No matter how much money you’re making, being able to save some extra money at the end of each month could do wonders for your bank account. Squirreling enough money to make it worth it may seem impossible but, in reality, it’s something you should be able to do. And to help you, we came up with five ways to save money that have been proven to do the trick for many Australians out there.
Cut your bills
A large portion of your every paycheck goes to your utility bills. Therefore, if you could cut your bills, you could end up saving quite a lot. But how do you cut your bills? First of all, you might want to replace or fix any old and broken appliances, since these tend to use a lot of energy. On top of this, you can think about adding insulation to your attic, as this should help you reduce the amount of hot air that escapes your house in winter, making you use more energy on heating. Going solar can be a good idea as well.
Say goodbye to credit cards
Using credit cards does seem like a good idea but the truth is that these little things just make you spend more money. By using cash, you’re more aware of how much money you’re working with, which means fewer irrational shopping sprees. If you’re using multiple credit cards, this can be a pretty difficult thing to do. It’s recommended that you start ditching your credit cards one by one until you get rid of all of them. If you have some credit card debt, trying to pay it off and switching to cash immediately might be a smart thing to do.
Start paying your taxes on time
We all have to pay taxes and when you do so on time, you’re actually saving money. By dealing with taxes on time, you’re avoiding any fines and interests that might come up, which is always a good thing to do. However, doing your own taxes can be difficult and it can take a lot of time to learn. This is why you should have a local accountant do this for you. Luckily, finding a good tax accountant in Sydney shouldn’t be too difficult. With a good tax accountant you can quickly reach, saving money should be a lot easier.
If you’re a smoker, this is definitely something you need to give some thought. Ditching cigarettes isn’t an easy thing to do but if you manage to go through with it, you’ll see your monthly budget increase significantly. In case you want to quit smoking but you’re struggling to do so, it’s recommended that you start gradually, reducing your cigarette intake until you’re off completely. Using NRTs such as skin patches and chewing gums can also prove to be quite effective. There are also many Australian companies you can turn to in order to quit cigarettes.
Toss spare change into a jar
You might be surprised to see how much you can save by simply tossing all of your spare change in a jar. Find one of these, put it on your dresser and watch your money grow. If you find it difficult to do so, you might want to come up with goals for your savings. For example, you could use all the spare change you manage to squirrel away to buy holiday gifts for your friends and family. Using multiple jars and labeling them according to what you plan to use the money for might also be a good idea.
There you have it – five proven ways to scrape away some money at the end of each month. Figure out which of these do the trick for you the best and start implementing them as soon as possible. Eventually, you’ll start seeing money in your bank account pile up.