I wont lie – I love money and I love saving it! I also love being able to buy something when I see a good deal and that’s when my savings come to the fore.
Once you have your budgeting under control it’s fairly easy to begin squirrelling a little money away each week. After a while you’ll have savings accumulating and the habit of saving will be much more satisfying than the habit of spending or wasting your money. It does take a bit of time but it will happen if you don’t give up!
Keeping your hard earned money for yourself and not giving it away to others unnecessarily, in the form of mindless spending, will become second nature to you. Everyone’s spending habits are different so it’s up to you to look at your own spending habits and be responsible for the wasted money and also the saved money! As well as physically spending your money there are other ways you might be losing it – consider these below.
Here are 3 quick tips to get you started saving more easily:
1. Some banks offer basic bank accounts with:
- No account keeping fees
- No minimum deposit amounts
- Free monthly statements
- No overdrawn fees
This is an easy way to save money, some banks are greedy when it comes to fees. Do you have too many accounts? Do you know how much in fees you are paying each month? The Australian Bankers’ Association can easily help you find the banks that offer fee free accounts – Affordable Banking website.
2. Do you have credit card debt? How much interest are paying? How long will it take to pay this debt off? You can use our calculator on this page to check Paying down this debt is the absolute best way to start saving your money, look for the lowest interest and don’t be fooled by all the bells and whistles. Credit card debt is a financial stumbling block and can impede your saving progress throughout your whole life if you ignore it.
3. Are you paying more for things than you need to? Companies are out to make money, from you, so make sure you are only paying for what you need or want. Consider your electricity/gas account, Pay TV, Internet/phone plans, food/entertainment spending etc.
We found that the guys at WhistleOut have come up with a great website that takes a lot of the frustration away and lets you find the perfect plans.
Another website that we found easy to use was youcompare.com.au This site also lets you compare plans for Broadband, Gas and Electricity, Health and Life Insurance, Pay TV and even home loans. Look around for other deals and be savvy!
A little time to sort out the above money leaks can save you hundreds of dollars, if not more, and that money can go towards the things you want in life – so get checking!