Nowadays, saving money is a quest that every person wishes to achieve, but generally it can be a challenging task for lots of individuals. Rent, bills, food, and everyday necessities build up quickly, leaving most households with little to no savings. Having the ability to save money and improve your life seems to be a paradox, as we mostly associate a better life with spending more money! Despite this, small lifestyle modifications can have an impressive effect on your savings balance over time, and investing these savings intelligently will naturally enhance your life in the future. All it takes is some self-discipline, commitment, and knowledge.
With the new year upon us, now is a fitting time to inspect your financial state and plan to keep an eye on your spending patterns and cut unnecessary expenses. After all, saving money means earning greater than you spend, so here are the top ways you can save money in the new year to ensure a better future for you and your family.
Assess your financial situation
If you don’t understand your financial circumstances, then there’s probably no way that you can strengthen it! Having the ability to make sound financial decisions starts with education and understanding where your money is being spent. Most of the time, it’s hard to monitor our expenses, so it’s a clever idea to start keeping your receipts and reviewing your expenses each week to garner a better understanding of your spending habits. This is the most important step in being able to save money. Now, let’s explore some specific money saving strategies.
Saving money on food is a lot easier than you would imagine. The trick is to plan your meals a week in advance before you head to 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 clever idea to have a pen and paper in the kitchen, so when you run out of a particular ingredient, you won’t need to make a second trip to the grocery store in case you forget.
Electricity is another practical way in which you can slash expenses by making some minor changes. The most efficient way to save electricity is by turning off devices at the power point when they’re not being utilised. Although the appliances aren’t being used, an active electricity socket nonetheless uses electricity, and these expenses can really aggregate in time. Other ways to conserve electricity is to use fans in place of air conditioners, switching off lights that aren’t being used, using hot water bottles instead of electric blankets, and using a clothes line instead of a dryer.
We all need to let off some steam after a hard day’s work, so a glass of wine and some cable television works for most people. The fact is, cable television is a big expense that is barely used to its full potential. Consider switching to streaming services like Netflix or Hulu which charge approximately $10 a month rather than the typical $70 a month for cable TV. That’s a saving of over $700 a year alone. Additionally, instead of eating in restaurants with friends once a week, try hosting a dinner night where each person brings a dish and their beverage of choice. You can rotate hosts, save heaps of money, and never need to worry about being too loud!
Invest your savings
While the above recommendations are far from exhaustive, saving money by making simple changes gives you more financial possibilities to improve your life. You could use these savings to indulge in a family holiday once a year, or you may plan to invest your savings in a diversified investment portfolio. Whatever you chose, the fact of the matter is that we can all make small sacrifices to save money which can be used to improve our lives.
Having problem with Debt?
If you’ve found yourself in a position where you’re continuously dealing with debt and can’t see any way out, there are a few options available for you. You don’t need to live your life in worry and stress, and the earlier you act to fix your situation, the more choices will be available for you. If you require professional advice on any financial troubles that you’re currently facing, don’t wait any longer. Speak with the specialists at Bankruptcy Experts Maitland on 1300 795 575, or visit our website for further information: www.bankruptcyexpertsmaitland.com.au