6 Thrifty Tips For Greater Savings
15 Aug 2016
Another day, another dollar? It's time to profit from building a stronger mindset. Work hard, save smarter and worry less. Here, 6 thrifty (and simple) tips for greater savings.
1. OPEN A HIGH INTEREST ACCOUNT
If you don't know how much interest your primary account has earned in the last year, then it's certainly worth getting onto right now. Transferring your money into a high-interest account means you make money on top of your money, and what's better than that?! Depending on which bank you're with, account fees and interest rates will vary but it certainly pays to do your research and shop around. Sometimes, switching banks means more money for your buck - and that's worth it.
2. HAVE A PIGGY BANK
It may sound old school, but accumulating your loose change over time could possibly buy you a weekend getaway! Even better, buy a large piggy bank or coin jar and only put dollar coins in there. We suggest buying one that you'll have to break open, because you won't want to touch it until it's full. It's always a great idea to have extra money around the house for when you need it most, and this proves one of the easiest ways to do so.
3. MAKE COFFEE AT HOME
If you're a coffee lover, then you'll understand this isn't a joke. Assuming your average coffee costs $5, then buying one or two coffees a day can add up to $35-$70 per week - and per year? That's a whole lot of dough. Whether your weakness is coffee or green juices, either reducing the amount or cutting out something that you perhaps don't need can make a significant difference in your income.
4. IS IT A NEED OR A WANT
You probably remember being asked as a child "is it a need or a want?" and now, it's time to ask yourself that question. This simple phrase could stop you from spending money on something you don't need and instead, motivate you for saving toward something you could cherish in the future. It's important to remember that in the same way that there are emotional eaters, there are also emotional spenders. So if shopping is something you turn to for "retail therapy" then perhaps once in a while, consider trying something different to elevate your mood like a yoga class or a Thai massage.
5. PAY IN CASH
These days we simply tap, press a button, swipe and go and the expediency of such, can actually end up costing us more than our money's worth. Aside from receiving bank statements, how well do you keep track of what you're spending? Studies show that when we pay in cash, it actually evokes "greater psychological pain than other modes of payment", as opposed to simply swiping or tapping where these robotic-like movements feel incredibly near effortless and can easily be forgotten by the end of the day. So next time you're out of cash, try saving your card for when you need it and take a walk to your local ATM instead.
Some may dread the word, but budgeting as you should know, is what anyone who's working and thinking for the future - should and will do. According to the new Federal Budget, financial planning is a "must have". It's incredibly difficult to predict the future of the economy and to prepare ourselves for circumstances we can't see coming. However, with financial planning comes the peace of mind you need for setting yourself up for a better future and protecting your gains. This also means having money saved for the rainy days, property or your next car, and of course - your retirement. Keeping receipts, making notes and having a logbook of your expenditures will easily help you to monitor your money, and to set goals that you can work toward on a daily basis.
To make the most of your money, it pays to speak to a professional. At Port Canal's renowned member-owned financial institution, People's Choice Credit Union, open 6 days a week, stellar services include financial and business advice, guidance regarding home loans or insurance, product ranges and more, so you can attain the best support possible for your situation.
Time to cash-in on that hard work!