Ways to save money
So – if your bank account balance is lower than you would ideally like, here are some suggestions on ways to save this month.
What’s your grocery bill?
Food is one of our biggest expenses – we spend thousands of dollars a year on it. So save a lazy thousand (or even more) by being smarter about what you buy. Shop at cheaper stores, or buy private label or simply cut back. The amount of food we collectively throw away is staggering. Cutting out “impulse buys” can also save a lot – those extra packets of biscuits or chips, the sneaky block of chocolate or the (very expensive) stroll up the deli/gourmet aisle can all drain your day to day account.
What sort of credit card do you have?
Canstar researches credit cards (you can compare credit cards here) and the features and cost of those pieces of plastic varies significantly. If you tend to juggle a credit card debt from month to month (and there is approximately $6.4 billion outstanding) then check the interest rate that you are paying on that ongoing debt. Is it around fourteen percent – or is it closer to twenty percent? The higher your interest rate the more it’s costing you each month. There are a number of credit cards with interest rates of less than fifteen percent; check them out.
What’s your home loan interest rate?
If you have a home loan then make sure the interest rate you’re paying is competitive. At time of writing, there are fixed rate home loans for less than 4.50% and floating rates for 5.90%. So if you’re paying significantly more than that, think about giving your financial institution a call and negotiating. You can check your home loan rate and compare home loans here.
Most of all – just do it.
Reviewing our finances is something that’s all too easy to leave at the bottom of the “to do” list – so boot it to the top and decide to get it done this month!