Six ways to help you save money!!!
There are lots of different reasons people decide that they want to save money. Here are a few tips to help you with your savings journey.
- Save first
Now that might sound funny however as soon as you receive your pay it is a good idea to set aside a set amount. It’s a good idea to do this first before you spend any money. A helpful mindset would be to treat it as if it is a bill that you have to pay, however it is building to your end goal. It’s a great idea to visualise what you are saving for to help motivate you.
- Consolidating debt
Another method is to consolidate your debt, it is a great method to take control of your debts. Rather than have debt spread across different accounts, see what you can consolidate. This will help manage the payments and you could possibly secure a better interest rate.
- Learn the difference between a need and want.
Another effective method to achieve your savings goals is to cut down or completely cut out on unnecessary spending e.g. smoking or your daily coffee. I know you may be thinking ‘’but my coffee is only $4 a day’’, however by cutting it out you could save over $120 a month or $1400 per year.
- BYO Lunch to work
Rather than buying lunch everyday which quickly adds up, you can prepare a lunch to bring to work or utilise your dinner leftovers. Most Australians throw away a staggering 30% of their grocery shop. It is a terrible waste and not so good on your bank account. These small changes could save you hundreds of dollars a week and thousands a year!
- Open a savings account
For many people, keeping savings in a separate account from your everyday transaction account helps reduce the temptation of spending. If you set it aside in a savings account that pays interest, the bank will reward you for leaving the savings in the account.
- Write a shopping list
A very simple method to save some money is by simply writing a shopping list before hitting that supermarket. This way you can plan out your meals for the week and stick to the list and not be tempted to buy extra items you don’t really need.
We hope that some of these tips give your savings a boost and get you thinking of other creative ways to save some money. Contact us for additional information about giving your savings a boost.