We all want to save money for a rainy day, have a nest egg for emergencies or enjoy splashing out on a holiday every year that we’ve counted pennies for, but building up the old bank account isn’t always that easy. These savvy saving tips will put you ahead of the pack and will ensure that you’ve got a little extra money to out away every month.
Draw Up An Accurate Budget
Lets be honest, when we draw up a budget we often tend to have a look at where our money is going, then simply shrug and admit defeat. We certainly don’t count every cent that comes in and out. If you want to really save money you need to track ALL your expenses over at least 3 months. This way, you can draw up an accurate budget.
Look at Where You Can Cut Back
If you’re getting your hair cut every month, splashing out on fancy lunches while at work or drinking 2 take out coffees a day, chances are you can cut back o the luxuries. If you’re not prone to splashing out, you’ll need to look a bit harder to identify where you can cut back, but we guarantee there are things you can save on.
Save Before You Spend
After you’ve paid al your essentials set aside a portion of money that you won’t touch. If you can, set up a separate account or savings pocket. Then, pretend you never had this money in the 1st place. Be realistic here, as if you put away too much you’ll find yourself dipping in when you need extra funds. If you can, put at least 10% of your salary away each month- or more, and if you win big playing pokies online, save as much of your windfall as you can spare.
Count the Coins
So often, we don’t even think of coins as real money! Pop a big jar or vase somewhere you walk past everyday at home, and pop your coins in. You’d be amazed at how fast these add up. You can also subscribe to the coin saving rule- every coin under a certain value gets popped in the jar!
Ditch Your Credit Card
It is amazing how much interest you accrue when you use your credit card. Rather, pay off your entire balance and keep your card somewhere safe for emergencies only. If you’ve got a few monthly bills that run off your card account ensure that you always have funds available to cover these, and rather keep your card from going in to the red You’ll soon see the rewards.
Set Up A Savings Plan
There are some really smart saving plans that are really simple. One that really works is the weekly saver. For every week of the year you save the equivalent amount+10. So in week 1 you save $10, and in week 30, $300. By the end of the year you’ll have a tidy sum tucked away, and you probably won’t have even noticed the money you’ve set aside has gone, as it is only small amounts at a time!