporate nine-to-five to invest in one — so be sure to do your research!

5. Seek expert advice. There’s no shame in asking for help, especially if you’re new to working in the gig economy. A financial or business adviser will be able to help you figure out what your specific goals are, and they can help you put together a plan to make them happen. An action plan like this should make it a whole lot easier for you to follow through on the other four tips — and to do it effectively.

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Easy financial tips to get on track

Money is something that individuals usually need more of but frequently find in short supply.

People worry about money.... a lot. According to the YouGov poll for the Institute of Financial Planning and National Savings and Investments in Great Britain, nearly two-thirds of respondents worried about their finances, with 43 percent saying they worried about money "more often than not." Things aren't much different in the United States, where a recent survey from Lincoln Financial Group showed that 53 percent of respondents worried about having enough money for retirement.

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How to invest when stocks are on a high & still make money

The equity market is on a high these days. The Sensex hit 31,291 on June 22 2017, rising about 17 per cent from a year ago and about 19 per cent year to date (YTD). Given the phenomenal rise, should investors continue to park funds in stocks?

Different people have different investing styles. While some follow aggressive styles with shorter investment horizons, most believe in investing for the long term with a minimum of three- to five-year outlook.

During a discussion at work, a colleague made an interesting point - his equity mutual fund SIP opened in January 2008 (the high point of that market cycle) has yielded him an annual compounded return of 12 per cent till date; he continues to hold on to the same.

While one may argue that this is no great feat as the return in absolute terms is not much to write home about, the key takeaway here for readers is that despite investing at a time when valuations and markets were at a peak, this particular investment has yielded him 1.5 times returns of what he would have otherwise got had he invested in a debt instrument at the time. That too pre-tax!

What we are trying to infer is that long-term investing works. And taking such an approach, especially now, would be the right way to go about things.

One may raise a point, the fund my colleague invested in may be one of the few that have done well over the long term, thanks to the fund manager whose wisdom allowed the unit holders to garner such returns.

While that may be true, here are some interesting data points that seem encouraging enough for an investor to take up this approach on his own.

From the market peak on January 10, 2008, the Sensex has risen by around 4.5 per cent per annum. The comparable number for the BSE500 index is about 4.8 per cent per annum. But if we look at the returns of the constituents of the BSE500 index since then (considering only 80 per cent of the index companies were listed nine-and-a-half years ago), some interesting data points can be observed.

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How to Invest When Market Volatility Picks Up

We are currently investing in an extremely noisy political and economic environment. While markets have remained remarkably subdued during recent times, it is inevitable that greater volatility will emerge. The question is: how should we respond?

As investors, our natural impulse when faced with arresting news or growing uncertainty is to react. Our instincts tell us to take action to protect portfolios or to profit from a particular outcome. This adrenaline fuelled ‘fight or flight’ response is deeply ingrained within us and exists for good evolutionary reasons as early humans who did not have these instincts were less likely to have decedents.

However, this impulse towards action causes a real challenge for investors.

There is an abundance of great research on this topic; however one of the most relevant was a study by Barber & Odean which shows a clear link between portfolio turnover and the results generated by individual investors.

Those portfolios in the highest quintile of turnover delivered returns more than a third lower than those in the lowest quintile of turnover. To say this simply, the impulse towards action is not beneficial to returns.

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How to Invest 1 Million Dollars Wisely

With $1 million to invest, do some comparison shopping and look at average costs.

I would rather have a million friends than a million dollars.--Eddie Rickenbacker

Mr. Rickenbacker is entitled to his preferences, but many of us would rather have the million dollars -- and perhaps just 10 or 20 or even 100 friends. Some of us even have a million dollars -- by having saved and invested over many years, via a lucky inheritance, or by some other means.

When you have a lot of money, you need to be sure to invest it wisely, preserving much or all of its value. That's where private asset management or an account management advisor can come in handy. It's smart to do a comparison of your options, assessing the cost and fee schedule and typical charges for each one. You may also want to invest the money on your own, with a potential focus on dividend-paying stocks, annuities, and other income-generating assets.

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Nine Tips for Creating a Smart Investment Strategy from Scratch

Whether you are saving for a retirement that is still decades away or building a college fund for your high school student, developing a smart, diversified investment strategy to also include real estate will not happen by accident. If you want the finances of your future to be better than the finances of today, you need to work hard to make it happen.

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Dividend Stock Investing Strategy – How to Choose the Best Dividend Stocks

Many investors find themselves experiencing extreme emotional shifts in concert with the unpredictable rises and falls that come with stock market investing. Anxiety may hit like a ton of bricks when prices fall, while excitement sets hearts racing with exhilaration when they rise.

Those who choose to invest in long-term dividends, however, will not feel this same angst as stock prices shift. These investors know that the financial success of their investment is not based on the vagaries of the market itself, but rather on the long-term success of the company. They believe that the stock price and dividend will eventually rise over the long haul, resulting in huge gains over a long period of time.

So, what type of investor should you be? Should you ride the rollercoaster of short term investing, or settle in for the long haul? Really, it’s all about your personality and financial goals. Read on for some of the how’s and why’s of long-term dividend investing.

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