|January 26, 2018||Comments Closed|
Nowadays, saving money is an agenda that everybody wants to achieve, but commonly it can be a strenuous task for many people. Mortgage repayments, bills, groceries, and everyday needs build up quickly, leaving most families with little to no savings. Having the ability to save money and enhance your life appears to be a paradox, as we usually associate a better life with spending more money! Irrespective of this, small lifestyle changes can have an impressive effect on your savings balance with time, and investing these savings intelligently will truly improve your life in the long-term. All it takes is some willpower, determination, and education.
With the new year upon us, now is an ideal time to assess your financial condition and plan to monitor your spending patterns and trim unneeded 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 acquire a better future for you and your family.
Analyse your financial circumstances
If you don’t understand your financial situation, then there’s pretty much no way that you can improve it! Having the ability to make sound financial decisions begins with education and understanding where your money is being spent. The majority of the time, it’s hard to monitor our expenses, so it’s a wise idea to start keeping your receipts and overviewing your expenses each week to garner a better understanding of your spending habits. This is the most vital step in being able to save money. Now, let’s look at some specific money saving techniques.
Saving money on groceries is far easier than you think. The trick is to arrange your meals a week in advance before you visit the grocery store. Once you’ve planned your meals and the necessary ingredients, write a list and stick to it! Don’t go grocery shopping hungry either, that’s a sure way to spend unwarranted 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 particular ingredient, you won’t have to make a second visit to the supermarket in case you overlook it.
Electricity is another manageable way in which you can reduce expenses by making some small alterations. The most helpful way to save electricity is by turning off devices at the power point when you’re not using them. Although the devices aren’t being used, an active electricity socket nevertheless uses electricity, and these expenses can really aggregate with time. Other ways to conserve electricity is to use fans as opposed to air conditioners, turning off lights that aren’t being used, using hot water bottles as an alternative to electric blankets, and using a clothes line as opposed to a dryer.
All of us have to let off some steam after a hard day’s work, so a glass of wine and some cable television suffices for most people. The fact is, cable television is a considerable expense that is hardly ever used to its full potential. Look into switching to streaming services like Netflix or Hulu which cost somewhere 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. Furthermore, instead of eating out with friends once a month, consider hosting a dinner night where every person brings a dish and their beverage of choice. You can rotate hosts, save heaps of money, and never have to be concerned about being too noisy!
Invest your savings
While these recommendations are far from exhaustive, saving money by making simple changes gives you more financial options to enhance your life. You could use these savings to indulge in a family holiday once a year, or you may choose 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.
Battling with Debt?
If you’ve found yourself in a position where you’re constantly battling with debt and can’t see any way out, there are a few options available for you. You don’t have to live your life in worry and stress, and the quicker you act to fix your predicament, the more choices will be available for you. If you require professional advice on any financial hardships that you’re currently facing, don’t wait any longer. Speak with the specialists at Bankruptcy Penrith on 1300 818 575, or visit our website for more information: https://www.bankruptcy-penrith.com.au/