Budgeting Tips- How to save money

With the recent interest rate rise, increasing petrol prices, and the overall cost of living, many of us continue to feel the pinch in our weekly money pockets. To assist our clients, we have put together several thought-provoking money-saving tips:

• Most importantly, be aware of what you are spending and take the time to actually look at your statements. Review your spending and where your money is going.
• Create a budget outlining your income and expenses, spending and savings. Ensure you aren’t spending more than you earn!
• Review your memberships and subscriptions, such as gym, food service deliveries, and streaming. Can you cut back on any luxuries? We often forget how many different services we are subscribed to!
• Take time out to think about what may trigger any unnecessary spending habits. Can you go for a walk instead of spending money online?
• Know the difference between your wants and your needs. But, don’t forget to ‘treat’ yourself occasionally!
• If you want to buy a new item in-store or online, adopt a personal buying policy of waiting 24 hours. Take some time to think about it instead of impulse purchasing.
• Avoid grocery shopping when you are hungry. Prepare a list and organise your meals in advance before hitting the supermarket.
• Create additional bank accounts for large annual expenses such as insurance premiums, rates and vacations. Top up the accounts each week/month to avoid unexpected financial pressure when the bills arrive.
• Consider structuring large expense items to be on monthly direct deposits. Monthly deposits can be more manageable than a large yearly sum.
• Cut down on ordering takeout, as this can add up compared to a home-cooked meal.
• Shake up your social calendar, do you always need to spend money when catching up with friends and family?
• Take the time to shop around for better deals. Is it time to review your insurance policies, electricity, gas and internet to find a better deal? You’ll be amazed at what you can save!

As you would have heard before, everything in moderation! We hope the above tips can encourage some small changes that will make these expensive times a little bit easier!