array(1) { [0]=> &object(stdClass)#5270 (52) { ["id"]=> string(5) "15670" ["title"]=> string(37) "Capitalising on the COVID-19 pandemic" ["alias"]=> string(37) "capitalising-on-the-covid-19-pandemic" ["introtext"]=> string(208) "

More time at home means many Australians now have the opportunity to re-assess their lifestyle and spending habits and set some serious saving goals. So how can you actually go about it?

" ["fulltext"]=> string(1236) "

In this episode of The nestegg Podcast, host Grace Ormsby is joined by Melbourne-based Reventon’s Billie Christofi to talk all things finance and the impact of isolation on our hip pockets.

In stage 4 lockdown, Billie shares the importance of going back to basics when it comes to budgeting, methods to re-assess spending habits, and some of the less conventional ways people can boost their wealth at this time.

Thanks Billie, for sharing your insights with the nestegg podcast team!

Have an investment story to share? Get in touch at [email protected] and you might get featured on an upcoming episode!

" ["checked_out"]=> string(1) "0" ["checked_out_time"]=> string(19) "0000-00-00 00:00:00" ["catid"]=> string(3) "302" ["created"]=> string(19) "2020-09-01 07:00:26" ["created_by"]=> string(4) "2386" ["created_by_alias"]=> string(0) "" ["state"]=> string(1) "1" ["modified"]=> string(19) "2020-09-02 02:50:12" ["modified_by"]=> string(4) "2386" ["modified_by_name"]=> string(12) "Grace Ormsby" ["publish_up"]=> string(19) "2020-09-02 02:50:12" ["publish_down"]=> string(19) "0000-00-00 00:00:00" ["images"]=> string(218) "{"image_intro":"images\/podcasts\/Billie_Christofi_WEB_ne.jpg","float_intro":"","image_intro_alt":"","image_intro_caption":"","image_fulltext":"","float_fulltext":"","image_fulltext_alt":"","image_fulltext_caption":""}" ["urls"]=> string(121) "{"urla":false,"urlatext":"","targeta":"","urlb":false,"urlbtext":"","targetb":"","urlc":false,"urlctext":"","targetc":""}" ["attribs"]=> string(782) "{"article_layout":"","show_title":"","link_titles":"","show_tags":"","show_intro":"","info_block_position":"","info_block_show_title":"","show_category":"","link_category":"","show_parent_category":"","link_parent_category":"","show_associations":"","show_author":"","link_author":"","show_create_date":"","show_modify_date":"","show_publish_date":"","show_item_navigation":"","show_icons":"","show_print_icon":"","show_email_icon":"","show_vote":"","show_hits":"","show_noauth":"","urls_position":"","alternative_readmore":"","article_page_title":"","video_url":"","channel_id":"UCLBR-2LtTtui_WiRuEfW3qA","show_publishing_options":"","show_article_options":"","show_urls_images_backend":"","show_urls_images_frontend":"","send":"0","test":"0","readingDiff":"3","canonical_link":""}" ["metadata"]=> string(68) "{"robots":"","author":"","rights":"","xreference":"","metatitle":""}" ["metakey"]=> string(105) "podcast, savings, financial goals, financial freedom, lockdown, pandemic, wealth, wealth creation, saving" ["metadesc"]=> string(186) "More time at home means many Australians now have the opportunity to re-assess their lifestyle and spending habits and set some serious saving goals. So how can you actually go about it?" ["access"]=> string(1) "1" ["hits"]=> string(4) "1866" ["xreference"]=> string(0) "" ["featured"]=> string(1) "0" ["language"]=> string(1) "*" ["readmore"]=> string(4) "1236" ["ordering"]=> string(1) "0" ["category_title"]=> string(7) "Podcast" ["category_route"]=> string(17) "resources/podcast" ["category_access"]=> string(1) "1" ["category_alias"]=> string(7) "podcast" ["published"]=> string(1) "1" ["parents_published"]=> string(1) "1" ["lft"]=> string(2) "82" ["author"]=> string(12) "Grace Ormsby" ["author_email"]=> string(33) "[email protected]" ["parent_title"]=> string(9) "Resources" ["parent_id"]=> string(3) "300" ["parent_route"]=> string(9) "resources" ["parent_alias"]=> string(9) "resources" ["alternative_readmore"]=> NULL ["layout"]=> NULL ["params"]=> object(Joomla\Registry\Registry)#5271 (3) { ["data":protected]=> object(stdClass)#5267 (95) { ["article_layout"]=> string(14) "momentum:newne" ["show_title"]=> string(1) "1" ["link_titles"]=> string(1) "1" ["show_intro"]=> string(1) "0" ["info_block_position"]=> string(1) "0" ["info_block_show_title"]=> string(1) "1" ["show_category"]=> string(1) "1" ["link_category"]=> string(1) "1" ["show_parent_category"]=> string(1) "0" ["link_parent_category"]=> string(1) "0" ["show_associations"]=> string(1) "0" ["flags"]=> string(1) "1" ["show_author"]=> string(1) "1" ["link_author"]=> string(1) "0" ["show_create_date"]=> string(1) "0" ["show_modify_date"]=> string(1) "1" ["show_publish_date"]=> string(1) "1" ["show_item_navigation"]=> string(1) "1" ["show_vote"]=> string(1) "1" ["show_readmore"]=> string(1) "1" ["show_readmore_title"]=> string(1) "1" ["readmore_limit"]=> string(3) "100" ["show_tags"]=> string(1) "0" ["show_icons"]=> string(1) "1" ["show_print_icon"]=> string(1) "1" ["show_email_icon"]=> string(1) "1" ["show_hits"]=> string(1) "1" ["record_hits"]=> string(1) "1" ["show_noauth"]=> string(1) "0" ["urls_position"]=> string(1) "0" ["captcha"]=> string(0) "" ["show_publishing_options"]=> string(1) "1" ["show_article_options"]=> string(1) "1" ["save_history"]=> string(1) "1" ["history_limit"]=> int(10) ["show_urls_images_frontend"]=> string(1) "0" ["show_urls_images_backend"]=> string(1) "1" ["targeta"]=> int(0) ["targetb"]=> int(0) ["targetc"]=> int(0) ["float_intro"]=> string(4) "left" ["float_fulltext"]=> string(5) "right" ["category_layout"]=> string(14) "momentum:newne" ["show_category_heading_title_text"]=> string(1) "1" ["show_category_title"]=> string(1) "1" ["show_description"]=> string(1) "0" ["show_description_image"]=> string(1) "0" ["maxLevel"]=> string(2) "-1" ["show_empty_categories"]=> string(1) "0" ["show_no_articles"]=> string(1) "1" ["show_subcat_desc"]=> string(1) "1" ["show_cat_num_articles"]=> string(1) "0" ["show_cat_tags"]=> string(1) "1" ["show_base_description"]=> string(1) "1" ["maxLevelcat"]=> string(2) "-1" ["show_empty_categories_cat"]=> string(1) "0" ["show_subcat_desc_cat"]=> string(1) "1" ["show_cat_num_articles_cat"]=> string(1) "1" ["num_leading_articles"]=> string(2) "14" ["num_intro_articles"]=> string(1) "0" ["num_columns"]=> string(1) "0" ["num_links"]=> string(1) "0" ["multi_column_order"]=> string(1) "0" ["show_subcategory_content"]=> string(2) "-1" ["show_pagination_limit"]=> string(1) "0" ["filter_field"]=> string(4) "hide" ["show_headings"]=> string(1) "1" ["list_show_date"]=> string(9) "published" ["date_format"]=> string(0) "" ["list_show_hits"]=> string(1) "0" ["list_show_author"]=> string(1) "1" ["orderby_pri"]=> string(4) "none" ["orderby_sec"]=> string(5) "rdate" ["order_date"]=> string(9) "published" ["show_pagination"]=> string(1) "2" ["show_pagination_results"]=> string(1) "1" ["show_featured"]=> string(4) "show" ["show_feed_link"]=> string(1) "1" ["feed_summary"]=> string(1) "0" ["feed_show_readmore"]=> string(1) "0" ["sef_advanced"]=> int(1) ["sef_ids"]=> int(1) ["custom_fields_enable"]=> string(1) "1" ["show_page_heading"]=> NULL ["layout_type"]=> string(4) "blog" ["menu_text"]=> int(1) ["menu_show"]=> int(1) ["page_title"]=> string(70) "Retirement - Strategies and Guides for your Retirement Goals | nestegg" ["menu-meta_description"]=> string(191) "We all want to enjoy our retirement, so Nest Egg has compiled a dedicated section to superannuation options, retirement planning, and what you can do to get the most out of your golden years." ["secure"]=> int(0) ["page_description"]=> string(7) "nestegg" ["page_rights"]=> NULL ["robots"]=> NULL ["page_heading"]=> string(70) "Retirement - Strategies and Guides for your Retirement Goals | nestegg" ["access-view"]=> bool(true) } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["displayDate"]=> string(19) "2020-09-02 02:50:12" ["slug"]=> string(43) "15670:capitalising-on-the-covid-19-pandemic" ["catslug"]=> string(11) "302:podcast" ["link"]=> string(56) "/resources/podcast/capitalising-on-the-covid-19-pandemic" ["image"]=> string(43) "images/podcasts/Billie_Christofi_WEB_ne.jpg" ["image_alt"]=> string(0) "" } }

Latest Podcast

Capitalising on the COVID-19 pandemic...

Resources

There is $17.5 billion in lost and unclaimed super across ...

Retirement

Emotion, hard sells with pets costing retirees big

By Stephanie Aikins

November 08 2018
Share

Retirement

Emotion, hard sells with pets costing retirees big

By Stephanie Aikins
November 08 2018

Aussies are dishing out big bucks to take care of their pets, with retirees told to be cautious of being ‘up-sold’ on expensive toys, treats and extras.

