6 things you can do to be richer this time next year
To many people the thought of saving money conjures images of self-imposed hardship through serious penny pinching. But you needn’t adopt a Spartan lifestyle to save.
Here are six simple things to do to be richer this time next year.
1. Start shopping without your credit card
The next time you’re headed out to the shops, only buy things you’re prepared to get with cash. This has a three-pronged affect for your savings. You only spend the money in your wallet, you save on interest and you’ll also save money on credit card fees.
2. Make sure you don’t take on any new debt
Even if you’re struggling to pay off current debt, it’s essential that you avoid taking on any more and pay off the debt you already have. If you’re committed to meeting the minimum monthly repayments on your existing debt you’ll get out of the red.
3. Try to eliminate three unnecessary expenses
This is a bit more complicated, but go through your bank statements with a fine tooth comb and try to figure out at least three expenses you’re meeting on a weekly basis that are unnecessary. And get rid of them completely! The savings will start to add up!
4. Switch your credit card to one with zero interest
This is a good way to get out of debt a little more quickly. Many credit card providers offer zero balance transfers on existing credit card debt, so if you transfer to a card that charges zero interest for three, six to 12 months you’ll be able to cut a chunk out.
5. Figure out ways to reduce your living expenses
There are some expenses that can’t really be reduced, such as rent and mortgage payments, but if you’re willing to be a little creative you could easily cut your spending by 10 per cent by taking advantage of ways to save food, entertainment, utilities and fuel.
6. Sell things that you are no longer using
Decluttering can be quite a liberating experience, and if there are old appliances, furniture and other items around your home that you’re not really using anymore you would be surprised to notice how much money they can actually fetch if you sell them.
Do you follow any of these money savings tips?
Let us know in the comments below.
Related links:
20 small ways to reduce your monthly spend
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5 things to be mindful of when giving grandkids money