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Provision Newsletter

Cheaper alternatives to superfoods

Posted On:Jan 16th, 2019     Posted In:Provision Newsletter Articles    Posted By:Provision Wealth

You’ll find no shortage of celebrities endorsing various superfoods all over the world wide web and their social media accounts; which is all well and good until you get a closer look at the price of these super-expensive life enhancers!

You don’t need to burn a hole in your wallet to achieve a healthy and balanced diet.Keep reading for some delicious,

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You’ll find no shortage of celebrities endorsing various superfoods all over the world wide web and their social media accounts; which is all well and good until you get a closer look at the price of these super-expensive life enhancers!

You don’t need to burn a hole in your wallet to achieve a healthy and balanced diet.Keep reading for some delicious, healthy, and very affordable alternatives to so called superfoods! I like to call them Supercharged Foods.

Many of you may be wondering, what makes a food a ‘superfood’? Well, to be honest, there’s no concrete definition; however, the name ‘superfood’ is actually a marketing term, not a scientific one. A superfood is described as being any food that contains high levels of antioxidants, flavonoids, vitamins and minerals. Antioxidants are well known for their ability to strengthen the immune system, thereby warding off diseases, such as heart disease and diabetes.

The health benefits of these ‘superfoods’ are the result of studies done on specific essential nutrients that are known to prevent disease and improve immunity, and the foods that they can be found in, in large amounts. If studies show that a specific food contains high concentrations of antioxidants, trace minerals and vitamins, such as Vitamin C, K and B, it can then be referred to as a superfood.

Each time a new study is released shedding light on the health benefits of a specific food, the media runs with this information, publishing their own news stories about these newly researched superfoods.

In 2014 kale farmers struggled to keep up with the new demand for kale after several studies reported that kale contained high levels of antioxidants and other essential nutrients, leaving many supermarkets out of stock.

The media has a lot of influence over consumers, and with consumers becoming increasingly aware of the benefits of eating healthy, wholesome foods, it’s no surprise that supermarkets take advantage of this by drastically increasing the price of these foods!

However, some studies can be misleading, and the results reported can be misinterpreted by the media and consumers. 

Just because studies have reported that a specific food, such as blueberries, contain large amounts of antioxidants, it doesn’t mean that you have to start eating blueberries every day to maintain vibrant health.

Superfoods Aren’t The Only Foods That Contain Essential Nutrients.

And by eating a balanced diet that is full of variety, you can guarantee that you’re eating enough essential nutrients without even picking up a superfood. 

It’s safe to say that the superfoods market is booming, and supermarkets and pharmaceutical companies are taking full advantage of it. But the hype of superfoods tends to shine a negative light on many other beneficial wholefoods. 

Apples and oranges are neglected for berries, rice and pasta are replaced with teff and ancient grains… But why should superfoods be thought of as healthier than other unprocessed foods or Supercharged Foods? Is it because they cost more in the supermarket? Or maybe it’s because the local news reported a story about kale, but not English spinach.

The take home message here is fill your shopping cart with good, unprocessed healthy foods and try to buy what’s in season…. Those are usually the fruits and vegetables on special, by the way.

Here’s A Snapshot Of Well-Known Superfoods And Their Nutrients:

  • Kale: contains large amounts of Vitamin A, K and C.

  • Avocado: contains monounsaturated fats, fiber and Vitamin C.

  • Acai Berries: contain fiber, antioxidants, essential amino acids, vitamins and minerals.

  • Goji Berries: contain fiber, antioxidants, valuable trace minerals and vitamins, phytosterols.

  • Blueberries: contain antioxidants, manganese, polyphenols and Vitamin C and K.

  • Chia Seeds: contain omega-3 essential fatty acids.

  • Quinoa: contains large amounts of protein, iron, zinc and Vitamin B.

  • Coconut Water: contains natural sugars and electrolytes.If you’re on a budget and want to experiment with more affordable alternatives, look for these key Supercharged Foods and enjoy their associated health benefits:

  • Broccoli: contains high amounts of Vitamin C, calcium and fiber.

  • Spinach: contains folate, fiber, Vitamin C and iron.

  • Sweet Potato: contain niacin, Vitamin A and C.

