You may have heard this all before, but have you applied and started saving your money, using less of your credit cards, or compared your insurances? Well, there is no better time than now to implement these money saving tips!
1. Re-evaluate your largest expense
For most people, the largest expense owing is your rent or mortgage repayment. Depending on your outcome, it may be time to refinance your mortgage, or renegotiate your lease.
2. Plan ahead payments for the big events
Consider all your big events or expenses coming up this year, such as Christmas, an annual holiday etc. You will need to estimate how much it will cost and think about how you will pay for them? Using your savings instead of debt to finance these events will help you save significantly.
3. Pay on time to avoid late fees
By not paying utility bills on time, you are actually incurring an extra $10–$15 for each late payment. To ensure you pay on time, set up direct-deposit automated payments for all your bills.
4. Reduce your credit card debt
The key to getting on top of credit card debt is to understand exactly how much you owe, the interest you are being charged on the amount, and the final amount you will end up paying if you only pay the minimum repayment each month. The results can be quite confronting. It makes sense to pay off the debts with the highest interest rates first. By cutting back on unneccesary spending, the saved money can be used to help pay off this debt.
5. Every Year Compare and Select
Compare quotes every year when it comes to renewing your car or home insurance and engage another insurance provider if you can get the same cover at a cheaper price. You may also need to review your phone billing, gas, and electricity providers also.
6. Set up a savings not a spending account
You’re going to have SAVE and give some things up. Once you hit the particular goal you have set out to achieve, reward yourself with the new iPad or laptop you have been wanting. Mini splurges keep your budget from being boring and make you more motivated to cut costs elsewhere.
8. What exactly are you spending on?
Writing down every cent you spend over the course of a week will give you a clear indication of exactly where your money is going. Scrutinise your spending habits and look for ways that you are needlessly throwing money away. The reality is, you may not realise how much money you are wasting until you see it right in front of you. This is also a great opportunity to make sure you are still getting a good interest rate on your savings account and cancel any direct debits no longer needed.
At A & C Accounting and Taxation Services we can review your financial situation and help you achieve your goals faster. We have experienced financial planners, insurance brokers, mortgage brokers on hand for your further assistance. Contact us now on 0421 802 944 or email us on firstname.lastname@example.org for more information.