Can you still save money if you earn a small salary? The answer is (a big) yes!
Whether you’re saving money for university, retirement, a family holiday, or anything else, with a few changes and a little creativity, you can pay your bills, save money and still live life to the fullest.
So take control of your money and let go of financial stress with these simple tips:
Do Your Homework
The first step to taking control of your money is working out your living costs, including knowing what’s coming in, what’s going out and when.
Making a budget gives you a clear picture of where your money goes and shows you where you might have a chance to save money.
Click Here for a budget template and get started!
Get Out of Debt
Make this a priority. The less debt you have, the more money you’ll have to save for the future, to invest, or to use to enjoy your life. Start by sorting out your debt with the highest interest rates– typically your credit cards
Don’t Shop ’til You Drop
Remember these 3 simple tricks when you’re shopping:
- Shop around. Check out the competition and compare prices.
- Don’t impulse buy. Think carefully before buying- especially if it’s expensive.
- Unsubscribe from expensive online shopping sites– Take an honest look at your finances and unsubscribe from any sites that are well beyond your means. Rather sign up for sites that make sense for your budget.
Stay Away from Store Cards
Store cards come with heavy interest rates and are often mis-sold. Remember that store cards are just another form of credit and you’ll be getting into debt when you sign up for one. Most store cards also have a very short grace period before interest starts being applied and this can quickly swallow up your initial discount.
Say No to Bank Loans
Be very careful with borrowing money from the bank. It might seem like an easy solution, but it can make a bad situation worse.They’re often a very expensive way of borrowing, so always try to find other ways.
But Yes to Home Loans
Since your credit provider is offering you a loan on your secured asset (i.e your house) you benefit from lower interest rates. You’ll also be contributing to future wealth as long as the housing market continues to grow.
Pay Your Payments on Time
Don’t add further fees to your existing loan or credit card.By paying on time you can avoid interest, late payments and overdraft fees.