Emotion, hard sells with pets costing retirees big

By Stephanie Aikins

November 08 2018
Share

Aussies are dishing out big bucks to take care of their pets, with retirees told to be cautious of being ‘up-sold’ on expensive toys, treats and extras.

New research has found that Australian pet owners are collectively paying a hefty $1.3 billion each year at the vet.

In a survey of 1,248 people conducted by finder.com.au, 64 per cent of animal owners admitted to taking their pet to the vet at least once a year, spending an average of $248.

According to Kate Browne, finder.com.au’s personal finance expert, it is the unforeseen costs of emergencies or developing conditions that can catch the 5.5 million Aussie households that own a pet off guard.

“The real cost of owning a pet is not the cost of buying the animal or even the food and accessories, it’s the money spent in vet consultations,” she said.

“The cost of annual check-ups and vaccinations stay fairly consistent but it’s the outlay for emergency care and acute health problems in animals that can quickly spiral.”

With both mental health experts and medical professionals actively advocating pet ownership as good for maintaining health in old age, it is estimated up to 30 per cent of retiree households have an animal.

2017 research produced by the Association of Superannuation Funds of Australia (ASFA) found that owning a dog requires an individual to have an additional $34,500 of super savings at the time of retirement. Cat owners need an extra $25,600.

This is on top of the $545,000 ASFA recommends a single person needs to enjoy a comfortable retirement.

At the time the research was released, ASFA CEO Dr Martin Fahy said these figures did not factor in unexpected emergencies or prolonged animal health issues.

“With the cost of a dog or cat being tens of thousands of dollars over its lifetime and in some cases much more, depending on diet, health issues and age, it’s worth checking your super calculations to make sure you have fully factored in your furry, feline, feathered or fishy friend,” he said.

Despite this, financial planner at Verante Financial Planning Liam Shorte told Nest Egg he believes the benefits of pet ownership far outweigh the potential strain on retirees’ budgets.

“From my experience a companion pet is worth its weight in gold for a retiree client. The additional cost of pet bills and food is offset by a much calmer and content client,” he said.

“I do home visits as well as have clients come in to the office, and on visiting their homes I can see the interaction with their pets and how much it adds to their enjoyment of retirement.”

Mr Shorte said retirees need to be cautious of being sold unnecessary extras for their furry friends in order to avoid spending in excess.

“What they do need to be wary of is getting the ‘up-sell’ from veterinary staff to expensive foods, treats, supplements, clothes or toys that the pets do not really need,” he said.

“Unfortunately, people do come to love these animals like family (or better) and are vulnerable to sales tactics. That is where the budget can blow out.”

Mr Shorte acknowledged that unanticipated pet costs can take a serious financial toll on retirees but highlighted that support services exist to assist this demographic of animal owners.

“Like with anything it is the unforeseen expenses that can blow out the budget. Many pensioners simply do not have spare funds for pet surgery, kennels while in they are hospital etc. Thankfully, there are some support services such as the RSPCA’s Pets of Older Persons (POOPS), Animal Aid’s Seniors for Seniors Program and Queensland’s Gold Hearts Seniors Pet Support Program to help alleviate the costs,” he said.

“These programs offer discount on vet bills, discounted boarding, home visits and help when you’re ill to take care of the pet while you recover. So, it’s important retirees see what is available in their own area.”

Forward this article to a friend. Follow us on Linkedin. Join us on Facebook. Find us on Twitter for the latest updates

Rate the article

Retirement Planning

Retirement time bomb requires complex thinking

The majority of Australia’s super assets now sit in the hands of retirees and pre-retirees, but many require more nuanced investment strategies to achieve the lifestyle they want in retirement, a ne...Read more

Retirement Planning

Why some Millennials are struggling to save for retirement

Millennials are struggling to save for retirement as they face challenges that are different from other generations. What are these reasons? ...Read more

Retirement Planning

Retirement Income Review cornerstone ‘not for everyone’

Despite being the cornerstone of the Retirement Income Review, an expert has highlighted that downsizing and withdrawing equity from a property might not be the solution for all older Australians. ...Read more

Retirement Planning

Effective tips that can help Millennials retire faster

Millennials have changed the cultural and societal landscapes of the world. This is unsurprising, given the fact that they are the best educated and most diverse generation in history. ...Read more

Retirement Planning

What you need to know to get ahead financially

Australians looking to get ahead are being advised to analyse their financial situation, set financial goals and reduce debt whenever possible. ...Read more

Retirement Planning

How to adjust your wealth strategy during COVID

Investors are being urged to be conservative about spending, reduce debt and be careful of assets that are supported by government spending, as they look to adjust their wealth strategies during the f...Read more

Retirement Planning

Should older Australians downsize their property?

Older Australians face the dilemma of not being confident about their retirement outcomes, but are among the wealthiest retirees in the world due to a large proportion of their wealth being tied up i...Read more

Retirement Planning

Self-funded retirees ‘hung out to dry’ by 2020 budget

The Association of Independent Retirees has slammed last night’s federal budget release, accusing the government of overlooking older Australians in its post-COVID-19 recovery plans. ...Read more

Listen