Money Smart Saving Tips
Having difficulty making ends meet? Struggling to pay down debt? Saving for something special? Whatever your reasons, if you want to save extra money each month you will need to focus on spending less by reducing your outgoings, and increasing your incomings if possible. Follow 1MUM's money smart saving tips to keep your cash in your pocket!
1. Review your budget - This is the best place to start and allows you to see at a glance where you could make any potential money smart savings.
2. Rent/mortgage payments - Can you reduce your costs in this area?
3. Utility bills - It pays to do your homework and shop around as providers may offer better deals in a competitive market than they did when you first signed on.
4. Insurance - Always shop around for insurance when you are taking out a new policy, it also pays to do so when you are renewing and it can even be worth a phone call to negotiate a better rate.
5. Food and entertainment - This is simply about making some smart choices to keep on top of your budget, it doesn't need to be all about missing out on the fun, for example:
7. Spending habits - Stop spending on credit cards and become a bargain hunter.
8. Increase your income - Ask for a pay rise and even consider taking on a second job babysitting, waitressing/bar work, retail, manual labour etc.
9. Set yourself a goal - Decide where you are happy (and able) to make your money smart savings and calculate what this will be each month. Once you have your figure, aim for it ... you should find it easier if you have a goal to motivate you!
For example, only taking into account the savings example listed in the food/entertainment section, you could potentially save up to $130 per week ... $6,760 per year.
10. Savings - You've done the hard yards, you've saved the cash, now don't blow it! And finally, ensure it earns as much interest as possible.