personal finances
Financial and Home Loan Brokers in Sydney

By Dave Fleming : 17 October, 2018

Small Changes Lead To Big Rewards: How To Save More Money Today!

 cute funny happy baby in a colorful shirt making his first steps on a green lawn in a sunny summer garden, mother holding his hands supporting by learning to walk

Baby Steps

It is easy to become frustrated when trying to save money. However, it is important to remember that even making small strides toward your goal can really help you. Putting aside your spare change each day, for example, can add up before you know it. One mistake that I made was thinking that I had to have ten or twenty dollars to save and ignoring anything that wasn’t a substantial amount. I wish I could go back in time and change my original outlook.

If you keep a strict budget, you may not have room to save a big chunk of change all at once. You probably do not allow yourself many luxuries, which is why it can be harder to put aside money. You have to think about little things you can do that will add up over time.

The information included here will help you put aside money easily and efficiently. You may not be able to use all the tips, but some should certainly apply to your situation.

Even just reading through the article will be of benefit to you, because it will help you think more about how you can save going forward. You may be able to come up with your own tips, that are personalized for your life!

1. Know What You Make And What You Spend

Do you know exactly how much you make each month? Do you keep track of your expenditures? You’d be surprised at how many people answer “no” to one or both of these questions.

When you write out the amount that you make and the amount that you spend, you are better able to evaluate how you can save going forward. You can see where you might be spending too much and think about how to cut back.

However, you have to be precise here. Look at several months of bank statements to ensure accuracy. You may have expenses that pop up every few months, rather than every month, for example.

Once you have your numbers in order, you simply subtract what you spend each month from what you make each month. If you have some money left over, that is wonderful! If you break even, that is okay, too. However, if you are in the negative, you need to reevaluate what is happening.

 energy efficiency chart and neat calculator

2. Take A Close Look At Your Bills

Once you have an accurate picture of your personal finances, you can figure out what you need to do going forward. Start with the bills.

Is there something that you can eliminate? If so, you’ve got a great start to your savings. If you aren’t sure, systematically look at each one of your bills. Think about them carefully. Can you do without the service? Can you cut back on the service so that you save more money?

For example, how much do you spend on cable every month? You may be surprised. My bill skyrocketed over the course of just a couple of years, and many of the channels I simply didn’t watch. After contacting my cable company, I was able to reduce my package and save quite a bit of money each month.

My car insurance was high as well. I adjusted my deductible (making sure it was an amount I was comfortable paying in the event of an accident) and saved money that way.

There are so many ways to make a difference. For example, try writing out your grocery list before you head to the store to shop. You may find that you spend less when you stick to a plan. I know that if I head to the store without writing out what I need, or the ingredients that are necessary for the week’s meals, I end up overspending by quite a bit.

You can save money if you really set your mind to it. Challenge yourself to see how much you can put away this month!

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