Smart, Money Saving Tips

The best method of improving your financial status is to learn smart money-saving techniques. To help you get started this article lists some of the best money saving tips you can follow.

1. Set a Savings Goal

Short and long-term savings goals are necessary to have a target budget to focus on. A short-term goal will include saving for a new car, television or piece of furniture. Long-term goals need more commitment and will often cover pension plans, a holiday abroad etc. Working holidays to Australia are ideal for the frugal traveller, besides, you are then entitled to superannuation refunds which can be utilised for a new goal, learn more at travelhackz.co.

2. Set Up an Auto-Save Fund

If the act of actually depositing the money in your savings account is a mammoth task, set-up a standing order with your bank to auto supplement your savings account with a stipulated amount every time your paycheque comes in. To motivate your gesture, name the account, such as, ‘the great Australian escape’.

3. Make Timely Payments on Bills

Avoid late payment fees and even earn bonus discounts by paying your bills on time. Many companies out there offer consumers discounts for making payments early. A few dollars saved will always add up and help your account grow.

4. Avoid Impulse Buying

Set-out to the store with a list, if it’s not on the list you don’t need it. Avoid getting caught up in flash sales, you are merely buying items at a lower price and not really saving, besides, a sale tempts you to buy stuff you don’t really need. Avoid the urge to splurge, leave it for a day, think about it and you probably won’t want it after all.

5. Cancel Unused Memberships

Are you paying annual fees for a gym membership you don’t use or paying a magazine subscription to merely throw the latest issue on to a growing pile? Cancel these subscriptions and memberships, if you don’t use it you don’t need it. Instead, divert those amounts to your savings accounts.