If you keep finding yourself short of cash before payday, chances are it’s time to try a new way of budgeting. Managing money is one of the trickiest things we have to do. Here are 17 bright ideas to help you better afford the things you want:
Draw Up A New Household Budget
Download a template and fill in all the figures you can. Check recent bills, receipts, and bank statements to help you fill in the blanks.
Reduce Your Energy Bills
This is often one of the easiest ways to spend a little less every month. If you have solar panels, try to do all your vacuuming during the day. The energy will be free! Monitor your usage and try to cut back wherever you can. You can also change providers to save money.
Quit Those Bad Habits
Spending your cash on things you shouldn’t buy can be part of the problem when you struggle to manage your money. Try to avoid buying cigarettes, chocolate, alcohol, and lollies.
Borrow Sensibly
If you know you sometimes need flexibility in your repayments, then choose flexible lenders that might be able to grant a month off or faster repayments. Find a better rate with a different lender. Take the loan out for a longer period to minimise repayments.
Pay In Cash
It’s easy to lose sight of spending with a credit or debit card. If you’re worried you might spend more than you can afford, pay with cash, so you know how much you have.
Pre-payment Card
If you don’t like carrying cash around, then try a pre-payment card instead. They work like debit cards in the store, but only give you the funds you’ve already applied.
Savings
If you save every month, then you will always have cash available for that emergency or whimsical purchase or holiday.
The Future
Do you have superannuation in place? Will there be enough to retire on? Should you be contributing yourself? Do you have life or income protection? Start to arrange your financial future.
Know Where It Goes
Try producing a pie chart that shows you where your money tends to be spent. This can help you make more informed choices about your next pay packet.
Aim Higher
When was the last time you got a promotion? More responsibility often comes with a higher income and better benefits. Ask your boss for more.
Aim Smaller
Choose a smaller car or a smaller house. Saving on fuel, insurance, rent, and water can help you save money.
Use Different Savings Accounts
Some savings accounts are high-interest, but you have to leave your cash in there for ages. Others are instant access but offer little reward. Make sure you’re using the right one for your needs.
Replace
Only buy fashion when your clothes need to be replaced. This saves space as well as cash.
Home-cooked
It’s difficult to budget a night out. Save on tip charges with home cooking.
Shop Around
Get more for your money by finding the cheapest store for your goods.
Invest Wisely
Some investments yield great returns. Others are nothing more than scams. Pick reputation over return.
Other Ways To Earn
Make sure you have a backup plan if something goes wrong at work. Emergency funds, 2nd jobs, or frugality plans can help here.