One of the biggest factors that impact on life, the one we revolve around more often than not, is money. We dream of being financially secure, able to buy what we want when we want and live debt-free. In reality, this can be a struggle to achieve, one of the best steps towards achieving this, however, is saving. If you’re not sure where to start saving or how to find ways to save, our money saving tips Australia can help you on your way.
Why Should I Save?
Portioning some of your income for savings should be treated as being as important as putting aside your rent money. Saving gives you a safety net for unexpected expenses such as bills, house repairs, dental work and more. When you do not have savings, you’re more likely to live on credit, which can have negative consequences.
If you’re unable to save, you’re also more likely to default on loan repayments or credit card bills. Following a savings plan and setting savings goals helps you learn to manage your money and stick to a budget. All essential elements to staying out of debt.
Saving also means you can enjoy your hard work. Holidays, shopping sprees, new technology and more can all be enjoyed in full when they’re not purchased using borrowed funds.
How To Save
The first step in learning how to save is to sit down and list all your known expenses. Using this information, create a budget that compares your spending against your earning. A good budget will show exactly how much you have left after expenses to put towards savings.
Should you be in the red, a budget can help you review your expenses and figure out what you can cut back on in order to save money. Not having a budget can be dangerous and lead to you consistently spending more than you make. Creating circumstances under which you can rapidly accrue debt you are unable to repay.
There are a number of easy-to-use savings and budgeting apps and online tools available to help you collate your financial details and stay on track.
Money Saving Tips Australia:
Once you have set up your savings plan in conjunction with your budget. It will be easier to see trends and areas where you may be able to save even more. Top money-saving tips include:
- Meal-planning. One of the best money saving tips Australia involves planning out your grocery shop you can avoid waste and cut back on unnecessary items.
- Take your lunch to work. Buying your lunch everyday costs at least $10, in a year this is over $2000 just on lunch. A packed lunch is healthier and can cost significantly less.
- Order online. Shopping for your groceries online can help you avoid temptation in the aisles. You can see your shop adding up in real-time and remove unnecessary items to stay on budget.
- Shopping online can also help you find the items you need on sale or to plan your grocery shop around sales.
- Compare and save. It is good practice to review your utility, insurance, phone and internet providers regularly. This ensures you are always signed up for the cheapest plan available.
- Tailor your private health insurance. Added extras cost, for example, if you’re not planning a baby, pregnancy cover is unnecessary and adds significantly to your premium. Remove the unnecessary cover and save the difference.
- Pay credit card debt, bills and loan repayments on time, every time. Avoiding late fees and ensuring your credit history remains healthy.
- The round-up approach, on every purchase, round-up to the nearest whole dollar and use this amount to save or invest.
What If I Can’t Save?
If your expenses are more than your incoming funds or you have debts you cannot pay down you need help. Hoping things will improve and brushing off a few missed payments is likely to harm your financial future. The longer you wait to address it, the harder it becomes to recover.
Learn How To Save And Avoid Bad Credit
Your poor spending and saving habits can lead to you having bad credit. Bad credit takes time to repair and some aspects such as defaults can remain visible for up to five years. Bad Credit Loans can help you overcome the consequences of your poor financial habits.
Our expert team can help you assess your situation and secure a bad credit loan if required. We can also help you with money saving tips and support you to take charge of your financial situation. If you haven’t always been a good saver and have inadvertently damaged your credit rating – you can still recover.
At Bad Credit Loans, there are a variety of options available for you including personal loans and business loans. Don’t let bad credit hold you back, contact us today.