  • Kiwi Fruit: contains fiber, Vitamin C, Vitamin E, potassium, magnesium and phytochemicals

  • Buckwheat: contains fiber, folate, thiamine, riboflavin, niacin, iron, Vitamin E, zinc, magnesium and phosphorus.

  • Sardines, Salmon and Mackerel: contain high levels of protein and omega 3 unsaturated fats.

  • Nuts: contain zinc, iron and unsaturated fat.

  • Water: needed to help carry nutrients and oxygen to cells, both of which, if are in low supply, can lead to fatigue and nausea.

 

Source : Food Matters September 2018

Reproduced with the permission of the Food Matters team. This article by Lee Holmes was originally published at https://www.foodmatters.com

Important:
This provides general information and hasn’t taken your circumstances into account.  It’s important to consider your particular circumstances before deciding what’s right for you. Although the information is from sources considered reliable, we do not guarantee that it is accurate or complete. You should not rely upon it and should seek qualified advice before making any investment decision. Except where liability under any statute cannot be excluded, we do not accept any liability (whether under contract, tort or otherwise) for any resulting loss or damage of the reader or any other person. 

Any information provided by the author detailed above is separate and external to our business and our Licensee. Neither our business, nor our Licensee take any responsibility for any action or any service provided by the author.

Any links have been provided with permission for information purposes only and will take you to external websites, which are not connected to our company in any way. Note: Our company does not endorse and is not responsible for the accuracy of the contents/information contained within the linked site(s) accessible from this page. 

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Top 5 tips to achieve your money goals in 2019

Posted On:Jan 16th, 2019     Posted In:Provision Newsletter Articles    Posted By:Provision Wealth
Make a plan for your money

What are your money goals for this year? To give yourself the best chance at achieving them, your goals need to be SMART: specific, measurable, achievable, realistic and timely. Setting timely goals means giving yourself a timeframe to achieve them.

With a SMART goal in mind, you now need to set up a plan for how

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Make a plan for your money

What are your money goals for this year? To give yourself the best chance at achieving them, your goals need to be SMART: specific, measurable, achievable, realistic and timely. Setting timely goals means giving yourself a timeframe to achieve them.

With a SMART goal in mind, you now need to set up a plan for how you’ll achieve it. For example, if you want to save $5,000 by the end of the year, work out how much you can allocate to that goal each pay day. 

Start with a budget

A budget will help you to map out your finances and work out where your money is going. Start with the essential costs like rent or mortgage, food, bills and transport, then allocate money for any debts you’re paying off. Anything left over can go towards your other money goals. 

Home in on your savings

Having savings set aside will help cover you in case of an emergency and will also help you reach your bigger money goals. Set up an automatic recurring payment to regularly transfer money into a high-interest savings account that is easy to deposit into but hard to withdraw from.

We have lots of tips to help you zero in on your savings if you’re:

Check out our savings infographic to see what other people are saving for and how they are reaching their savings goals.

Knock out your debts

If you want to get on top of your debt in 2019, break down what you owe into manageable chunks by prioritising what you can pay first.

You could start by making extra repayments on your smallest debt first. Once you have paid that off, move on to the next smallest, and so on. If you start small, by the time you get to your biggest debts you will be well equipped to knock them out.

Another option is to pay off the debt with the highest interest first.

Financial counselling is a free service you can use if you need help sorting out your debts. Financial counsellors are independent and confidential. 

Smart tip

Stay on top of your credit health by getting a free copy of your credit report and correcting any details that are wrong.

Take charge of your super

Make 2019 the year you get on top of your super. If your super is spread out across multiple funds, you are paying multiple sets of fees that are reducing your balance. Your super is your nest egg for your future, so why not start the year by consolidating your super into one fund so you pay less fees and grow your lump sum faster

You might also think about contributing extra to your super to grow your balance. See our page on super contributions for more on how to do this. 

Smart tip

Get to know your super by checking your investment options and what, if any, life insurance your super covers.

our page on super contributions for more on how to do this. 

See how much extra contributions could grow your super. 

super contributions optimiser

Invest in your future

If your debts are under control and you’ve built up some savings, 2019 could be the year to start investing.

