|January 26, 2018||0|
These days, saving money is an agenda that every person wants to accomplish, though usually it can be a strenuous task for many families. Mortgage repayments, bills, groceries, and everyday essentials build up rapidly, leaving most families with little to no savings. Having the capacity to save money and improve your life seems to be a paradox, as we mainly associate a better life with spending more money! In spite of this, small lifestyle changes can have a significant effect on your savings balance in time, and investing these savings sensibly will certainly enhance your life in the long-term. All it takes is some discipline, commitment, and knowledge.
With the new year upon us, now is a suitable time to look at your financial position and plan to monitor your spending habits and reduce nonessential 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 ensure a better future for you and your family.
Analyse your financial situation
If you don’t understand your financial condition, then there’s probably no way that you can strengthen it! Having the capacity to make reliable financial decisions begins with knowledge and understanding where your money is being spent. A lot of the time, it’s hard to track our expenses, so it’s a smart idea to start keeping your receipts and reviewing your expenses every week to obtain a better understanding of your spending habits. This is the most critical step in being able to save money. Now, let’s explore 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 head to the grocery store. Once you’ve planned your meals and the related ingredients, write a list and stick to it! Don’t go grocery shopping hungry either, that’s a sure way to spend unneeded money impulsively. It’s also a good idea to have a pen and paper in the kitchen, so when you run out of a specific ingredient, you won’t have to make a second trip to the supermarket in case you overlook it.
Electricity is another easy way in which you can cut expenses by making some slight changes. The most practical way to save electricity is by turning off home appliances at the power point when they’re not being used. Despite the fact that the devices aren’t being used, an active electricity socket continues to use electricity, and these costs can really add up in time. Other ways to save on electricity is to use fans rather than air conditioners, turning off lights that aren’t being used, using hot water bottles rather than electric blankets, and using a clothes line rather than a dryer.
All of us need to let off some steam after a hard day’s work, so a glass of wine and some cable television does the trick for the majority of people. However, cable television is a significant expense that is rarely used to its full capacity. Consider switching to streaming services like Netflix or Hulu which charge around $10 a month in contrast to the standard $70 a month for cable TV. That’s a saving of over $700 a year alone. In addition, instead of dining in a restaurant with friends once a month, try hosting a dinner night where each person brings a dish and their beverage of choice. You can rotate hosts, save loads of money, and never have to be concerned about being too loud!
Invest your savings
While the above suggestions are far from extensive, saving money by making slight changes gives you more financial choices to enhance your life. You could use these savings to enjoy a family holiday once a year, or you may wish 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.
Having problem with Debt?
If you’ve found yourself in a position where you’re continuously dealing with debt and can’t see any way out, there are a couple of options available for you. You don’t have to live your life in worry and stress, and the sooner you act to repair your situation, the more possibilities will be available for you. If you require professional advice on any financial challenges that you’re currently facing, don’t wait any longer. Get in touch with the specialists at Fresh Start Solutions Hobart on 1300 818 575, or visit our website for more information: Bankruptcy Hobart