04 Jun 2020
Saving money doesn't have to be difficult. Discover easy ways to save your cash and leave your money worries behind with Sunshine Loans.
Saving money is no walk in the park. Slow wage growth and the rising cost of living in Australia can make it feel impossible, but there are steps you can take to minimise the struggle. Instead of stressing over every cent you spend and foregoing things you love, it's possible to save plenty of cash while still making ends meet.
If you're not sure how to save money quickly, these easy money saving tips will help you meet your goals.
Every good savings plan is backed up by a budget. Whether you want to create an Excel spreadsheet or simply write everything down on paper, making a budget is crucial. Work out your essential expenses such as rent and bills, then deduct them from your total income. The amount left over can be divided up between your savings and less essential costs.
Keeping a record of how much cash you splash on things like eating out and entertainment will also help reveal the true cost of your spending habits. For instance, your morning coffee may not seem like a luxury, but spending $4 every day will cost you $1,460 over the course of a year. We're not saying you should stop drinking coffee, but making a budget will make it easier to see how quickly small expenses can add up.
Credit cards debt can be a serious financial liability, making it much harder to save money. It's not uncommon for interest rates on credit cards to be as high as 25% in Australia, which is why they're such bad news for your savings account. If you're looking for easy ways to save money, getting your credit card debt paid off should be at the top of your to-do list.
Paying your credit card in full and on time will ensure you don't have to dig into your savings to cover the cost of interest charges and late-payment fees. Simply set up a recurring direct debit payment to your credit card so you never forget to pay.
Trying to save money in the same account that all your expenses come out of? Setting up a dedicated savings account will make it much easier to keep track of the cash you're setting aside. Many savings accounts offer a higher interest rate than a standard transaction account, which can help add to your savings over time.
You could also opt to restrict access to your savings account, so you're not tempted to use it for non-essential expenses. Setting up regular transfers to your savings account (such as $50) is another great tip when it comes to easy ways to save.
If you've been hit with an unexpected expense and you don't want to blow your hard-earned savings on covering the cost, taking out a small loan could be the ideal solution. Learn more about applying for fast cash loans with Sunshine Loans today.