Boost your investment knowledge

Never invest in something you don’t fully understand; take the time to read up on the types of investment options you’re interested in. Follow the golden rules and invest smarter.

You might also consider reading money or investing magazines, or following finance and investing experts on social media.

Invest for your time frame

It’s best to choose an investment based on how long you are prepared to have your money tied up. Growth assets like shares and property that usually have better long-term returns, can be more volatile in the short term. We have guidance to help you choose your investments.

Setting and reaching your money goals will help you achieve financial freedom. By putting a good plan in place and committing to keeping your money on the right course, you’ll hit your target. 

If you seek further assistance on this topic please contact us on |PHONE|

Source : MoneySmart January 2019 

Reproduced with the permission of ASIC’s MoneySmart Team. This article was originally published at https://www.moneysmart.gov.au/tools-and-resources/news/new-years-resolutions

Important note: This provides general information and hasn’t taken your circumstances into account.  It’s important to consider your particular circumstances before deciding what’s right for you. Although the information is from sources considered reliable, we do not guarantee that it is accurate or complete. You should not rely upon it and should seek qualified advice before making any investment decision. Except where liability under any statute cannot be excluded, we do not accept any liability (whether under contract, tort or otherwise) for any resulting loss or damage of the reader or any other person.  Past performance is not a reliable guide to future returns.

Important
Any information provided by the author detailed above is separate and external to our business and our Licensee. Neither our business, nor our Licensee take any responsibility for any action or any service provided by the author.

Any links have been provided with permission for information purposes only and will take you to external websites, which are not connected to our company in any way. Note: Our company does not endorse and is not responsible for the accuracy of the contents/information contained within the linked site(s) accessible from this page

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5 life insurance questions you’ve always wanted to ask

Posted On:Jan 15th, 2019     Posted In:Provision Newsletter Articles    Posted By:Provision Wealth

What impact do factors like your weight, age and smoking status have on your ability to buy life insurance?

‘Sneaky smokers’ can breathe a sigh of relief – just because you’ve got an unhealthy habit or two, it doesn’t necessarily mean you can’t get insurance.

This list reveals the answers to those awkward questions you might have – but are afraid to

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What impact do factors like your weight, age and smoking status have on your ability to buy life insurance?

‘Sneaky smokers’ can breathe a sigh of relief – just because you’ve got an unhealthy habit or two, it doesn’t necessarily mean you can’t get insurance.

This list reveals the answers to those awkward questions you might have – but are afraid to ask – about your ability to buy life insurance.

1. Am I too overweight to buy life insurance?

Life insurance applications generally ask for your height and weight, and insurers typically use a measure known as Body Mass Index (BMI) – which is calculated by dividing your weight in kilograms by your height in metres squared – to assess whether you are overweight.

A BMI of less than 18.5 is considered underweight, with 18.5-24.9 classified as a healthy weight range. Anything over 25 is considered overweight.1  

People who are overweight have higher rates of death and illness than people of healthy weight and are more susceptible to conditions such as cardiovascular disease, high blood pressure and type 2 diabetes.2

But having a BMI of over 25 will usually not prevent you from buying life insurance, as insurers also take other weight-related factors into account such as your waist circumference, medical history and pre-existing medical conditions. 

Depending how high your BMI is, you might be required to have a medical assessment, and based on your perceived risk, may be offered cover at a higher premium or with exclusions applied. Only in extreme cases is it likely that cover would be denied.

2. Am I too old to buy life insurance?

All life insurers have a maximum entry age, which in Australia typically ranges from 59 to 79 years old.3. The oldest age at which you can buy life insurance from AMP is 70.

However, older applicants may not be eligible for all the benefits included in the cover, or for the maximum levels of cover.

All policies also have an expiry age, after which you’re no longer covered. In Australia, this typically ranges from 85 to 100 years old.4 The expiry age for AMP’s stand-alone life insurance is 99 and if your life insurance is held through your super the expiry age will be lower.

But given the purpose of life insurance is to ensure the financial security of your dependents and provide a payment which will cover your debts, it’s possible that some older people may no longer need life insurance.

