Coffee Time Minutes - 26th August 2009

Coffee Time Minutes – 26th August 2009

Welcome:

Good Morning to you all and thanks for coming along.

Who we are:

Coffee Time is a group where you can meet others in business and build relationships. We meet on the 2nd and 4th Wednesday of the month. Here at the Zenith Centre.

Apologises:

John, Rae, Karen, Mark and April, Deb

Attendees:

Tarnia Gurney, Andrew Durin, Mark McCosker, David Norris, Simon Cook, Jenny Abourizk, Ann Thomas, Natalie Pye, Sue Wells, Craig Giles, Donna Llige, Alan Jones, Dean Brown, Karen Teunissen, Paul Trad

Golden Rules

Can we show each other respect by only person to speak at a time. And hold all
Conversations, recommendations, till the end.

Wins:

Craig – Centrum Printing has picked up the contract for printing with Alan Hayes and the village grapevine for the valleys and Wyong area

Christine and Darren Jones - Wiggle n Giggle – are the proud parents of a new Son, 9.5pounds, Name – Jazz at 2.15pm Monday


Update on:

Wyong Chamber of Commerce has its memberships due. If not part of this group, have a think about it. Good networking over a meal.

Wyong Chamber of Commerce – Annual General Meeting and Dinner at the Wyong Race Club – 25th of August

B2B Function – Ourimbah Campus – 26th August. – Tonight

Education
September is small business month. Free course on at Mingara on the 15th of Sept. for small business

Introduce yourself:

Each person to say hi and who they are, what they do – 30 second spill.

Natalie Pye: C & N Freight
Storage and distribution of freight on the coast and NSW. Packaging, cold freight.

Sue Wells: First Aid Express Aid
Teach small and large business first aid training. Just won the contract to support the Solomon Islands and train 150 students in Jan 2010, and again in July 2010

Craig Giles: Centrum Printing
Printing company for small and large businesses. Can do large print runs, booklets, postcards, marketing, all printing of brochures and flyers.

Donna Llige: Ultra Print
Digital print and copy, photocopying, pop up banners, graphic design – small and big runs

Ann Thomas: Coffee News
Coffee News is a small flyer that goes to all coffee shops on the coast. You can advertise in there for a small fee. Affordable advertising. Weekly and everyone reads the articles and ads. There is only one category per issue so no competition – (exclusive) goes to all cafes and coffee shops on the coast. Available in Tuggerah, Toukley, Wyong, Terrigal, The Entrance, etc

Alan Jones: Active Assist
Business Coach, helping businesses grow and build their profits. Hornsby to Newcastle. Business owners, sole traders, and companies up to 10 people. Keeping businesses on line. Business Coaching and specialists

Dean Brown: Woodview Home Loans & Finance
Assist individuals and families with home loans.

Tony Bourke: AIIB Insurance - Director of AIIB.
Help for small business get their insurance right. Provide annual health checkups; Business insurance – PI, PL, Workers Comp, protects businesses.
Also – my book “in Service” out now, went to no 1 over night, $2 from every book to go to the cancer council of Australia. See Tony to buy one today.

Karen Teunissen: Australian Government Job Placement - CSR
Assisting people get jobs in the local community. Disability employer, they understand businesses and put people in business – 4 weeks work experience.

Paul Trad: Comtech
IT Computer company, been around for 20 – 25 years. Mainly deal with medical centres. We are the HP service centre for the central coast. 10 staff in Comtech able to assist you.

Simon Cook: Toshiba and World Pacific Telecommunications
Sales Manager for Toshiba – Photocopiers and Multifunction centres. If you want to save money on your phone bill contact Simon. Cheaper rates and better service

Andrew Durin: BizSav
Dedicated to save business money on utilities – electricity, phone, aswell as cars and other products.

Tarnia Gurney: Gurney Financial Services
Assisting Families and Small Business in consolidation of
Superannuation and setting up adequate insurance.

