In today’s tightened economy meeting day to day expenses and trying to stretch your income further makes it difficult to put savings away for a rainy day. But we have six budget tips to help you save a few extra dollars a month to put in your savings account and improve your personal finance.
1. Sell unwanted goods
If you look round your home you are sure to find a few items you either don’t use or need. Why not sell them at an online auction site? There are lots to choose from, with eBay leading the way. Sell your items and put the proceeds into your savings account.
2. The right account
It is important to find the right savings account for you. Try shopping round for an account with a good interest rate and plenty of flexibility. When your account is performing the way you want and you can see the interest starting to build up, it’s a lot easier to be motivated to save. By leaving your savings in an account that pays a poor interest rate you will feel discouraged and have no inclination to save or improve your personal finance.
3. Earning more money
When you have no spare cash left for savings after payday, look at ways to increase your income. Ask your employer if they can increase your hours or your pay, look at second job options. Many people these days have two jobs to try and supplement their income. Proceeds from additional work can be contributed towards your savings.
4. Cut down on expenses
Try reducing some of your household expenses to generate extra funds for your savings account. You can make savings on utility bills, telephone, credit cards and many other outgoings, by using a few simple budget tips.
5. Set up automatic schedules
After paying your bills on payday it’s easy to overlook putting money into your savings account. By setting up an automatic payment schedule to make regular contributions into your savings account, even a small amount, you will be surprised how quickly it can build up. You may even get a bonus with some accounts that reward you for saving each month.
6. Eat at home
Suncorp commissioned a survey in 2010 that revealed 19% of people living in Brisbane spend from $50 to $100 each week on fast foods and takeaways. That same survey discovered up to $100 a week is spent on outsourced food by half a million Australians. Rather than spending your money on fast foods, try eating at home. Consider taking a packed lunch to work instead of buying sandwiches from the nearest shop or cafe. This budget tip might surprise you with what you save per week.
You can save hundreds of dollars each year by just using these simple budget tips to improve your personal finance.
