Saving is one of those things we all want to be able to do, we all understand is important, but we often ignore. This has become increasingly true in recent years for some reason, and represents a disturbing trend of failing to save.
Economists all have their own explanations, from our varying income levels, to soaring debt levels, to banks making it easier for us to spend than to save. Whatever the reason, it’s a poor excuse for leaving yourself in a potentially bad situation.
Did you know that right now, one in five Australians could not cover a $500 emergency expense? This is extremely worrisome. $500 isn’t nothing, but it’s one of the smaller emergency expenses that can come up.
This is why I’m going to encourage you to start saving now, regardless of income level or obstacles.
Saving is difficult, and definitely requires a decent amount of practice, but with just a bit of practice it is highly rewarding – and protective! Just think about the peace of mind you’d have knowing you had an emergency fund for just such a rainy day. Or that your retirement wasn’t looking as bleak as it is with your recent borrowing.
Saving often equates to peace of mind, but in our minds we all too often simply equate it with challenge or impossible.
So let’s go through some tips to get you saving now, and start seeing it as more peace promising than stress inducing.
Work with what you’ve got
A lot of people protest that they just have nothing to save. If you look over your expenses and your spending for the month I am willing to bet you can find at least one thing that was not a solid expense that you spent on, that represents income you could save. This doesn’t mean you can never spend again, it just represents the fact that, even if it’s a smaller amount than we’d like, we all have something to contribute to a different savings account.
Automate your savings
This option is one that can help a lot in the early days of tempting yourself to hold on to your savings. By automating your savings you make it like a bill, you take the choice out of your hand in that moment and greatly increase your chances of standing in the face of spending temptation.
Get rid of unwanted items at a garage sale or online
Why not kill two birds with one stone and declutter your house for a garage sale? This may only make a few dollars here or there, but that’s more than enough to contribute a bit extra to your savings account.
The bonus? Your house will feel more spacious and organised too! Talk about a win-win!
We’d all like higher incomes than the ones we have, and there’s nothing wrong with striving for them. But in the meantime, everybody should be saving something, be it a couple dollars per paycheque or more.
There might be many different reasons that you want to make some extra money. You might want to save for a holiday, have a little extra to spend on yourself or you might want to add to your emergency fund? Whatever it is you want extra money for it’s a good idea to not fall for any of those ‘get rich quick’ scams that abound out there.
It’s far safer to find a way to earn the extra in a way that is comfortable and accessible to you. We’ve selected the best sites and apps for Aussies that we’ve found to be the best payers and listed them here for you.