Retail therapy, we’ve all been there. It could be just an hour ago, that thing you googled popped up on your Facebook ads out of nowhere. The web’s syncing everything you like (and don’t), it’s so easy. 

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What you are probably not aware of is how much money several industries, on several levels, are making from the purchases you pay the least attention to. Your everyday purchases, bills, meals and even your coffee! 

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What’s worth more than your actual money is the kind of expenses, personal or business, which you incur regularly! This is the exact information that puts you on a ‘trend’, categorises you in groups and helps companies create discounts that attract you. 

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Are you ready to finally use the trends to your advantage, from Start Of Financial Year 23-24? 

1. The ride or die ones

A.k.a impulsive spenders. Impulsive spenders often succumb to the temptation of immediate gratification. They tend to make impulsive purchases without carefully considering their long-term financial goals or budget constraints. 

Impulsive spenders are prone to excessive credit card usage, accumulating unnecessary debt, and struggling to save for emergencies or future expenses. 

Overcoming this habit involves developing self-awareness, setting clear financial goals, and implementing strategies such as waiting periods before making significant purchases. 

We are guessing your gig is freelancing; lots of clients and sporadic income patterns have led to an impulse-driven pattern of expenditure. The most important advice for freelancers like graphic designers, virtual assistants, sales associates and likewise: compare your income pattern with your expense habit.

2. The Minimalists

Frugal individuals adopt a minimalist lifestyle, prioritising essential needs over wants. They are diligent in their budgeting, always seeking ways to cut costs, and making deliberate spending choices.

 While frugal living can lead to substantial savings and financial stability, it is crucial to strike a balance and avoid excessive deprivation. Saving too much at the expense of enjoying life's experiences may lead to a sense of unhappiness or missed opportunities. 

Frugal individuals should consider budgeting for occasional indulgences and allocating funds towards personal growth or experiences.

Let us guess, you are an independent contractor, employed in the public sector. Maybe an on-demand health care worker, transporter, designer, architect: there is somewhat of a steady income flow but you wish you had a fund to splurge with. 

You deserve it! Advice for you: treat yourself like the hero you are, set visual savings goals which can be turned into a productive expenditure instead of continual savings without an intention. Or else it might exhaust you on top of your chronic work stress!

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3. The Calculative ones 

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 You are not going to spend one penny if you already don’t have two coming in. This is extremely advantageous for your wealth, however you end up over working and eventually your income becomes less compared to the efforts you have put in. 

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Your regular spends are mostly business expenses since you believe that money attracts money. This is an extremely good habit as long as you are regularly tracking your business expenditure. 

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Unclaimed business expenses on tax returns can eventually foil your active savings goals. You enjoy being your own boss because it’s easy to push yourself harder. You set daily income goals, but it is equally important to make them realistic. What’s more important is that you should equalise the pressure of your income goal by tracking your expenses daily too! 

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The easiest way to keep track of your financial goals is to be aware of your daily profit. Especially if you are a solo-preneur like a rideshare or delivery driver. Setting realistic expectations and tracking your profit and savings regularly are bound to boost your wealth!

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Reach out to your Book-keeping buddy!

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That’s not just a funky name for an accountant. That’s exactly what MyGigsters is! Once you’ve met #SOFY, MyGigsters is your best wing-man. We have vouched to not let Taxes ruin your date and plans for the future.

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Make the most of your tax savings with expert advice and online tax lodgement right from our app! Download MyGigsters today and get started with easy and automatic book-keeping for self-employed individuals like you! 

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