Savings Goals: One of the most popular financial goals. Everyone wants to save more money. This makes sense because the more money a person has saved, the easier it is to achieve other financial goals, such as paying off debt, buying a house, going on a trip or boosting your superannuation. But saving money is oftentimes easier said than done. So what can you do to make saving money your top priority? In this two part article, we’re going to show you just that!
Not sure what stores have the best prices on what you need? It used to be that if you wanted to compare prices, you had to drive from store to store, or collect advertisements and compare. These days, all you need to do is download an app or two on your smartphone and you can compare prices and save while you’re on the go. Simply search for price comparison apps on your phone, and also don’t forget to look for apps that give you cash back or other perks for when you shop!
When you just swipe a credit or bank card and go, it’s easy to miss how easy those little day to day charges add up to a big expense at the end of the month. Instead of using a card, set aside a cash in envelopes for things such as petrol, coffee, entertainment. You then only use that cash for those expenses. You’ll quickly see how much money is being spent and will be able to cut back on them, or make a promise to yourself that when the cash is gone, you won’t spend any more money in that category.
Speaking of being on the go, we are all busy and with being busy comes convenience. However, shopping at places such as convenience stores will deplete your money quickly. Not only are items there overpriced compared to the grocery store, but you’ll be more likely to spend extra money on things like coffee to go, snacks, or a quick bite to eat.
Think you can’t change your utility expenses like your electricity bills? Think again. You can make simple changes around the house such as using energy efficient light bulbs, using low flow shower heads and faucets, and turning down the heat, or upping the temp during cooling season when you’re not at home or at night.
Save money by not paying interest (or not paying as much in interest). If you have a clean payment history with your lenders that charge you interest such as credit card companies, you can always call to see if they are willing to lower your interest rate. You never know unless you ask, and if you can get your interest reduced, that’s money that you can immediately start saving!
These simple tips can help you reach your savings goals quicker and easier. Stay tuned for part two so that you can learn even more ways to save!