Paying for the bills, groceries and different services on a monthly basis is not easy. In fact, many Aussies find it hard to get by. Things get tougher if you have a family to take care of and you have a low income and multiple loans.
With all these problems, how can anyone save money? Well, you might be surprised, but there is always a way to put some money aside and invest it later. Here are some of our methods:
1. Keep Track of Your Income
The first thing you will need to check is your income. After that, you will want to see where that income goes. To make this easier, grab a pen and paper or create an Excel file on your computer.
On that file, write how much you make and what you spend your money on. You will want to put your bills in there, how much you spend on food, on repairs and other things. You will quickly find out what your expenses are and how much you are left with.
2. Give Up on the Services You Don’t Need
We all want to have a fast Internet connection for our news, games, streaming movies or watching TV. But do you really need an expensive Internet connection? Why can’t you wait five seconds more for that site to load and save more money in the long run?
3. Opt for a Cheaper Phone Service
You have a smartphone, right? So, why do you still need the landline? Eliminate it and save some money. Also, don’t spend too much on your phone bills. Unless you are a business owner who spends hours upon hours on the phone, you’re all good with a basic plan.
In extreme cases, you can also get rid of mobile data if you can. That’s where you lose most of your money when your phone bill comes. If you want Internet on your phone, use the free Wi-Fi spots.
4. Give Up on Your Cable Subscription
Most people still watch TV, but you can eliminate your cable subscription and use your computer as a TV. In fact, you will find more content to watch on the Internet than you would on a TV.
5. Consolidate All Your Loans
If you have trouble saving money, you should see how much money you spend on your loans. Besides the monthly payments, you also have to pay an interest rate and probably other fees. If you have multiple loans, we recommend consolidating them.
By doing this, you will combine all your loans into a single one. That means that you will probably have to make a lower payment each month with a lower interest rate. If you do have one single loan that has a high interest rate, you could try to refinance it and pay less each month.
6. Look for Full Packages
Here is a thing that you might be interested in. There are packages that include cable, Internet connection, phone services and so on. They are cheap, come with a lot of features, and they are popular among families. The catch is that a contract will last probably two years or so.
But you will end up saving more money by collaborating with one provider than with three different ones. You should check it out, especially when they give packages at low prices.
7. Avoid Reckless Shopping
Do you need that new pair of shoes? Do you really need to buy the most expensive food that you can find? Why not settle for something that is cheaper but still good? That’s where you are having trouble saving money or even paying your bills.
You do not need a bigger TV, and you don’t really need to upgrade your car right now. And stop using your credit card for every purchase you make. You will attract high charges and slowly but surely, you will have plenty of debts.
Also, you don’t have to go shopping every time you go outside the house. If you have to spend money, do it for basic stuff. And while you are there, try your best to spend as less as possible. For example, you can have a relaxing evening at home, watching a good movie. You don’t necessarily have to go out to a pub or restaurant.
If you want to save money, you will have to make some sacrifices. It may sound harsh, but that is the reality. Until you win the lottery, saving money and avoiding debt will be your primary missions in life.