|January 26, 2018||Comments Closed|
In today times, saving money is an aspiration that every person hopes to achieve, but often it can be a strenuous task for most families. Rent, bills, food, and everyday necessities add up quickly, leaving most households with little to no savings. Being able to save money and improve your life appears to be a paradox, as we largely associate a better life with spending more money! In spite of this, small lifestyle alterations can have an inspiring effect on your savings balance over time, and investing these savings sensibly will naturally improve your life in the long-run. All it takes is some self-discipline, determination, and knowledge.
With the new year upon us, now is an ideal time to review your financial state and plan to keep an eye on your spending habits and reduce unnecessary expenses. After all, saving money means earning more than you spend, so here are the best ways you can save money in the new year to secure a better future for you and your family.
Inspect your financial situation
If you don’t understand your financial scenario, then there’s pretty much no way that you can improve it! Being able to make practical financial decisions begins with knowledge and understanding where your money is being spent. The majority of the time, it’s tough to monitor our expenses, so it’s a smart idea to start keeping your receipts and reviewing your expenses weekly to gain a better understanding of your spending habits. This is the most crucial step in being able to save money. Now, let’s uncover some specific money saving practices.
Saving money on groceries is a lot easier than you think. The trick is to plan your meals a week in advance before you head to the supermarket. Once you’ve planned your meals and the appropriate ingredients, write a list and stick to it! Don’t go grocery shopping famished either, that’s a sure way to spend needless money impulsively. It’s also a smart idea to have a pen and paper 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 forget.
Electricity is another manageable way in which you can reduce costs by making some small changes. The most productive way to save electricity is by switching off appliances at the power point when you’re not using them. Although the devices aren’t being used, an active electricity socket continues to use electricity, and these costs can really build up as time passes. Alternative ways to conserve electricity is to use fans rather than 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 have to let off some steam after a hard day’s work, so a glass of wine and some cable television does the trick for most people. Having said that, cable TV is a massive expense that is barely used to its full potential. Consider switching to streaming services like Netflix or Hulu which charge close to $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 dining in a restaurant 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 lots of money, and never have to worry about being too noisy!
Invest your savings
While these recommendations are far from exhaustive, saving money by making simple changes gives you more financial choices to improve your life. You could use these savings to enjoy a family holiday once a year, or you may plan 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 improve our lives.
Having problem with Debt?
If you’ve found yourself in a position where you’re frequently struggling with debt and can’t see any way out, there are a couple of options available for you. You don’t have to live your life in anxiety and stress, and the sooner you act to fix your situation, the more solutions will be available for you. If you need professional advice on any financial distress that you’re currently facing, don’t wait any longer. Reach out to the specialists at Bankruptcy Sydney on 1300 818 575, or visit our website for additional information: http://www.bankruptcy-sydney.com.au/