|January 26, 2018||0|
In today times, saving money is a desire that everyone wants to achieve, but usually it can be a complicated task for most people. Mortgage repayments, bills, food, and everyday essentials add up quickly, leaving most households with little to no savings. Having the ability to save money and improve your life seems to be a paradox, as we typically associate a better life with spending more money! Irrespective of this, small lifestyle modifications can have a significant effect on your savings balance with time, and investing these savings intelligently will truly enhance your life in the long-run. All it takes is some self-discipline, motivation, and education.
With the new year upon us, now is a suitable time to assess your financial state and plan to keep track of your spending habits and reduce needless expenses. After all, saving money means earning more than you spend, so here are the best ways you can save money in the new year to acquire a better future for you and your family.
Evaluate your financial situation
If you don’t understand your financial scenario, then there’s practically no way that you can improve it! Being able to make reliable financial decisions starts with knowledge and understanding where your money is being spent. Most of the time, it’s difficult to track our expenses, so it’s a sensible idea to start keeping your receipts and reviewing your expenses every week to acquire a better understanding of your spending habits. This is the most important step in being able to save money. Now, let’s look at some specific money saving techniques.
Saving money on food is a lot easier than you would believe. The trick is to plan your meals a week in advance before you visit the grocery store. Once you’ve planned your meals and the necessary ingredients, produce a list and stick to it! Don’t go grocery shopping hungry either, that’s a sure way to spend unnecessary money impulsively. It’s also a clever idea to have a pen and paper in the kitchen, so when you run out of a specific ingredient, you won’t have to make a second trip to the grocery store in case you forget.
Electricity is another useful way in which you can reduce expenses by making some slight changes. The most effective way to save electricity is by switching off home appliances at the power point when they’re not being used. While the devices aren’t being used, an active electricity socket nevertheless uses electricity, and these costs can really aggregate over time. Other ways to conserve electricity is to use fans in place of air conditioners, switching off lights that aren’t being used, using hot water bottles as opposed to electric blankets, and using a clothes line instead of a dryer.
All of us have to let off some steam after a hard day’s work, so a glass of wine and some cable TV does the trick for most people. Unfortunately, cable television is a huge expense that is hardly ever used to its full potential. Take a look at switching to streaming services like Netflix or Hulu which cost somewhere around $10 a month rather than the average $70 a month for cable TV. That’s a saving of over $700 a year alone. In addition, instead of eating out with friends once a week, consider hosting a dinner night where each person brings a dish and their beverage of choice. You can rotate hosts, save lots of money, and never need to be concerned about being too noisy!
Invest your savings
While the above tips are far from comprehensive, saving money by making simple changes gives you more financial options to enhance your life. You could use these savings to appreciate a family holiday once a year, or you may wish to invest your savings in a diversified investment portfolio. Whatever you chose, the fact of the matter is that we can all make small sacrifices to save money which can be used to improve our lives.
Dealing with Debt?
If you’ve found yourself in a position where you’re constantly struggling with debt and can’t see any way out, there are a handful of options available for you. You don’t need to live your life in anxiety and stress, and the faster you act to fix your situation, the more possibilities will be available for you. If you require professional advice on any financial challenges that you’re currently facing, don’t wait any longer. Speak to the specialists at Bankruptcy Darwin on 1300 818 575, or visit our website for additional information: http://www.bankruptcy-darwin.com.au/