09 April 2014

Control Your Day to Day Finances and Get Out of Debt

Every day I'm told that there's no wriggle room in the budget, there's just nothing else to be trimmed for saving or debt repayment or even paying regular bills.

If you really want to save money, and time, and energy then you need to take control of your day to day finances - all of them, not just the big bills but all the little expenses you let slip by.

1.  Quit playing the lottery. You may think buying a $7.20 lotto ticket each is a treat you can afford, but that $7.20 a week adds up to $374.40 a year - more than a month's groceries if you're a part of the $300 a month Food Challenge!

2.  Pay off those credit cards to get away from the interest payments. Go back and look at the Payment Push outline, then start pushing those payments towards your debt. Don't dawdle over debt repayment, it is costing you big time.

3.  Put yourself on an allowance.  Everyone needs a little pin or mad money that they can spend any way they choose. Even $5 a week will buy a magazine or a coffee or can be saved up for something you really want. It's yours, you don't need to answer to anyone when you spend it.

4.  Keep a spending record. Jot down every cent you spend in a small notebook you can carry on you. I can't stress this enough. Track your spending. You need an accurate record of where your money is going and the only way to get that record is to write down every cent you spend along with the what, when and how (cash, eftpos, credit card).

5.  Do not carry emergency cash around with you. In theory it sounds good but it's too big a temptation.

6.  Pick a minimum amount to have in your savings account and make that the "zero" line. This gives you a buffer to use for emergencies until you get a fully funded emergency fund.

7.  Forget using ATMs if you are charged a fee. Most banks have reciprocal agreements with other banks, check to see which ATMs you can use fee free.

8.  If you still use a cheque account, make sure you keep a sufficient amount in it to avoid fees - even better switch to a fee free account. Go to your bank and speak to a customer service officer, they'll be able to help you and get it set up in just a few minutes.

9. Look for bank accounts that pay interest on your money and then use them.

10. Have your pay direct deposited so you can automatically have part of it put into your savings account.

Follow on Bloglovin

No comments:

Post a Comment

Thanks so much for taking the time to leave a comment...I just love hearing from you!

Just a couple of things:

Please don't use your comments to advertise your business or goods for sale, any such comments will be removed.