The 2014 Federal Budget has been highlighted for several budget cuts expected to save the economy billions of dollars. The recent announcement is expected to impact many Australians and should encourage them to assess their financial situation. Here are several hacks that we can use to save money and reduce the effects of the budget cuts.

1176251_27831922Family Hacks. The 2014 Federal Budget has made changes to the Family Tax Benefit, tightening the eligibility requirements and lowering the concessions. For parents looking for jobs, consider online freelance jobs as this allows parents to work at the comfort of their home while earning. For mortgage payments, you might want to consider opening an Offset Account, as your salary offsets the amount you owe, reducing the interest you are paying.

Student Hacks. Grab all the discounts you can get. Set aside $500 will make you eligible for a 10% discount in fees. Also check for student discounts in food, as establishments usually offer them. You might want to consider getting all the experience you can get by applying for internship that can boost your chances of landing a job after graduation.

Unemployed Hacks. Check the Human Services website to verify if you are eligible for Government support.

Pensioner Hacks. Contribute more to your super as this can make a huge difference when the time to claim comes. Also check for super that you may have not claimed in the past. For those that have held multiple jobs, consolidating your super can earn you max of your contributions. A good way to secure your future is to look for long term investments that can aid you in the future, such as Property.

Motorist Hacks. Consider purchasing a fuel efficient car and see if it saves you money in the long run. Take a public transport, or consider carpooling to save money.

Read more about this on the Finder.com.au website.

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Dorian Traill is the current Director of Grand Capital Finance Group and Fountain Property Group. He specialize in home loans for people as well as helping them build wealth through quality investment properties that ultimately lead to long term financial freedom.