|January 26, 2018||0|
These days, saving money is a desire that everyone wishes to achieve, though often it can be a complex task for lots of people. Rent, bills, groceries, and everyday essentials add up quickly, leaving most families with little to no savings. Having the capacity to save money and improve your life appears to be a paradox, as we generally associate a better life with spending more money! Despite this, small lifestyle modifications can have a dramatic effect on your savings balance over time, and investing these savings sensibly will truly improve your life in the long-run. All it takes is some discipline, commitment, and knowledge.
With the new year upon us, now is an ideal time to appraise your financial situation and plan to keep an eye on your spending habits and trim unneeded 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 ensure a better future for you and your family.
Examine your financial situation
If you don’t understand your financial condition, then there’s virtually no way that you can strengthen it! Having the capacity to make prudent financial decisions starts with knowledge and understanding where your money is being spent. Most of the time, it’s difficult to monitor our expenses, so it’s a wise idea to start keeping your receipts and o2verviewing your expenses each week to garner 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 far easier than you would imagine. The trick is to plan your meals a week in advance before you go to the grocery store. Once you’ve planned your meals and the associated ingredients, produce a list and stick to it! Don’t go grocery shopping famished either, that’s a sure way to spend needless money impulsively. It’s also a great idea to have a pen and paper in the kitchen area, so when you run out of a certain ingredient, you won’t have to make a second visit to the supermarket in case you forget.
Electricity is another practical way in which you can cut expenses by making some slight modifications. The most beneficial way to save electricity is by turning off appliances at the power point when they’re not being used. Although the devices aren’t being utilised, an active electricity socket nevertheless uses electricity, and these expenses can really accumulate over time. Other ways to conserve electricity is to use fans instead of air conditioners, turning off lights that aren’t being used, using hot water bottles rather than electric blankets, and using a clothes line instead of a dryer.
We all need to let off some steam after a hard day’s work, so a glass of wine and some cable TV does the trick for most people. However, cable television is a substantial expense that is almost never used to its full potential. Take a look at switching to streaming services like Netflix or Hulu which charge close to $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 eating in restaurants with friends once a month, opt for hosting a dinner night where everyone brings a dish and their beverage of choice. You can rotate hosts, save heaps of money, and never need to worry about being too loud!
Invest your savings
While these suggestions are far from extensive, saving money by making small changes gives you more financial possibilities to enhance 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.
Dealing with Debt?
If you’ve found yourself in a position where you’re endlessly struggling with debt and can’t see any way out, there are a number of options available for you. You don’t need to live your life in anxiety and stress, and the quicker you act to repair your predicament, the more choices will be available for you. If you need professional advice on any financial challenges that you’re currently facing, don’t wait any longer. Speak to the specialists at Fresh Start Solutions Adelaide on 1300 818 575, or visit our website for additional information: Bankruptcy Adelaide