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Next level tools

By Co-Authors of Aussie FIRE

Chapter 25 of Aussie FIRE, a collaboration between 20 of Australia's top FIRE experts

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Below is a crowdsourced list of our co-authors’ favourite FI resources. Take advantage at these useful resources. They've definitely been helpful to many of us on our journeys, specifically:

Financial Services

Pearler

Transferwise

The best platform for sending and receiving foreign currency. You can get local bank details in all the major currencies and move money at close to the spot rate. - Kurt, Pearler

Raiz

Raiz is a mico-investment platform that allows you to start investing with as little as $5. Micro-investment tools, such as Raiz, are so great as investing a lot of money into shares, etc can be off-putting for the average person. But, investing small amounts that accumulate over time is more palatable as these people don't struggle anyway near as much with letting go of small amounts of cash at a time. Therefore, micro-investing through Raiz makes Financial Independence more achievable for the average person as the "risk" they see in letting go of large sums of money is removed, and therefore they are much more likely to start investing, rather than just keep their money in low-return bank accounts that don't allow them to keep up with inflation and get ahead. A review of Raiz can be found here. - The Flawed Consumer

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Calculators & Tracking

MoneySmart Compound Interest Calculator

It's a legit calculator from the government ASIC website. There are also many other useful calculators on the website specifically for Australians. - Sustainable Living

Moneytree

Moneytree offers a really great free product. Other than budget tracking, Moneytree also offers tracking of Credit Card reward points. We also found it pretty convenient that Moneytree lets us correct/ edit spend amounts and categories. Read our review here. - Two To FIRE

Pocketbook

Finally! An actually accurate way to assess how much you really spend. Budgets never worked for the Aussie doc household. Now we can track our spending through Pocketbook (assuming your bank allows it) and see exactly where we can cut back. - Aussie Doc Freedom

Sharesight

Sharesight is an investment tracking platform that we have been using. It allows for automatic dividend reinvestment tracking and also accounts for brokerage fees which helps in calculating the actual portfolio returns. We use their asset allocation and portfolio management reports quite frequently too. - Ms. FieryIce, Two to FIRE

Microsoft Excel & Google Sheets

Plugging in your own numbers allows you to better understand and then control your own budget and financial projections. If you rely on a black box where numbers go in and out without you understanding them, you risk missing things. - HisHerMoneyGuide

MS Excel is the most underrated FI tool. I'm a fairly old-fashioned kind of guy, so the good ol MS Excel is an invaluable tool to use for FIRE. I think many of us understand how to use Excel properly - but when it comes to calculations and numbers and all that jazz, Excel does it perfectly. - The Frugal Samurai

Networthify Early Retirement Calculator

Networthify is an extremely simple to use calculator which lets you plug in your income, expenses, and gives you a concrete timeframe of when you'll reach FI. I love it because it's so user-friendly, you can quickly adjust the numbers and see what the impact of spending less, earning more etc. does to your retirement date. - Strong Money Australia

Use a chart to track spending

It keeps your purchases intentional instead of being impulsive. Also, don’t be a short-term thinker. Keep your eye on the prize. - Burning Desire for Fire

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Money Saving Tools & Tips

MotorMouth

Website and app that’s great for getting super-cheap petrol in your area. We save around $500 a year using it. - Keepin’ It Frugal

Shopback

Shopback is where you can earn free CASH back just for spending how you normally would online. All you do is click on a store that you want to shop through (or get the chrome extension and you’ll be notified when there is cashback available) and shop how you would normally. Read review here. - All About Balance

Debt recycling

In a nutshell, debt recycling is a way to turn non-deductible debt into deductible debt. Why would anyone want to do that? Simple. Deductible debt can be offset against your income, helping to lower your taxable income (so you pay less tax!). Anything that reduces tax is a win in my book – why give the taxman any more than his share? - A Family on FIRE

Salary sacrifice to save on tax

For many, tax is our largest expense. Salary sacrifice seems complicated, but is really simple to set up and save large amounts of tax. - Aussie Doc Freedom

Study at Open Uni

Always good to boosting your skills and income levels, which is why I recommend Open Uni - In this day and age, no one can take their job for granted. So it's never been more important to keep on upskilling and increasing those streams of income. Open Learning is a great hub to learn new skills and pursue other career paths to ensure we can maximize our number one financial asset - ourselves. - The Frugal Samurai

Get started!

Don't stay frozen with fear if financial stuff is new to you. Start putting things in place now. Start where you are. - Burning Desire for Fire

Having a budget

What's not measured cant be managed'. The Ability to set financial goals is critical to Reaching FI. A budget helps you to 'Pay yourself first' the amount that is required to reach those goals, then prioritise what’s important and spend what’s left on that. - Project Palm Tree

Packing your own lunch every day. Seriously.

That and not buying barista coffee (don't get me started on that - I'm a passionate tea drinker) You might think that packing a lunch every day sounds kind of mumsy. But it's all about habits, and the mindfulness of habits. It's one of the quickest ways to give yourself a payrise. There are many ways to save money, and many of them are structural (e.g. selling a car, moving house) or one off (better insurance deal). Food is ongoing - and every time you do it, it signals you are on course to achieve your goal. - The Joyful Frugalista

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Books & Podcasts

The Simple Path to Wealth by JL Collins

If you’re looking for a book that gives you a no-nonsense approach to planning your financial future with the greatest level of ease possible, then this book is the one for you. Although written from a US perspective, JL certainly includes useful aspects in this book for all readers and is a huge advocate of making money simple and easy to understand. One of the reasons so many people stay away from the share market, is the sheer number of products and companies out there to choose from, but JL cuts through the noise and points you in the direction of index funds, or ETFs (for Australians) and examines the simple math behind building wealth through it. - How to Money

Atomic Habits by James Clear

Achieving FI requires consistency and good money habits; learning how to create a good habit and break a bad one is a game changer. See my review here. - Latestarterfire

Millennial Money by Patrick O’Shaughnessy

Patrick uses this book to explore one of young people’s greatest advantages, ‘the chance to build a fortune by making early investments in the stock market’. He clearly steps out how to get started, and reminds young people that holding cash over time erodes your purchasing power. The book introduces three key principles to follow when investing in the stock market: go global, be different, and get out of your own way. - How to Money

Property Couch podcast

I am so grateful to have stumbled upon the Property Couch podcast. Without Empower Wealth Property Advisory Services, I wouldn’t have had the confidence to take the plunge into property investing - a goal of mine for many years. - Aussie Doc Freedom

The Year of Less by Cait Flanders

This is a phenomenal book that really makes you examine your relationship with the stuff in your life, and whether you are a mindful consumer. Cait provides a refreshing and honest view of she overcame her unhealthy relationship with money and material possessions. The book definitely made me start selling my unused items on Gumtree and think about my purchasing decisions. Ask yourself — ‘Do I really need it?’ - How To Money

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At Pearler, we pride ourselves on the quality of the financial advice we give. Please note though, that this advice has not been tailored for you. You have unique financial goals, circumstances and needs which may make this advice inappropriate, and it is important that you know whether it applies to you. If you are unsure we urge you to speak to someone you trust who is competent with money and understands your individual needs, whether they be a trusted friend or professional.

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We've worked with Australia’s top FIRE experts to create Aussie FIRE: The Ultimate Guide to Financial Independence for Australians.

It covers all the knowledge, processes and tools you need to succeed on your journey - from taking your first step to becoming FIRE'd!

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