|January 26, 2018||Comments Closed|
Nowadays, saving money is a plan that every person wants to accomplish, but often it can be a challenging task for many families. Rent, bills, food, and everyday essentials add up rapidly, leaving most families with little to no savings. Managing to save money and improve your life appears to be a paradox, as we commonly associate a better life with spending more money! Despite this, small lifestyle alterations can have an impressive effect on your savings balance with time, and investing these savings wisely will truly enhance your life in the long-term. All it takes is some discipline, motivation, and education.
With the new year upon us, now is an ideal time to take a look at your financial position and plan to keep an eye on your spending habits and cut nonessential 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 ensure a better future for you and your family.
Examine your financial situation
If you don’t understand your financial circumstances, then there’s pretty much no way that you can improve it! Being able to make sensible financial decisions begins with knowledge 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 overviewing your expenses each week to garner a better understanding of your spending habits. This is the most essential step in being able to save money. Now, let’s uncover some specific money saving techniques.
Saving money on food is a lot easier than you think. The trick is to arrange your meals a week in advance before you head to the supermarket. Once you’ve planned your meals and the related ingredients, prepare a list and stick to it! Don’t go grocery shopping starving either, that’s a sure way to spend unneeded money impulsively. It’s also a good idea to have a paper and pen in the kitchen area, 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 overlook it.
Electricity is another useful way in which you can slash costs by making some small changes. The most practical way to save electricity is by turning off devices at the power point when they’re not being used. Even though the devices aren’t being utilised, an active electricity socket nonetheless uses electricity, and these costs can really add up with time. Other ways to save on electricity is to use fans as an alternative to air conditioners, turning off lights that aren’t being used, using hot water bottles rather than electric blankets, and using a clothes line instead of a dryer.
All of us need to let off some steam after a hard day’s work, so a glass of wine and some cable television suffices for most individuals. Unfortunately, cable television is a major expense that is almost never used to its full capacity. Take a look at switching to streaming services like Netflix or Hulu which cost roughly $10 a month rather than the typical $70 a month for cable television. That’s a saving of over $700 a year alone. Additionally, instead of eating out with friends once a month, opt for hosting a dinner night where each person brings a dish and their beverage of choice. You can rotate hosts, save stacks of money, and never need to worry about being too loud!
Invest your savings
While the above recommendations are far from comprehensive, saving money by making slight changes gives you more financial possibilities to enhance your life. You could use these savings to appreciate 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.
Dealing 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 have to live your life in fear and stress, and the quicker you act to remedy your predicament, the more solutions will be available for you. If you need professional advice on any financial hardships that you’re currently facing, don’t wait any longer. Talk to the specialists at Bankruptcy Newcastle on 1300 818 575, or visit our website for further information: https://www.bankruptcy-newcastle.com.au/