|January 26, 2018||0|
Nowadays, saving money is a quest that every person hopes to achieve, however commonly it can be a complex task for most people. Mortgage repayments, bills, food, and everyday essentials add up rapidly, leaving most families with little to no savings. Being able to save money and improve your life seems to be a paradox, as we mainly associate a better life with spending more money! Irrespective of this, small lifestyle changes can have an inspiring effect on your savings balance as time passes, and investing these savings sensibly will definitely improve your life in the long-term. All it takes is some discipline, determination, and knowledge.
With the new year upon us, now is an ideal time to analyse your financial position and plan to keep track of your spending patterns and trim needless expenses. After all, saving money means earning more than you spend, so here are the leading ways you can save money in the new year to acquire a better future for you and your family.
Analyse your financial circumstances
If you don’t understand your financial scenario, then there’s almost no way that you can improve it! Having the ability to make sound financial decisions begins with education and understanding where your money is being spent. Most of the time, it’s challenging to monitor our expenses, so it’s a wise idea to start keeping your receipts and overviewing your expenses weekly to acquire a better understanding of your spending habits. This is the most important step in being able to save money. Now, let’s take a look at some specific money saving strategies.
Saving money on food is much easier than you would believe. The trick is to arrange your meals a week in advance before you go to the supermarket. Once you’ve planned your meals and the necessary ingredients, write a list and stick to it! Don’t go grocery shopping starving either, that’s a sure way to spend unnecessary money impulsively. It’s also a good idea to have a pen and paper in the kitchen area, so when you run out of a certain ingredient, you won’t need to make a second trip to the supermarket in case you overlook it.
Electricity is another useful way in which you can cut down costs by making some minor adjustments. The most productive way to save electricity is by switching off home appliances at the power point when they’re not being used. Even if the devices aren’t being used, an active electricity socket nevertheless uses electricity, and these expenses can really add up over time. Alternative ways to conserve electricity is to use fans rather than air conditioners, turning off lights that aren’t being used, using hot water bottles instead of electric blankets, and using a clothes line as opposed to a dryer.
We all have to let off some steam after a hard day’s work, so a glass of wine and some cable TV suffices for most individuals. Having said that, cable television is a substantial expense that is hardly ever used to its full capacity. Take a look at switching to streaming services like Netflix or Hulu which charge around $10 a month in contrast to the standard $70 a month for cable television. That’s a saving of over $700 a year alone. In addition, instead of dining in a restaurant with friends once a month, consider hosting a dinner night where every person brings a dish and their beverage of choice. You can rotate hosts, save heaps of money, and never need to be concerned about being too loud!
Invest your savings
While the above techniques are far from exhaustive, saving money by making small changes gives you more financial opportunities to improve 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. 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.
Struggling with Debt?
If you’ve found yourself in a position where you’re continuously struggling with debt and can’t see any way out, there are a few options available for you. You don’t have to live your life in worry and stress, and the faster you act to fix your situation, the more opportunities will be available for you. If you need professional advice on any financial challenges that you’re currently facing, don’t wait any longer. Consult the specialists at Bankruptcy Geelong on 1300 818 575, or visit our website for further information: http://www.bankruptcy-geelong.com.au/