Saving Strategies That Work

I’m always happy to pass on great info...and this is great info! I’ve included a few snippets below lifted from the full article.

As the cost of living continues to soar, saving – whether it’s for your first home, a new car or even an overseas holiday – can seem an uphill slog. Here are four sure-fire tips to help you realise your savings goals.

1. Consolidate all credit cards, store cards or other high interest debt into one loan, preferably your mortgage as it typically has the lowest rate of interest. This will help make repayments easier to track as well as minimise interest repayments.

2. Understand exactly where you spend your money. Try to keep a diary for a week or so to record all your purchases, from your daily coffee through to major commitments. Once you identify where you’re spending you’ll be able to make the most effective cut backs.

3. Create a realistic budget that factors in all major financial commitments, such as your mortgage, school fees and telephone, while leaving a buffer for incidental purchases. Just remember, if your budget is too restrictive it’s going to be impossible to stick to; so set achievable goals and reward yourself when you meet them.

Do you need more detail on this subject? Head on over to the full article for more ideas and perspective. Afterwards, why not drop me an email to share your thoughts [email protected]; or call me on (0403) 296-221.

Thanks,

Tammie