6 Savings Tips!
Whether you are saving for your first home or your next holiday here are 6 great tips to help you on your savings journey.
Debt consolidation is a great way 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.
When you receive your pay it is a good idea to set aside an amount each pay cycle. You should do this first before you spend any money. You should 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.
Cut down on some luxuries
One of the most effective ways to meet your savings goals is to cut down or completely cut out on unnecessary spending e.g. smoking or your daily coffee. I know you might think ‘’but my coffee is only $4 a day’’, however by cutting out a daily coffee you could save over $120 a month or $1400 per year. It will add up to even more if you completely cut out cigarettes with today’s ever growing cigarette prices.
Pack you lunch for work
Rather than buying lunch everyday which will quickly add up, you can utilise your dinner leftovers and cut down on food wastage or simply prepare a lunch to bring to work. This could save you hundreds of dollars a week on buying lunch. This will extend that saving even further by reducing food wastage. Most Australians throw away a staggering 30% of their grocery shop which is terrible for the environment and your bank account.
Create a savings account
For some of us, 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
Another great idea is to write 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.