Planningwerx4U
Assisting small business with their business plan and back office

Jenny Abourizk: Job Centre Australia
Assisting businesses with their staffing and assisting job seekers to find employment


Today’s Presentation- Budgeting by Tarnia Gurney of Gurney Financial Services

· In today's tough economic climate, it is more important than ever to budget and establish a savings plan. This is because budgeting is the best way for you to take control of your finances, save money and plan for the future.
· A sound budget and a savings plan will help you achieve your immediate needs and long-term financial security. Few individuals or families know just how they spend their money.
· They know that at the end of their pay period - weekly, fortnightly or monthly - it is all gone. A budget will change this. It is the direct and sensible approach to personal money management.
· Basically, a budget is a financial plan that itemizes an individual's or a family's spending and helps accomplish short-term and long-term goals.
· The ultimate aim of budgeting is to ensure that you can:
o Adequately meet all your financial commitments and
o Have some money left over to save.
· Set a savings goal that is within your reach and will not put a strain on your budget. Even if you begin by saving only a small amount each pay period, this will add up over a year to a respectable amount.
· Everyone will have his or her own savings target. But, as a general rule, we suggest you aim to save 10 per cent of your gross annual income: five per cent for short-term aims and five per cent for longer-term intensions. While this may not be practicable now, it is worth aiming to reach this goal in the future - and sooner rather than later.
· People with young families should aim to build up an emergency fund equal to three months take-home pay in case of retrenchment or emergencies. Remember:
o Your savings will help you through those difficult times and emergencies;
o Savings will free you from day-to-day money worries;
o If you have money saved, you can use it in emergencies instead of credit cards (with their high interest charges);
o By saving, you will establish a financial track record, which will be important when you apply for a loan for a major purpose (house, land or car);
o Your longer-term savings will help you build up income-producing investments for a better, more secure lifestyle;
o By saving and investing responsibly, you will contribute towards Australia's future by helping to create a national savings pool to fund our development and reduce our dependence on foreign capital;
o A dollar saved is a dollar earned
· But you should be realistic about them and become a disciplined shopper (as well as a disciplined budgeter). This will help make your money work better for you. Here are just a few ideas on this important topic:
o Consider buying lower priced "generics" or items of a similar nature to your regular purchases;
o Switch to less expensive versions of goods or services.
o Shop harder for the best possible deals on items you must have;
o Avoid buying items that are of limited value to you or your family;
o Become a comparison shopper: watch the advertisements and be aware that prices vary from day to day on a whole range of goods from furniture to food;
o Watch for genuine sales and specials;
o Deal with shops, which offer good service and will take goods back without argument if they are unsatisfactory.
o Shop for seasonal specials and stock your freezer. But buy in bulk only when you know you can use everything you intend to buy - otherwise you will have to throw a lot of it out. Waste is costly.
o Phase your purchasing of big items like furniture and major electrical goods over three to five years and buy only when you really need and can afford the items;
o Think about buying good second-hand items - check-out auctions and garage sales;
o If you are holding money in a special savings account, you can often use it to pay for an item - and get a discount for cash;
o Buy Australian-made goods in preference to imports - buying Australian helps save jobs and reduces the nation's overseas payments and debt problems.
· But you should be realistic about them and become a disciplined shopper (as well as a disciplined budgeter). This will help make your money work better for you. Here are just a few ideas on this important topic:
o Consider buying lower priced "generics" or items of a similar nature to your regular purchases;
o Switch to less expensive versions of goods or services.
o Shop harder for the best possible deals on items you must have;
o Avoid buying items that are of limited value to you or your family;
o Become a comparison shopper: watch the advertisements and be aware that prices vary
o from day to day on a whole range of goods from furniture to food;
o Watch for genuine sales and specials;
o Deal with shops, which offer good service and will take goods back without argument if they are unsatisfactory.
o Shop for seasonal specials and stock your freezer. But buy in bulk only when you know
· You can use everything you intend to buy - otherwise you will have to throw a lot of it out. Waste is costly.
o Phase your purchasing of big items like furniture and major electrical goods over three to five years and buy only when you really need and can afford the items;
o Think about buying good second-hand items - check-out auctions and garage sales;
o If you are holding money in a special savings account, you can often use it to pay for an item - and get a discount for cash;
o Buy Australian-made goods in preference to imports - buying Australian helps save jobs and reduces the nation's overseas payments and debt problems.
· Try to be as realistic as possible. Do not make the budget so tight and demanding that it will be impossible to achieve your goals. Do not make it too generous - or you will destroy your incentive to budget and save. Be flexible - but disciplined.
· Do not be discouraged if you cannot get your budget to work - try again. Once you have set up a workable budget, you will find that budgeting becomes a habit.
· Today is the best day to begin budgeting.
· There are two main items to consider: your INCOME and your EXPENDITURE.
In the section headed INCOME, list all your incoming money (after tax).
· Expenditure:
o When you begin compiling your expenditure, it will be helpful if you have by you all the receipts from last year's bills that you can find.
o If you do not have these, keep a detailed list of your spending over the next few months. If you see some items that you can cut back on, note them for future attention.
o If you look after your possessions, they will last longer. Money spent on maintenance to extend life of a costly item can be money saved.
o Learn to be a good supermarket shopper. Make up a shopping list - and stick to it. Avoid impulse buying. Once in a while it is OK to buy something you do not really need. But if you let impulse shopping get out of hand it will overload your trolley and destroy your budget.
o When you have completed your Budget, add up all your income and expenditure and subtract the expenditure total from the income total. What is left over is your spare money for the year.
o As this is a yearly figure, you will need to divide this by 52 to bring it down to a weekly figure, by 26 to make it fortnightly or by 12 to make it monthly. This money is yours to spend or to save; we suggest you save it each pay period.
· It is better for you (or your family) to make these decisions, rather than have them taken out of your hands.