3. Can I get life insurance with a history of mental illness?

With almost a fifth of all Australians reporting having suffered from a mental or behavioural condition, mental illness is a relatively common occurrence and will not necessarily prevent you from buying life insurance.5

When assessing your application, insurance companies will consider a range of factors including the seriousness of your mental health condition, its impact on your employment and lifestyle, the success of any treatment, management strategies and any ongoing symptoms.6

In severe cases, you may be declined insurance, although different companies have different underwriting criteria, so it pays to shop around.

4. Can I apply as a non-smoker if I sneak a cigarette now and then?

The short answer to this question is no. Life insurers consider anyone who smokes cigarettes – regardless of the quantity – a smoker. This definition also extends to people who smoke cigars, chew tobacco or use nicotine patches.7

Smokers can be charged much higher premiums than non-smokers, and your premiums can be impacted by how much you smoke and how long you’ve been smoking, as these factors increase your risk of serious illness or death.8

In order to be classified a non-smoker, you need to have not used any nicotine product in the past year. The good news is that if you’re able to do this, you could qualify for a reduction in your premiums.9

It’s important not to lie about your smoking status as, in the event of a claim, your insurer could deny your claim if they can prove you’ve lied.

5. Can I leave my insurance money to someone other than my spouse?

As long as they’re aged over 18, you can generally nominate whoever you like as your life insurance beneficiary.10

You can also nominate more than one beneficiary if you choose and specify what percentage of the payment you want each person to receive.

Depending on whether your insurance is held inside or outside of super may affect who you can chose as your beneficiary.

Other considerations

The life insurance available through super is typically bought on a group basis meaning it usually guarantees you cover without taking into account your specific circumstances.11

So if one or more of the situations above applies to you, opting for life insurance through your super may be the easiest and most cost-effective way to get cover.

Please contact us on |PHONE| if you seek further advice .

 

1 Australian Institute of Health and Welfare, Overweight and obesity, paragraph 4.

2 Australian Institute of Health and Welfare, Overweight and obesity paragraph 1.

3, 4 Finder, Life insurance for over 70’s, table.

5 Australian Bureau of Statistics, National Health Survey: First Results, 2014-15, mental and behavioural conditions, paragraph 3.

6 Lifewise, Mental illness and life insurance, what you need to know – a brief guide, paragraph 6.

7, Finder,  Regular smokers and life insurance, paragraph 1.

8, Finder,  Regular smokers and life insurance, paragraph 6.

9, Finder,  Regular smokers and life insurance, paragraph 9.

10 Finder, Updating life insurance beneficiaries, paragraph 6.

11 Moneysmart, Insurance through super, paragraph 4.

Source : AMP January 2019 

 Important information:This information is provided by AMP Life Limited. It is general information only and hasn’t taken your circumstances into account. It’s important to consider your particular circumstances and the relevant Product Disclosure Statement or Terms and Conditions, available by calling 13 30 30, before deciding what’s right for you. Read our Financial Services Guide for information about our services, including the fees and other benefits that AMP companies and their representatives may receive in relation to products and services provided to you. All information on this website is subject to change without notice. Although the information is from sources considered reliable, AMP does not guarantee that it is accurate or complete. You should not rely upon it and should seek professional advice before making any financial decision. Except where liability under any statute cannot be excluded, AMP does not accept any liability for any resulting loss or damage of the reader or any other person

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Returning to work after having a baby

Posted On:Jan 15th, 2019     Posted In:Provision Newsletter Articles    Posted By:Provision Wealth

Combining work and family responsibilities can be a balancing act so here are some of the expenses you might face as well as potential benefits

For most working parents, the first thing that comes to mind when thinking about returning to work after having a baby is finding suitable childcare.

Statistics show that 47% of couples and 51% of single parents with

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Combining work and family responsibilities can be a balancing act so here are some of the expenses you might face as well as potential benefits

For most working parents, the first thing that comes to mind when thinking about returning to work after having a baby is finding suitable childcare.

Statistics show that 47% of couples and 51% of single parents with children under the age of five use paid childcare, and of those, 85% of couples and 67% of single parents are using childcare for work-related purposes1.

So unless you’re fortunate enough to have family who are willing and able to care for your little one for nothing, returning to work means you’re probably adding a new outgoing to your family budget.

