6 simple ways to create savings

August 26, 2015

Is it a need or a want?

Where is all of my pay cheque going?

Am I paying too much?

 

These are questions we ask ourselves everyday. 

 

Here are 6 simple ways you can create savings.

 

1. Setup a dedicated online savings account:

 

Many banks have this facility where funds can only be assessed online and not via an ATM or debit card. Most of these accounts will also earn you interest.

Create a automatic transfer each month from your main account to this savings account. You can even advise your employer to directly transfer a portion of your salary into this account.

 

2. Review the last 6-months of your day-to-day bank statement and credit card statement:

 

Most banks allow you to download the statement as a csv or excel file. Set up filters and new columns with labels such as food, entertainment, petrol, clothing, ATM fee's etc. You will  see a clear breakdown of where your money is going each month. Im sure you will be surprised with the results!

 

3. Create a Budget & Goals: Easiest guide on how to create and manage a budget: https://www.moneysmart.gov.au/managing-your-money/budgeting/how-to-do-a-budget 

 

 

 

 

 

 

 

4. Review all direct debit and subscription transactions:

Are you really making the most of that magazine/online subscription?

Is your gym membership being used? Are there cheaper alternatives?

Are you still paying for a online website/hosting facility which you no longer use?

Check subscriptions for auto-renewals as they are usually set to "ON" by default.

 

5. Old fashioned money box:

Instead of spending the spare change on unnecessary items at the petrol station and shopping centre, purchase a large money box, record the start date and date you wish to open it on the top of the money box. The extra spare gold and silvers over 2-3years can equate to thousands.

Great spare change for that short holiday with the family.

 

 

 

6. Review your current loan repayments:

Is your mortgage, personal loan, car finance and credit card debts up to date?

Are you on the best rate and most suitable solution?

 

We can help you with a obligation free health check on your debts to see if we can save you $$ each month.

 

info@pushstartfinance.com.au

1300 884 991

 

Please reload

Recent Posts

September 1, 2015

Please reload