|January 26, 2018||0|
These days, saving money is an aspiration that everyone hopes to achieve, though usually it can be a complex task for lots of individuals. Rental payments, bills, food, and everyday essentials build 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 typically associate a better life with spending more money! Despite this, small lifestyle alterations can have a dramatic effect on your savings balance with time, and investing these savings wisely will truly improve your life in the future. All it takes is some willpower, determination, and knowledge.
With the new year upon us, now is a fitting time to take a look at your financial situation and plan to monitor your spending patterns and reduce needless 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 acquire a better future for you and your family.
Analyse your financial circumstances
If you don’t understand your financial scenario, then there’s probably no way that you can improve it! Being able to make prudent financial decisions starts with education and understanding where your money is being spent. A lot of the time, it’s complicated to keep track of our expenses, so it’s a clever idea to start keeping your receipts and overviewing your expenses every week to obtain a better understanding of your spending habits. This is the most beneficial step in being able to save money. Now, let’s look at some specific money saving techniques.
Saving money on food is much easier than you think. The trick is to plan your meals a week in advance before you head to 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 needless money impulsively. It’s also a smart idea to have a paper and pen in the kitchen, so when you run out of a specific ingredient, you won’t have to make a second visit to the grocery store in case you forget.
Electricity is another simple way in which you can cut expenses by making some trivial modifications. The most effective way to save electricity is by switching off devices at the power point when they’re not being utilised. Although the devices aren’t being utilised, an active electricity socket continues to use electricity, and these expenses can really aggregate as time passes. Other ways to conserve electricity is to use fans as an alternative to air conditioners, turning off lights that aren’t being used, using hot water bottles as opposed to electric blankets, and using a clothes line rather than a dryer.
We all have to let off some steam after a hard day’s work, so a glass of wine and some cable television works for the majority of people. However, cable TV is a large expense that is almost never used to its full potential. Take a look at switching to streaming services like Netflix or Hulu which cost approximately $10 a month in contrast to the average $70 a month for cable television. That’s a saving of over $700 a year alone. Furthermore, 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 loads of money, and never need to worry about being too noisy!
Invest your savings
While these suggestions are far from exhaustive, saving money by making minor changes gives you more financial opportunities to enhance your life. You could use these savings to enjoy a family holiday once a year, or you may prefer 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 repeatedly battling with debt and can’t see any way out, there are a few 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 options will be available for you. If you need professional advice on any financial troubles that you’re currently facing, don’t wait any longer. Speak to the specialists at Bankruptcy Dubbo on 1300 818 575, or visit our website for additional information: http://www.bankruptcy-dubbo.com.au/