Savings Tips

• Saving money takes willpower and discipline. Here are some tips that may help to improve your savings record.
• Consider an automatic deduction from your pay into a dedicated savings account. You’ll be surprised how quickly it builds up!
• If you have a number of debts, you might consider consolidating them. For example, you could apply for a personal loan to pay off your outstanding credit card debts. But don’t start spending on your credit cards again, or you’ll just make matters worse. (See the Debt Management section for further information)
• Once you’ve established your budget for clothes and entertainment, stick to it! Give up this week’s luxury to pay for next week’s special treat, such as a concert. Don’t spend it now and try to make up for it later.
• Whenever you’re tempted by an impulse purchase, think about your longer-term goals. Spending money on an luxury items will put your important medium and longer term goals just that little bit further out of reach.
• Before making a credit card purchase, make sure you’ll be able to pay it off at the end of the month. If not consider a lay-by and avoid paying interest.
• Before you buy a luxury item, work out how many days it took you to earn the money you’re about to spend. Would you be willing to work that time again if all you got was what you’re about to buy?
• If you’re an impulse buyer, leave your credit cards at home unless you really need them.
• Remember: small purchases add up. For example, if you spend even just $4.00 on lunch each workday, over 12 months this will add up to almost $1,000.
• Stick to your shopping list and don’t go to the supermarket hungry.
• Start saving your coins. Every few months, the money saved can be used for household expenses.
• Beat the bank fees by limiting the number of accounts you have, and staying within the limitations of the number of transactions.