Saving Tips for the New Year

The New Year provides motivation to rid ourselves of old habits and create a new, smart-saving self in which we are set for whatever life throws our way. Follow these steps to organise your life and finances in the coming year:

  • Prioritise & Set Goals: Plan where you want to be financially for 1-5 years, 5-10 years, 10+ years. Although this may prove inaccurate down the line, it can give you an expectation of how you want to be financially which will help you limit spending and save.
  • Have a budget: Make a monthly spending plan that allows for leisure, bills and savings. Always make sure to have extra cash each month for a rainy day. This preplanning will give you peace of mind.
  • Understand your “small”costs: An example would be spending $15 a day on lunches and food. If you cut this back just one day a week, you would save $120 per fortnight. If you diverted this to your home loan you could save immensely on interest payments.
  • Avoid Credit Cards: People underestimate how much interest can cost them in the long-run. Only go shopping and spend on big items when you have saved the money yourself. This will also push you to think twice before you spend as this is hard-earned money.
  • Organise, Organise, Organise: Ensure that you are aware of all accounts, loans, interest, and what you’re expected to pay each month. Better to be prepared than behind.

Ideas taken from: