Everyone loves a little extra cash in their back pocket. Use these simple steps to get your money working harder for you and put you on the fast-track to wealth.
- Review your expenditure
Put your lifestyle under the microscope and work out where you can make savings. Ask yourself: ‘What can I live without?’ Is it essential you go out for dinner every week? Do you really need a car upgrade every 3- 4 years?
What about other outgoings? Look at everything from petrol to groceries to transport and rent. Try to identify where you can cut corners on costs without making too many compromises on the quality of your lifestyle.
- Be mortgage-smart
There are many useful tricks to squeeze the most out of your biggest financial commitment. Consider upping the frequency of mortgage payments (e.g. weekly rather than monthly); use a mortgage offset account and/or continue with the same repayments even if the interest rate drops.
These small changes won’t have a huge impact your lifestyle but you’ll soon see the massive difference they make on the length of your loan and how much interest you pay.
- Get in the savings habit
Automatically schedule a set amount of your pay each month/week into your savings account. It’s a great way to form a ‘better-money-management’ habit. It doesn’t really matter how big or small the amount is – all that counts is you save something and form the habit. In time, you’ll find it much easier to increase the amount you put away.
- Review all bills regularly
Just about every bill benefits from a regular review, whether that’s monthly, quarterly, half-yearly or annually.
Consider everything – utilities, mobile phone plans, internet, insurance (car, home and health), gym memberships, even children’s lessons (ask for discounts if they’re doing multiple lessons or you have more than one child doing them).
Don’t be afraid to haggle to get a better deal. Most companies have some wiggle room if it means keeping your custom. You can do it online but may experience greater success over the phone. Bundling plans and insurance is always a good cost-saver too.
- This one is hard but it’s key
Now this tip can be tricky to stick to but try your best to only spend what you have. Credit cards are not cash!
Are you struggling to stay on top of your spending? If you could use an extra hand in getting your budget under control, feel free to contact us here at Professional Partners. We can offer you a range of great advice from helping you forecast your budget to innovative tools to assist with mortgage repayments.