SO MANY BARGAINS, SO LITTLE TIME!
Well, well. It’s the end of the financial year again and you would have noticed the amount of sales around at the moment. So what’s it all about?
Retailers are desperate to move stock and you dear consumer, hold all the power!
The typical end-of-year-sale has now shrunk to an “EOFYS Sale” and you can grab a bargain on everything from pay TV to perfume and even life insurance.
Australian Retailers Association executive director, Russell Zimmerman, says “There are two reasons why retailers genuinely reduce stock during End of Financial Year sales. Firstly, they need space for new season stock, and secondly they need the money these sales bring in to pay for the new season stock. They need to turnover stock in big numbers and for that reason they will offer genuine savings to shoppers.”
The end of the financial year isn’t just about retail therapy. There are also important reasons to shop for products such as health insurance, particularly if you have kids aged 30 or over.
The Federal Government have changed health rebate laws because they want high-income earners and those over 30 to take out cover.
Basically, if you take out insurance after the age of 31, then you’ll have to pay more for it. For those who join in later life, there is a 2% penalty for each year over age 30, known as Lifetime Health Cover (LHC).
Therefore, if you are 40 and take out private health cover, you will pay 20% more for your insurance than someone who took it out at age 30. However, if you join by June 30 in the financial year that you turn 31, then you can escape the LHC penalty.
There are bargains to be hard, even in Private Health Insurance. For example, new members can get up to $300 cashback when you switch hospital and extras cover to HCF, Australia's largest not-for-profit health fund CLICK HERE
..Back to the shops…..Westfield stylist and mother-of-two, Fiona Keary says “Make a list of who you want to buy for and the things you need, then do the legwork online before you step foot in the shops. You can compare prices and check that your local outlets have the items you want. That way, you’re less likely to be swayed by impulse buys and you will save money and time.”
Keary’s top tip for the mid-year sale period is to buy your Christmas presents and put them on lay-by months before the tinsel hits the store shelves. Her main lay-by items during the sales are toys for her children. “If you focus on classic toys such as Lego and tech items like Xbox, you’re less likely to run the risk of the kids changing their likes by December.
“And sticking with big theme items like Finding Dory or Ice Age 5 which both have new movies out this year, is also generally safe.”
She adds buying Christmas presents early means you stagger payments through a lay-by system; you miss the huge Christmas crowds; and you get genuine savings.
Keary offers these top tips for the sales:
1. Plan what you need to buy for others and yourself and make a list.
2. Decide on items you are likely to have to buy at some stage anyway, such as kids birthday presents, children's clothing one size up and clothing staples for yourself, such as jeans.
3. Do as much research as you can online.
4. Visit stores on week-days and in the morning to avoid the biggest crowds.
5. Have fun!
Before you spend all your money of everyone else at the Sales, keep something for your most precious asset – you. NobleOak Life Insurance have an offer where you'll pay no premium for your first month PLUS get a 20% discount for the life of the policy, if you buy before June 30. CLICK HERE
Any advice provided is general advice only and does not take into consideration your objectives, financial situation or needs. Before acting on any advice you should consider its appropriateness to your situation.
Please consider the Fifty Plus life Insurance Plan PDS which set out the terms and conditions for the life insurance cover to make sure this cover is right for you.
