With the cost of living at a ridiculously high level, many households are feeling the pinch on their standard budget. While increasing your income is always a good idea, this isn’t viable for everyone, so cutting back on your spending is the next best thing. With that in mind, we’ve put together this list of easy ways to save money, regardless of what the economy is doing.
Maximise Your Tax Return
The first thing you’re going to want to do is keep track of all of your receipts. While this won’t instantly put more money into your pocket, it’s a great way to keep on top of your budget. Come tax time, a top-quality tax agent will help you use these receipts to maximise the return that you get. Whether you work with a top-tier Sydney-based tax accountant or your local small-town tax agent, they’ll be worth the investment, helping you gain back significantly more money than you could on your own.
Reduce the Amount You Owe
Almost all debts incur interest, fees, and other charges. This means that by reducing the amount of debt you owe, you can automatically save a significant amount of money. Every debt you clear allows you to pay down other debts at a faster rate or boost your savings significantly.
Pay Yourself First
The concept of paying yourself first means putting money aside to save at the start of your pay cycle before accounting for other expenses. While this step isn’t possible for everyone, if you have the means to do so, paying yourself first can do wonders for your savings. You’ll be putting aside exactly what you want to save and invest each pay cycle before daily spending can eat into it.
Meal prepping isn’t just for those who’d rather be at the gym than anywhere else – it’s also a great way to ensure you’re hitting your nutritional goals and saving money. You’re far less likely to make impulse purchases at the shops when you’ve already got your week’s meals planned out. You’ll also waste less food because each item you purchase will already have a use outlined.
Compare Unit Prices
The cheapest upfront price at the supermarket is hardly ever the best value for money. If you’re looking to save as much as possible, you’ll want to compare unit prices instead. You’ll find the unit price written on the ticket in smaller print, showing how much an item costs per gram, ml, kg, or other measurement. This price gives a true indication of what you’re paying and can help you save when checked consistently.
Don’t Just Fuel up at the Closest Servo
Convenience comes with a price, so unless you’re running on empty, the closest servo probably isn’t the best option. Instead, use apps such as fuel tracker to find out what the price is at various stations in your area, and visit the one offering the best price when you need to fill up.
Shop Around for Utilities
You’d be surprised how much of a difference switching providers can make. Shop around, and if you find a better deal, don’t be afraid to jump ship. In many cases, your current provider will offer you a better deal to stay. If they can’t beat the alternative you’ve found, switching is easier than ever.
Everyone is feeling pain in their pockets with the way the world is at the moment, but that doesn’t mean you can’t still save. Follow these tips, and you should soon find that you’re in a much better financial position. That’s a big achievement in the current economic landscape!