Tips and Tricks to Take Control of Your Finances in 2015
Nobody can predict the future, but everybody can save money. Saving is so important for many reasons, not just for security, safety, and planning ahead, but for enjoying life, too. Here are our top tips and tricks for maximising your savings account, because as Dave Ramsey once said, “You will either tell your money what to do, or the lack of it will always manage you.”
Track what you spend
In order to start really saving money, you need to become conscious of how your money actually comes and goes in your life. No matter which way you choose to do it – by notebook, website, or app – the most important thing is that you simply do it. We recommend TrackMySPEND, ASIC’S MoneySmart app for keeping track of your expenses on the go. You can nominate a spending limit, separate your needs and wants to maximise your saving opportunities, and create expense reminders in the form of text messages sent to your phone.
Start an emergency fund
Life has a funny way of throwing things at you when you never expect them. It’s unavoidable, but you can ensure you’ll be able to handle anything with a rainy day fund. Peace of mind is invaluable. We recommend opening an online high-yield savings account and adding small amounts between $20-$100 every time you get paid. You’ll barely notice the money gone while you’re saving it, and we can guarantee you’ll appreciate it when you, inevitably, need to use it.
Do the Stranger Test
Next time you’re thinking of buying something, imagine a stranger is standing in front of you, holding the item you’re thinking of purchasing in one hand, and its value in cash in the other. Think about it: which one would you take? A new shirt or $80?
Just because you can afford it, doesn’t mean you should
Remember when you were a student, and $100 meant the difference between paying your rent for the week and sleeping on the street? Although you’re most likely living more comfortably now, holding on to that kind of mentality will help you save immeasurably, so long as you have the discipline to hold onto it. Never take your money for granted. Just because you can go out and spend $100 on breakfast doesn’t mean you should. Responsibility is key! And anyway, the end goal is worth it – we promise.
Call us today on (07) 3263 7030 to find out how McFillin & Partners can help you save your money.