If there’s one thing that life demands – it’s your hard earned cash. From utility bills and food, right through to home maintenance, clothing and even school trips for the kids; it can be pretty hard to even attempt to save money, let alone keep enough aside to go toward something in the future. Fortunately, and even with so many outgoings and expenses, it can still be possible to save – and here are a few budgeting tips for new savers in your position.
Hire an accountant
Of course an accountant’s services will come at a price, but if you make a point of hiring one that can help you to reduce how much you spend elsewhere, their fee should be more than covered in the process. For instance, your accountant might spot certain factors that you could be eligible to reclaim or reduce from your tax return, or they might notice certain activities which are wasting your money and could be better spent elsewhere (such as a magazine subscription).
Open a savings account
One of the most effective ways to get your saving goals off to a flying start is with a dedicated account. Most people find that the reason they spend their extra income is because they have such easy access to it. With certain savings accounts, terms dictate that the money can’t be touched for a particular amount of time – and in exchange for keeping your money with a specific bank, you could even receive a reward in the form of interest for your efforts.
Cut out needless spending
Needless spending is by far one of the most challenging activities to deal with when it comes to trying to save cash. It is typically defined as spending on small items and accessories when the money could be saved or put to other uses. Smoking is one habit that could be cut out with effort – and considering that the average smoker spends between $60 and $200 a month on cigarettes in Australia; just imagine how much could have been saved over the years had the habit have been quelled already.
Minimise your outgoings
This tip can be a little tricky, but with the right advice from a financial expert you could learn how to reduce what goes out. If you have a premium gym membership for example, or a monthly subscription to a magazine as mentioned above – then you might be able to reduce your payments, or negate them altogether by cancelling your obligations. Likewise, downgrading your broadband temporarily, or switching to a different service provider, could also help you to keep your costs low and save that extra cash.