Save that money honey!
Being a 23-year-old girl I am all about treating myself. Whether it is buying a new dress, going away for a weekend or a night out with friends, I will always find a reason to justify my spending. However, when it comes to being an adult my priorities are definitely not in order. Net banking has ruined it. If I want something I will make sure I find a way to get. If I can’t afford it at the time I will use my credit card or I will transfer money from my savings into another account just so I can treat myself. I understand that things do happen and you can’t account for everything. Your car might break down or an emergency trip to the hospital and you do have to use your savings- life does happen. So saving all the money you can in the moment is what’s going to help you save for your future.
A few saving tips are:
Set up multiple accounts not linked to a card, you can have a long term savings and short term savings. Long term savings can be put towards large expenses such as a house deposit and short term savings can be where you put $50 away each week to pay your phone bill at the end of the month, petrol, if your saving for a holiday or even something expensive you want.
Think before you pay.
If you can’t afford it up front just don’t buy it. Stop using your credit cards, after-pay and try to have the will power to stop transferring money from one account into the other. With having net banking and our smart phones, we constantly have the opportunity to spend money it has never been easier and accessible as it is now. We no longer need to a card to get cash out or to pay for things; you can use your phone or a wrist band to tap and go. We need to start thinking before we spend.
Prioritise your bills. None of your bills are going to catch you by surprise; you generally have a rough idea on when they’re going to be due and the amount owing. So why not start saving and putting extra money away when you can before the bills arrive, that way when you receive the bill you can pay it straight away with no hassle.
We are all social butterflies; we all love going out for dinner and drinks with friends or down to the pub for a few beers after work. However, spending money on food and beverages adds up extremely quickly. Cut back on buying food and try not to go out for meals 2-3 times a week because you will be able to save at least $100 for the week right there. Try doing dinner and drinks at home instead it can be more relaxing without the stress of spending too much money, your bank account will be a lot happier for it too!
Leave your bank card at home.
When you go out drinking or go out on a Saturday night, leave your bank card at home. I know we all bring our bank cards out with us in case of emergencies, but usually the emergencies we are faced with is ordering that extra round of jäger bombs at the bar. If you bring cash and know you can’t get any more out, you will be more aware of how you spend your money. Also try not to drink your taxi money or activate cardless cash on your phone. Self-control is the key; stick to your cash budget for the night.
Just try and make small changes at the start to improve your lifestyle savings. Set goals for yourself to achieve; cut down your take away coffee from one a day to one or two a week. Same thing applies when buying food; if you can’t afford to purchase something at the time don’t put it on your credit card! That way you won’t be in debt and you will see changes in your bank account sooner than you think. More often than not, the more money you have saved away the more you don’t want to spend it. Be patient and watch your savings grow.