The government offers a Child Care Subsidy to help families with the cost of childcare. But even with government assistance taken into account, childcare can be a considerable cost, and one that has risen significantly over recent years.

Even taking into account any childcare benefit, the median amount spent per week per child was $162 for couple families and $114 for single parents in 2014 and 2015, which was an increase of 75% and 104%, respectively, on the amount spent in 2002 and 20031.

Long-term benefits of returning to work

If the cost of childcare will take up a large portion of your salary, returning to work might not seem to make good financial sense, particularly if you’re working part time. But it’s important to take a long-term view of your family finances, as well as considering the more immediate costs. After all, your children won’t be in childcare forever!

By returning to work after taking parental leave – even if it’s part time –  you’re continuing to build your super, as well as maintaining your industry knowledge, contacts, and skills, which will help protect your ability to both earn an income in the short term and build your future earning capacity. This will help protect your family’s long-term financial security, as well as helping you create a sustainable work/life balance.

How to deal with less income

If you’re like many Australian families you could be facing a reduced income due to the cost of childcare, or because you’ve changed your working arrangements, and are returning in a part-time role or job share.

Here’s a tip to help you adjust to the change, as well as some good ideas to help keep your finances on track.

  • Ensure you have a budget, which sets out how your money will be spent, and look for any areas you can reduce your spending. If you need assistance please contact us on |PHONE|

What to do with any extra income

If you’re returning to work when your children are at school this could mean a boost in your household income, and you may be lucky enough to have money left over after all your expenses are met. If so, there are a number of things you could do to help you get ahead financially such as:

  • Making additional repayments on your home loan

  • Repaying an outstanding uni debt, or any other debts

  • Making additional contributions to your super

  • Saving for future expenses, such as your child’s education.

As a parent, there are some other important financial matters you should think about.

  • Make sure you have enough insurance to help protect your loved ones should anything happen to you.

  • Make a will if you don’t already have one or update your existing will to reflect your change in circumstances.

  • Make sure your beneficiaries are up to date in your super.

Need more help?

If you’d like help organising your family finances and planning your return to work, speak to us on |PHONE|.

 

1 Melbourne Institute, The Household, Income and Labour Dynamics in Australia (HILDA) Survey 2017, Table 2.11, pg 23

2 Melbourne Institute, The Household, Income and Labour Dynamics in Australia (HILDA) Survey 2017, Table 2.13, pg 24

Source : AMP January 2019

 Important information:This information is provided by AMP Life Limited. It is general information only and hasn’t taken your circumstances into account. It’s important to consider your particular circumstances and the relevant Product Disclosure Statement or Terms and Conditions, available by calling 13 30 30, before deciding what’s right for you. Read our Financial Services Guide for information about our services, including the fees and other benefits that AMP companies and their representatives may receive in relation to products and services provided to you. All information on this website is subject to change without notice. Although the information is from sources considered reliable, AMP does not guarantee that it is accurate or complete. You should not rely upon it and should seek professional advice before making any financial decision. Except where liability under any statute cannot be excluded, AMP does not accept any liability for any resulting loss or damage of the reader or any other person

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How does my super compare to other 20 and 30-year olds?

Posted On:Jan 15th, 2019     Posted In:Provision Newsletter Articles    Posted By:Provision Wealth

If your bank balance is looking a bit dreary, chances are what’s in your super fund could come as welcome news. See how you fare against others your age.

If you’re like 56% of young Aussies, you probably couldn’t say exactly how much money you have in super, but according to the Association of Superannuation Funds of Australia, what you’ve got saved

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If your bank balance is looking a bit dreary, chances are what’s in your super fund could come as welcome news. See how you fare against others your age.

If you’re like 56% of young Aussies, you probably couldn’t say exactly how much money you have in super, but according to the Association of Superannuation Funds of Australia, what you’ve got saved may easily outweigh what’s in your everyday bank account1 (now, that’s welcome news).

Meanwhile, before your eyes glaze over and you think, well that’s money I generally won’t be able to touch for another couple of decades (true that!), below is some info you may like to know now, including how you fare against others your age when it comes to what you’ve saved in super to date.

