We get it. Lots of us worry about money. Some experts say it’s the number one thing that keeps us up at night.
In our heads we often know we should do something a little differently, but it can all seem just too hard.
Tackling one thing at a time can put you back on the road to financial wellness and help motivate you to focus on doing bigger and better things with your money.
With that in mind we’ve put together some of our favourite tips. Why not choose one of the tips and see the difference it makes:
1) Have a dinner party instead of going out
Pot Luck – have it at your house, get all your mates to bring a dish and a bottle of drink to share. Round out the night with some board games, cards or a scary movie.
Progressive dinner party – find a group of people who are keen to move around. Start at venue 1 where the host is responsible for entrée, venue 2 mains and 3 desserts. Those not hosting a course can be responsible for drinks or host next time round.
2) Know exactly where your money goes
There are people who have no idea what they’re doing with their hard-earned money. They “blindly spending” forgetting about future commitments. If the money is available in your account, that doesn’t mean it’s OK to spend.
Use a spreadsheet or app to track your bills, expenses etc and make sure you are only spending what’s left!
3) Start a piggy bank
At the end of each day put any loose change in the piggy bank. At the end of the month cash it in and put the money straight to your savings account or credit card debt.
4) Credit card
Consider getting rid of your credit card and operating with a debit card. Plan how to pay off your credit card/s in full. Each time you don’t, there is an interest cost.
Check out information on Balance transfers.
Never pay late fees again. Have your bills set up to automatically debit your account.
6) Open a savings account
Open a high-interest savings account that is difficult to access. Automatically transfer funds into this account each pay day. Make sure you watch your balance grow.
7) Grocery shopping do’s:
- Buy your fruit and vegetables in season, you will save a heap.
- Check out Aldi for alcohol, it’s reasonably priced. If not Aldi, try Dan Murphys, as well as being consistently lower priced than other bottle shops, they will give you a discount if you find it somewhere else cheaper.
- Try it online – Coles deliver for free on a Wednesday if you spend over $100.
- Write a list and stick to it, it will help stop impulse buys.
- Go through the weekly catalogue before you hit the shops.
8) Grocery shopping don’ts:
- Don’t do it when you’re hungry
- Don’t be sucked in by rewards programs
9) Check your statements for payments for services you no longer use
- Do you really need Netflix and Foxtel?
- Do you pay for a gym membership that you don’t use?
- Do you have a magazine subscription for magazines you no longer really read?
10) Think before you buy
Try an outfit or shoes on that you really like then go and do your grocery shopping, or meet your friend for coffee.
If you still want to go back then go back and purchase.
Having time to consider whether you really need that item may mean you have more money in the bank at the end of the day.
Do you have any other tips to add to this list? Please share in the comments below.