5 Great Tips to Save Money

5 Great Tips to Save Money

by Katherine Hymer

According to a Google search for ‘top New Year’s resolutions’, “25% of people want to ‘spend LESS and save MORE’.”

What are your New Year’s resolutions for 2017? Stay fit and healthy? Live life to the fullest? Are you in that 25% that want to spend less and save more?

Well, this article is the one for you! Here at Debt Recoveries Australia, we have listed 5 great tips to save money so you can follow through with your New Year’s resolution.

1. Check all invoices and bank statements at the end of the month.

This is a great way to keep a record of what is coming in and what is going out of your bank account of each month. If you have a better idea of your budget, what you can reasonably afford and how much profit you are dealing with, you will have a better idea of how and where to save on extra money.

2. Make sure that all your credit cards are paid off.

Not only is this a good practice to ensure you are on top of your finances, but by not paying off your credit cards, this can affect your credit history (read previous Debt Recoveries Australia blog posts to find out more about credit history)!

Having a negative credit history can potentially affect: what sort of credit card you can get or if you can take out a loan, finding a job, searching for a place to live, and taking out insurance policies and many more!

3. Pay off ALL debts – whether BIG and SMALL.

A debt doesn’t have to be an overwhelming big sum of money for it to be a problem! A debt can still be that $4.00 (coffee is so expensive in Melbourne now) you owe Deborah for shouting you a coffee last week.

Aim to have all debts, BIG or SMALL, paid off. Practice good habits and then when or if any bigger debts come in, they won’t feel as overwhelming. Another great place to start is by paying off your interest-bearing debts first!

4. Don’t throw away little amounts of money!

Do you enjoy going down to your local barista every morning for your almond milk flat white? Sure, your barista may be great (you genuinely have a friendship with them now) but that $4.50 you’re spending daily does add up. At the end of your business week you have spent $22.50. Let’s not go into how much that will cost you for an entire year; it’s an upsetting figure.

Maybe it’s time to break up with your local barista for the morning coffee, your deli person for your lunch pick-up. Most of all, DO NOT order an Uber during a surge rush!

Start thinking of ways to cut down on the little expenses and you will be surprised at how much you will end up saving!

5. Create a savings account.

A lot of individuals keep all their income/spending/saving money in the one account. Think about opening another account purely for savings. This will help you not ‘accidentally’ dip into your savings account and keep that money aside for purely your savings.

We hope these tips help you for the New Year! Let us know what tip you find most helpful or the one you will most likely use!

 

Debt Recoveries Australia is the expert at recovering your outstanding debts without the drama. For more information, email us at email@debtrecoveries.com.au or call 1300 799 511. Tell us your problems on Skype at “debtrecoveries”.

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