How much do other young people have in super?

Here is the average super balance by age, looking across the board and breaking it down by gender2.

Age

Across the board

Men

Women

20 to 24

$5,501

$5,924

$5,022

25 to 29

$21,372

$23,712

$19,107

30 to 34

$38,386

$43,583

$33,748

35 to 39

$56,715

$64,590

$48,874

 

How much money will I need anyway?

According to September 2018 industry figures3, here’s what money you’d need each year to fund a comfortable or modest lifestyle if you were 65 and looking to retire today.

Comfortable lifestyle

Individuals would need an annual budget of $43,200 and couples an annual budget of $60,843 to fund a comfortable lifestyle, assuming they own their home outright and are relatively healthy.

A comfortable lifestyle in this instance assumes a retiree would be involved in a broad range of leisure and recreational activities and have a good standard of living.

Modest lifestyle

To live a modest lifestyle (which is considered better than living off the government’s Age Pension, but still only able to afford fairly basic activities), individuals and couples would need an annual budget of $27,595 and $39,666 respectively, assuming they own their home outright and are relatively healthy.

If you’re wondering how that actually compares to the government’s Age Pension, the maximum Age Pension rate is currently $23,824 annually for individuals and $35,916 annually for couples4.

Quick tips to help maximise what you’ve got

While you may be prioritising putting any additional money you have toward other things (and understandably if holidays, getting your own place or buying a new car is on the horizon), here are some other things you could do to ensure what you have already saved in super doesn’t dwindle.

1. Check your balance and your investment options

Even if you’re not part of the small percentage of young Aussies, who check their super balance daily5, it’s still worth a look every now and then to ensure you’re across what (don’t forget) is your money.

As for what investment options you’re invested in, this is also worth looking into as it could make a huge difference to your balance at the end of the day, as generally you’ve got the power to say what level of risk you’re willing to take on to potentially generate a higher profit.

 

2. Find your lost super (or let us do it for you)

You might have lost track of some of your super if you’ve changed jobs, particularly if your employer has put contributions into a new fund and you haven’t carried over what you saved in an old one.

 

3. Consolidate your funds into one if you have many

More than 60% of young Aussies have multiple super accounts6, and while you might be thinking, so what?, multiple accounts often mean multiple sets of fees and charges.

With that in mind, rolling your accounts into one could be worthwhile as it may save you hundreds of dollars a year or thousands over many years. Just be sure to look into any exit and withdrawal fees, and if there are any features and benefits you might lose if closing a particular account.

4. See if you’re paying for insurance

Having insurance inside super may be beneficial for you, but you should review what you’ve got, as more than 25% of people under age 29 are unsure whether they have cover, let alone the right type7.

While there may be benefits (for instance, insurance cover may be cheaper, and you won’t be dipping into your take-home pay as insurance premiums are deducted from your super savings), cover may be limited and paying premiums out of your super could decrease your balance if your super is not being offset by contributions.

Keep in mind

While retirement might seem like a lifetime away, remember – the more informed you are about super from a young age, the better off you may be down the track.

If you seek further assistance please contact us on |PHONE|

 1, 5, 6, 7 ASFA Media Release: More money in super than in the bank – young Australians’ hidden super wealth
ASFA Report: Superannuation account balances by age and gender 2017 page 9,10
ASFA retirement standard table 1
Department of Human Services – Payment rates for Age Pension table 1

Source : AMP December 2018 

 Important information:This information is provided by AMP Life Limited. It is general information only and hasn’t taken your circumstances into account. It’s important to consider your particular circumstances and the relevant Product Disclosure Statement or Terms and Conditions, available by calling 13 30 30, before deciding what’s right for you. Read our Financial Services Guide for information about our services, including the fees and other benefits that AMP companies and their representatives may receive in relation to products and services provided to you. All information on this website is subject to change without notice. Although the information is from sources considered reliable, AMP does not guarantee that it is accurate or complete. You should not rely upon it and should seek professional advice before making any financial decision. Except where liability under any statute cannot be excluded, AMP does not accept any liability for any resulting loss or damage of the reader or any other person.

