How to save in 2017
One of the most common New Year goals is to save money. Instead of setting a goal to save money and then saving a little here and there before giving up, what if you made a plan? You might be surprised just how much easier it is to save when you have a plan. The first thing you should do, if you haven’t already, is create a budget. A budget allows you to tell your money exactly where it’s going to go, and you might even find you have enough room in your budget for a few extra treats.
Once you have created a budget, it’s also a great idea to keep an eye on where your money ends up. It’s very easy to spend a little here and there, thinking you have only spent $50 over the course of a week, when it turns out you are underestimating your spending and have actually blown $150 on coffees and other small purchases. By keeping track of your money, you will know exactly where it’s going and can put a quick stop to any money leaks.
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Next, take a good look at your expenses and decide what matters to you and what doesn’t. You might decide to cut a yearly $50 magazine subscription if you only have a quick flick through each issue anyway. When it comes to expenses you decide to keep, do a little research and see if there is a way to cut them. Sometimes searching around for a better deal can save you hundreds or even thousands of dollars.
How to save in 2017
Follow these tips and you will be well on your way to boosting your savings in 2017.
Create a budget
It’s hard to save when you don’t have a budget. A budget doesn’t have to be anything complicated, just a simple sheet of paper listing your income and expenses.
Once you have created your budget, go back over your list of expenses one by one and determine if you can cut any of them completely, or reduce them by finding a better deal.
Set up automatic bank transfers
The difference between your income and expenses in your budget will tell you how much you have left to save at the end of each pay period. Set up an automatic bank transfer so that as soon as you are paid, this money will be transferred to a savings account.
Pay with cash
If you struggle with keeping your spending under control, try using cash instead of credit or debit cards. It is a lot more painful to hand over actual cash than a credit card, so you might find yourself thinking twice about every purchase.
Check your internet banking
Do a quick check of your internet banking every few days. It’s great to see a quick summary of how much you have been spending and what’s currently sitting in your transaction account.
Grocery shop online
If you struggle with impulse spending at the supermarket and sticking to a list does nothing to control it, give online grocery shopping a try. That way you can delete items that you don’t really need, and keep your total shop under budget. Give Woolworth online a try, their prices are exactly the same online as they are in store.
Ask utility providers for a better deal
Utilities such as electricity, internet and mobile phones are expenses that are actually quite easy to reduce. Put aside a little time to review your providers and see if there is a better deal out there. If you do find a better deal, give your current provider a call and ask if they can match the deal. If not, swap.
Learn to say no
You don’t have to accept every single social invitation if it means you are going to be stretched financially. Not everything has to cost money, instead embrace the things that are free in life. Instead of an expensive restaurant meal, have a picnic at the beach instead.