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Welcome back everyone. In the sixth and final part of my blog series, I want to discuss something that affects all of our financial journeys: Superannuation. Perhaps you’re concerned about your retirement savings? Or maybe uncertain about how to make the most .....
Thinking, let alone, planning for the future can be a tricky endeavour for most people. Understandably so, it does require a certain level of personal and financial involvement.
Contrary to popular belief, saving money for the future is far more achievable if you try to follow these steps:
An area that hinders many people’s ability to save is their “knee-jerk” buying habits. The troubling thing is that in the long run, they come to the conclusion that they could’ve done without such an item.
The next time you’re about to make such an impulsive purchase, take a deep breath and ask yourself if the item is a “need” or a “want”. If you still have trouble with that, sleep on that purchase for another day or two. That way you’ll be able to reflect deeper, and refrain from the entire purchase altogether.
As opposed to eating out every single day (for all your meals) try making and taking your food with you to work. This way, the $5 bagel/coffee combo or the $10 sushi lunch special goes right into your piggy bank.
Never go grocery shopping without an actual plan. It is so easy to overspend or go way over your budget; we’ve all been there - you aimlessly walk past every aisle, picking up everything and anything that tickles your fancy.
Having a list prevents such impulsiveness and enables you to stick to your commitment.
Another cost saving measure is buying no-name or generic brand products, which are often cheaper and offer the same level of value as the popular brands. Try this for a month and notice how much money you’ll save.
Reaching out to your service provider (TV, mobile, internet, etc.) and asking if they have any bundling deals can be another option to cutting costs and saving money in the long run.
One crucial benefit of shopping online (as opposed to your brick-and-mortar stores) is the cheaper costs. Because most virtual retailers have lower overhead costs, this, in turn, allows them to parlay those savings over to you - the consumer. Plus it’s easier to compare prices and ensure you’re getting a good deal.
Most people turn their noses up at coupons, but they offer such a variety of bargains (which of course translates into savings). So, they next time you get coupons in the mail, don’t chuck them in the recycling bin.
Many banks offer overdraft facilities as a way to entice and “reward” customers. However, you’re still spending money, probably more money than you have and that you don’t necessarily own.
The next time your bank offers you this service offer, respond with a courteous - but emphatic - no. You’ll be the better for it.
Adopting a DIY mindset is another cost-saving approach worth considering. With the amount of online resources at your disposal, you don’t have to pay a handyman to do things that you can do yourself.
Try these ten tips and you’ll be grateful that you did.
As a parting gift, here are some other stress-free ways you can save money for your retirement.
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Altus Wealth Pty Limited ABN 55 649 956 212 is an Authorised Representative of Altus Financial Services Pty Ltd ABN 24 637 026 825 an Australian Financial Services Licensee (AFSL no. 520266). Altus Financial Services Pty Ltd is not responsible for the advice, products and services provided by Altus Accounting. Julie Azzi is a credit representative (CR No. 366834) of BLSSA Pty Ltd ABN 69 117 651 760 (Australian Credit Licence 391237).
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