Simple ways to save money
By Amanda Scali
Are you looking to save some dollars at the moment? It might be you are looking to invest in buying your first home, or the sudden urge to save could have been brought on by a change in the times and all the upheaval that coronavirus has caused, and you might be looking to put some extra dollars in the bank for a rainy day.
Whatever it might be for you and your family, having a savings plan doesn't need to be hard work. Simple changes can have a significant impact over time.
Set yourself up for success by planning out your budget and monthly spend and look to make small changes where and when you can.
Here are some things to consider.
If you have several credit cards or loans that you owe money on, now is a great time to look at consolidating a bit of your debt and locking in a competitive interest rate for your repayments.
Rolling all your payments into one can reduce the amount of interest you are paying and helps you negotiate a lower rate.
Cancel subscriptions you don’t need
An easy way to get more money back in your wallet is to cancel any monthly subscriptions that you are not using, such as streaming services, meal subscription boxes or iCloud storage.
Look at any recurring charges that you have on your credit card. It could be YouTube Premium, Spotify, Audible, Amazon Prime, Netflix. Do you use all of these things that you’ve been paying for? Are there any that you may not need as much these days?
Make your coffee at home or at the office
If you order coffee at the local café on your way to the office each day, you could be spending an extra $25 to $30 on takeaway coffee per week.
Swap your store-bought coffee with a cup of joe from home or swap to making coffee in the office with a pod machine or plunger to keep costs down.
Pick up a side hustle
With some Australians now unemployed or working fewer hours, embracing a new stream of income could help households rebound.
Think about where you could make some additional cash by having a side job or a creative project.
Ring around for quotes on insurance
Many people hold various insurance policies for items such as; life, health, car, business, home, investment properties and more; this is going to mean thousands of dollars in savings for you.
It’s a no brainer; get on that phone and put more money in your bank account today.