Saving money can help you become financially secure and provide a safety net in case of an emergency. The word “thrifty” is rarely thought of in a positive sense but that’s not fair because if we continually spend more than we earn, our debts will eventually catch up with us. However, being thrifty doesn’t mean doing without – quite the opposite. Watch the below video for simple savings tips or read the transcription below.
Being thrifty doesn’t mean doing without. Quite the opposite.
6 simple tips to help you build up your savings.
- Create a budget. And stick to it. Tip! Before you can get spending under control, you need to know how your income compares to your expenses. Download a smartphone app that can help you record everything you spend.
- Be debt smart. Make a list of your debts & organise them in order of annual interest rate. Pay off those debts with the highest interest rates first (likely your credit cards).
- Raid the pantry. Get creative in the kitchen regularly. This will help you save on groceries.
- Compare costs. Shop around on your home/health/car insurance, phone plans & electricity.
- Book a check-up. If you are more than a few years into your mortgage, it could be time for a review.
- Be organised. You would be amazed at how many gifts you buy each year. Make a list, allocate a set budget & buy gifts on sale where you can.
Enjoy! As you watch your bank balance increase, enjoy the feeling of being in control of your finances.
Would you like some help taking control of your finances? Contact us to book an appointment today.