Most people in life want some extra cash available for a special occasion or a big purchase and saving for this can be daunting. So whether you have a big holiday planned, a wedding or want to buy a new car then saving some money will stop you from getting stung by a heavy bill. Taking control of your finances can feel as though you’ll have to miss out on all the luxuries that make life fun but that doesn’t have to be the case. Here are some easy ways to set money aside for your future:
Invest your money – If you’ve already accumulated a chunk of cash over the years or have got a small amount of inheritance then investing your money in stocks and shares and the markets may be the way to go for you. All investments in the markets are not guaranteed so it can be a risky business. However, if you find out more about trading terms from IG.com then you can arm yourself with a better understanding and be able to approach the markets or a broker with more confidence.
Set a budget – Look carefully at your current incoming and outgoing finances to find out what you are spending your money on. It may be a real wake up call to some of you who probably don’t realise how much you are spending on some areas. Once you’ve gone through your bank statements then make a list of all the essentials. Consider how you can make savings by setting a budget for your non-essential items so you don’t get carried away. Have a target of how much you want to save each month and work out how you can make up the extra money.
Switch – You’ve checked your bills and want to make a few extra savings so now you need to see if there are any bills that you can switch. Switching bills can feel like a chore but it will save you money. A quick way to do this is to try comparison websites that will do all the hard work for you. You’ll just need to enter a few simple details and press go! Some companies even have dedicated switch squads. They want your business so be prepared to negotiate.
Food swaps – We all have a shop that we like to get our groceries from but have you considered that most food is of the same quality or standard in every shop you visit?
If you are someone who likes to buy luxury brands then maybe trying an own brand luxury product might save you a few dollars each week. If you are happy to really try something new, then switch shops. Allprices.com.au compares the prices of groceries at Coles, Aldi, Woolworths and Harris Farm Markets.
Activity changes – Everyone enjoys hobbies or activities with their family and friends but some activities are cheaper than others. You don’t have to give this up completely; just consider which activities you can save on such as reducing the number of meals you eat out and swapping these with picnics or home cooked food. This could save you a few hundred dollars each year.
Try our tips and see how much you can set aside at the end of each month.