Beat Unnecessary Spending and Maximise Your Savings
Written by Stefan Del Zio
Just like any quick and easy solution, a short term plan to boost your savings won’t have real and long lasting effects. Incorporating some of the following tips into your ongoing approach to saving will help put you in control of your finances.
Get it over with!
Pay your debts off as soon as you’re able to instead of hoarding cash to pay it all at once.Consider consolidating your debt as this is a good way to reduce your fees and potentially the interest you pay as well.
Don’t waste money on unnecessary fees
Avoid unnecessary spending such as overdraw charges, late payment or ATM transaction fees – it all adds up and you could save hundreds of dollar a year.
Keep your eyes on the prize
Set up a separate savings account so that you can watch your little nest egg grow. After all, there’s no better saving inspiration than being able to see that it works.
Do not pass go, do not waste 200 dollars
When all else fails, employ the old trick of sending 10% of your pay straight to savings. A simple way to implement this is to set up a periodical Internet transfer to your savings account straight after payday.
Pay attention to your taxes
Being thorough with your taxes is obviously always the way to go. Pick up early on debts you may have accrued and do something about it now – or with any luck, find out what you might be entitled to.
Spring clean and keep it lean
Try your hand at eBay sales. Spring clean your house and find a way to make money from expensive items you never really used.
Get more bang for your buck
Regularly check to make sure you are getting the most competitive rate of interest from your savings account and that you are not paying unnecessary account servicing fees. As a Mutual ADI (credit union, building society or mutual bank) we are owned by our members, no external shareholders means profits come back to members through more competitive rates and fees.
Contact us today to find out how you can maximise your savings.