|January 26, 2018||Comments Closed|
In today times, saving money is a goal that every person wants to accomplish, yet usually it can be a complicated task for many families. Rental payments, bills, food, and everyday essentials add up rapidly, leaving most households with little to no savings. Having the ability to save money and enhance your life seems to be a paradox, as we mostly associate a better life with spending more money! Despite this, small lifestyle adjustments can have a remarkable effect on your savings balance as time passes, and investing these savings wisely will truly enhance your life in the long-term. All it takes is some willpower, determination, and knowledge.
With the new year upon us, now is a suitable time to assess your financial state and plan to monitor your spending patterns and trim unnecessary expenses. After all, saving money means earning more than you spend, so here are the top ways you can save money in the new year to secure a better future for you and your family.
Take a look at your financial situation
If you don’t understand your financial circumstances, then there’s almost no way that you can strengthen it! Having the ability to make prudent financial decisions begins with knowledge and understanding where your money is being spent. The majority of the time, it’s tricky to monitor our expenses, so it’s a clever idea to start keeping your receipts and reviewing your expenses every week to obtain a better understanding of your spending habits. This is the most important step in being able to save money. Now, let’s discuss some specific money saving techniques.
Saving money on food is a lot easier than you would imagine. The trick is to plan your meals a week in advance before you visit the supermarket. Once you’ve planned your meals and the relevant ingredients, prepare a list and stick to it! Don’t go grocery shopping starving either, that’s a sure way to spend unwarranted money impulsively. It’s also a clever idea to have a pen and paper in the kitchen, so when you run out of a particular ingredient, you won’t need to make a second trip to the grocery store in case you overlook it.
Electricity is another useful way in which you can reduce expenses by making some slight alterations. The most helpful way to save electricity is by switching off appliances at the power point when you’re not using them. Even if the devices aren’t being used, an active electricity socket nonetheless uses electricity, and these costs can really build up in time. Alternative ways to reduce electricity is to use fans as an alternative to air conditioners, switching off lights that aren’t being used, using hot water bottles instead of electric blankets, and using a clothes line rather than a dryer.
We all need to let off some steam after a hard day’s work, so a glass of wine and some cable television works for most people. Unfortunately, cable television is a significant expense that is rarely used to its full potential. Look into switching to streaming services like Netflix or Hulu which charge 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. Furthermore, instead of dining in restaurants with friends once a month, consider hosting a dinner night where everyone brings a dish and their beverage of choice. You can rotate hosts, save loads of money, and never have to be concerned about being too noisy!
Invest your savings
While these suggestions are far from comprehensive, saving money by making small changes gives you more financial options to improve your life. You could use these savings to indulge in a family holiday once a year, or you might plan to invest your savings in a diversified investment portfolio. Whichever you chose, the fact of the matter is that we can all make small sacrifices to save money which can be used to enhance 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 fear and stress, and the quicker you act to fix your circumstances, the more choices will be available for you. If you require professional advice on any financial troubles that you’re currently facing, don’t wait any longer. Reach out to the specialists at Bankruptcy Perth on 1300 818 575, or visit our website for more information: https://www.bankruptcy-perth.com.au/