Hand outs provided by Tarnia Gurney of Gurney Financial Services. For further copies please contact tgurney@gurneyfinancialservices.com.au

Open forum and discussions on budgeting:

Pregnancy pauses on your mortgage – contact your bank to organise
Retrenchment and tight times – try to save 3 months plus income to cover you and your expenses
Pay your bills weekly, helps you reduce your overall costs
Books to read:
The richest man in babalong – George Classon
Rich Dad Poor Dad – Robert kirisarki
From Red to Black – Tony Melvin
Pay yourself 10%
Save 10%
Earn a passive income
Remember you will be taxed on your savings account
Put money into your mortgage
Pay regular payments to credit cards and personal loans, paying weekly or fortnightly and paying more than the minimum amount
Look at leasing rather than buying a car outright
Look for tax deductions in your business
X & Y generations get info from the internet
Get advice from specialists – accountants, bookkeepers, financial planners, mortgage broker, your bank
Remember to layby rather than buy on your credit card
Planning your finances out, yearly, monthly and weekly will help you manage your expenses

Defaults – banks and Telco’s will and can put defaults on your name after 60 days outstanding accounts. If you need a check up, see Dean and he can organise for a small fee. Or you can go to http://www.vedaadvantage.com.au/ for your credit rating. Cost is about $40 per year and they keep you updated if anyone looks at your records.
Financial defaults – bank
Utilities defaults – Telstra, Optus, gas, electricity.

Craig Giles has a board game call cash flow and is happy for those interested to have a games night. 6 – 8 players required– if interested please contact Craig

News - Work Cover have been in touch with me and have asked that we get all our questions together on Work cover and they will come out and answer them.
Please email all questions to tgurney@gurneyfinancialservices.com.au

Thank you all for coming along. Feel free to come along next time, bring a friend. Remember this group is for small business owners to help build relationships with other small business owners, and to offer assistance to others if needed.

For those available, please stay around and have a chat or catch up with someone.

Next Meeting:

Wednesday 29th September 2009 – 10.20 arrival for 10.30 starts.

Lunch afterward for Deb Rayner – SURPRISE. Cost $12 plus your own drinks

Thanks

Regards Tarnia