Investing For Life is always looking to save a dollar everywhere they go and you can do the same. Getting your personal money in order isn’t hard, just follow these tips to find out where you can spend more and potentially get extra money to help you meet your long- and short-term savings goals. Investing For Life is all about getting the best value for your money.
1. Always on a search for a cheaper option.
If you are looking into getting a new mobile data plan or broadband, take a closer look at your plan to see if you are still getting good value for money. New schemes are constantly being launched. So, if you have a long-term plan, you may be wondering how much you can save. Another option is to bundle your services. This not only saves you money, but also saves you the hassle of paying two bills. If you have insurance (including car insurance and health insurance), it is worth checking your insurance check to make sure you are paying for proper coverage. Call your insurer to make sure you get the best deal for your needs. Also, if you have a home loan, you can talk to your mortgage provider about whether you can negotiate a lower interest rate.
2. Unnoticeable expenses that are putting a whole in your wallet
Finding a way to reduce your expenses doesn't have to be dramatic. Take coffee as an example. If you're a coffee lover, giving it up altogether can leave you feeling sad or depressed. However, if you're used to going for coffee whenever you want, you can settle for morning coffee at first, but you don't need to go for usually caffeine run in the afternoon.
3. Bye Bye Takeout
This does not mean you stop all together, you just reduce how much you spend on buying takeout. Not only is preparing your own meals effective for increasing your health but it is also a cheaper option. Let's say you spend $10 a day to buy lunch. If you add it up in 5 days, it's $50. Buy lunch for 45 weeks of the year for $2,600. Looking at such numbers, it may be worth making your own lunch instead of buying it every day. And why do you just have lunch? Try setting up a menu of all meals during the week and creating a shopping list before going to the grocery store. If you have a plan for each meal. It also reduces the chances of splurge on takeout.
4. Track all your spending's
Where does your money go? This may seem like an obvious question; But stop and think about it, do you really know? One way to find out is to keep a spending journal. Keeping track of where you spend your money for a couple of weeks can be a real eye opener. You can buy a notebook and write down every purchase (that is, every coffee, every drink, and every takeout); Or you can download an app and keep track of your expenses on your phone. Once you've kept a spending journal for a couple of weeks, you'll probably be in a position to see where you can make changes to your spending habits.
5. Keep a budget
The idea of creating a budget may seem over the top, but setting one can be surprisingly easy. This way you know where your money is going, and you are able to save for both essential and nonessential expenses. With this tip in mind, you should be able to save extra money to help you achieve your financial goals. To start installing. Creating your own budget doesn't have to be difficult; A good place to start is to take a look at your bank statement and see where your money is going.
6. Pay off all debt
If you have low-interest personal loan or credit card debt, prioritizing these payments can make a difference in how much you actually save. Since some credit cards in Australia charge more than 20% interest, paying off your balance can make a difference in how much you save - the less interest you pay, the more you can put into your savings. To make sure you don't miss payments, or if you want to commit to paying more than the minimum payment each month, you might consider setting up a direct debit to your credit card or personal loan.
7. Create a savings plan
If you have found some areas where you can save money and are ready to begin your savings journey, establishing a savings plan is a great way to start. A savings plan is to find out what you are saving for, how much you need to save to reach it, and when you want to save it. Once you understand this, it's all about understanding how much you have to exceed on a regular basis to reach your savings goal.
8. Starting small
Savings money to meet your financial goals, may seem like a daunting task, but it is okay to start by saving a small amount on a regular basis, then accumulate more over time if you can. Keeping even a small amount separate can start to add up quickly, and when you see your balance increase, chances are you'll be motivated to save more. If you get an unexpected windfall like a tax refund or a work bonus, you can also use it to boost your savings extra.
9. Open a proper savings account
Not all bank accounts are the same. Some pay an initial bonus interest for a fixed term, while others pay bonus interest to reward regular savings, such as making at least one deposit per month and increasing your balance by the end of the month. Another advantage of putting your money in a savings account is that over time you will also get the added benefit of interest capitalization - where you will get interest on the interest you have already earned. The Australian Government also guarantees deposits of up to $ 250,000 held in authorized depository institutions such as banks and credit unions, so you can have peace of mind knowing that your savings are always safe if something happens to your bank or credit union.
10. Putting money into the autopilot
There is a difference between coming up with a savings plan and getting into the habit of saving money on a regular basis. For simplicity, consider arranging regular transfers to your savings account, perhaps in line with your payday.
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