 

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9 ways to stop wasting food and start saving money

Posted On:Jan 14th, 2019     Posted In:Provision Newsletter Articles    Posted By:Provision Wealth

Aussies are throwing out a massive $8 billion worth of edible food every year.

Did you know approximately one in every five bags of groceries bought in Australia gets tossed out, with $8 billion worth of edible food ending up in landfill every year1?

We check out the cost of food waste for the average Aussie household and how you could save

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Aussies are throwing out a massive $8 billion worth of edible food every year.

Did you know approximately one in every five bags of groceries bought in Australia gets tossed out, with $8 billion worth of edible food ending up in landfill every year1?

We check out the cost of food waste for the average Aussie household and how you could save thousands of dollars a year just by reducing what you throw out.

Fast facts: What’s happening around the country?

  • Sources say food wastage is leaving the average Aussie household out of pocket by anywhere from $1,0362 to over $3,5003 per annum.

  • Out of the $8 billion worth of food Aussies waste every year, fresh food accounts for 33%, left overs 27%, packaged and long-life products 15%, drinks 9% and frozen food 9%4.

  • Over a 12-month period, it is said Aussies will waste more than four million tonnes of food, which is enough to bridge the gap between Australia and New Zealand three times.5

  • About 20-40% of fruit and vegetables are rejected before they reach grocery stores because they don’t match supermarket or consumer cosmetic standards.6

  • Reducing food wastage can have a big impact on the environment. This is because when food rots in landfill, it creates a gas that is 25 times more potent than the pollution that comes out of the average car exhaust.7

How to reduce waste and pocket more cash

1. Know what’s in your cupboard

By knowing what’s in your cupboard—fresh produce, canned food, ingredients—the less likely you are to return from the shops and realise you’ve already got one of those and two of them.

2. Abide by your shopping list

Writing a shopping list based on what’s at home and what you plan to cook during the week means you can avoid buying more than what you need and purchasing items you can go without.

3. Take note of the expiry date

Checking expiry dates when you’re shopping and positioning older items at the front of the fridge or cupboard, so they get eaten first, is a good place to start. If fruit and vegetables start to go a bit soft, also look at ways to incorporate them into soups, sauces and desserts.

4. Exercise portion control

If your meal plan for one looks more like something for a family of five, you might end up throwing quite a lot of uneaten food away. Try to buy and cook only what you need, and if you are making extra that it’s something that can be frozen or put away for a later date.

5. Store food properly

Airtight containers, snap-lock bags, fridges and freezers all play a part in prolonging the shelf life of certain foods. So, if you’ve got meat in the fridge that you’re not going to eat this week, put it in the freezer for when you do.

6. Eat the leftovers

If you’re making more food than what you can consume, rather than throw it out, pack it for lunch or save it for dinner the following night. The bonus is you won’t cook twice.

7. Say yes to a doggy bag

If you find yourself unable to finish your next restaurant meal, ask to take it with you so you can cook it up the following day. If you can stretch one meal into two – you reduce waste and the second’s free.

8. Turn scraps into compost

Compost bins and worm farms allow you to break down food scraps and at the same time create natural fertiliser for plantation you might have around the home.

9. Grow your own garden

Cost savings is one of the greatest drivers for Aussie households to grow their own food8. Having your own stash of herbs and vegetables means you always have access to fresh ingredients and just the right amount.

 

1, 2, 4, 5, 6, 7 Foodwise – Fast facts on food waste
3 ABC TV program – War On Waste – Series 1 Ep 1
The Australian Institute – Grow your own paragraph 3

Source : AMP December 2018 

 Important information:This information is provided by AMP Life Limited. It is general information only and hasn’t taken your circumstances into account. It’s important to consider your particular circumstances and the relevant Product Disclosure Statement or Terms and Conditions, available by calling 13 30 30, before deciding what’s right for you. Read our Financial Services Guide for information about our services, including the fees and other benefits that AMP companies and their representatives may receive in relation to products and services provided to you. All information on this website is subject to change without notice. Although the information is from sources considered reliable, AMP does not guarantee that it is accurate or complete. You should not rely upon it and should seek professional advice before making any financial decision. Except where liability under any statute cannot be excluded, AMP does not accept any liability for any resulting loss or damage of the reader or any other person.

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