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View in browser Hey [First name] 👋 With yet another rate rise last week and the holidays just around the corner, now's a good time to make sure you're keeping as much of your hard-earned money as possible. We’ve pulled together a few practical moves you can make this month to help take some of the pressure off. Plus: Spotlight: How this solo Melbourne gardener keeps his admin and costs in check. New in Rounded: Easily manage sessions across devices + what's next in the pipeline And more helpful resources for sole traders 5 tips to keep more of what you earn 1. Log into myGov to check your ATO balance. If you're behind in your tax payments, you're far from alone. Sole traders account for 54% of large ATO tax defaults. But since the ATO's general interest charge (GIC) is no longer deductible, some debt can cost you more than it would have in previous years. If this is the case for you, speak to your accountant. They'll be able to advise on next best steps and potentially look at setting up a payment plan with the ATO. 2. Make your tax savings work harder. Higher interest rates aren't all bad news. If you have money set aside for tax or unexpected expenses, check what interest your bank is paying. Some savings accounts offer considerably better rates than others. MoneySmart has more information that can help you compare. It's important to make sure you can access the money when you need it, and remember that paying down debt may be a better use of spare cash in some cases. An accountant can advise what's best based on your circumstances. See how much tax to set aside as you earn with Rounded's real-time estimates. When you stop guessing, you stop tying up cash that could be used elsewhere. 3. Prepare for the summer season now. Start by calculating how much you'll need to cover your business expenses, personal living costs from now through February. Once you know how much you'll need, work backwards to see how much you'll have to earn each week before Christmas. If you're using Rounded, you can set income or profit goals to track your progress on your main dashboard. 4. Protect your margins when customers push back on price. With customers watching their budgets, it's tempting to offer discounts. But even small ones can take a big bite out of your profit, especially if your expenses are going up. Instead, consider reducing what's included, offering a smaller package or breaking larger projects / purchases into stages. 5. Look for savings that won't cost you more later. It's worth reviewing recurring expenses, but the cheapest option isn't always the one that saves you the most money. Before cancelling a service or switching to an alternative, consider the time, effort and potential costs involved. Could it mean: Jobs taking longer? Clients being less satisfied? More manual work taking up hours you could be spending on projects or business development? Even if you don't charge an hourly rate, putting a dollar value on an hour of your time can help put things into perspective. If the amount you save by cutting that expense isn't significantly greater than that dollar value, you may want to reconsider. +1 for Rounded users: Get December for free! Know another sole trader who would love Rounded? Send them our way, and you'll both get a free month when they sign up for a paid plan. Just shoot us an in-app message with the name of the person you've referred and we'll apply the credit to your accounts. Please note: The above is general information only. For specific advice based on your individual circumstances, you should always speak to a registered tax professional. The admin that nearly ate Tim's solo business (+ how he fixed it) Tim Le Grand has run Kanga Gardening in Melbourne's south east since 2020. In our latest blog, he shares the 5 habits that stop admin from eating into his paid hours and help him keep his costs down. Read it now What's new in Rounded? Easily manage your sessions ac