With social distancing and government restrictions easing, have you looked over your bank accounts while in isolation, seen a surplus of funds and wondered which bill you forgot to pay? A lot of Australians have been reflecting on their weeks in self-isolation and identifying an ability to save money they didn’t realise they had before.
As work life resumes and our social lives become social again, it seems inevitable that saving money will become unachievable. This doesn’t have to be the case! We have some strategic ways to monitor and keep your savings.
1. Conscious Spending
How many times have you refused to look at your bank account before you tap the paypass? Don’t be afraid of your bank account! Keeping a regular eye on your expenses, accounts and importantly, the price tag, can give you a more conscientious overview of your outgoing expenditure.
2. Give Yourself Time to Reconsider If you have ever felt the overwhelming impulse of, ‘I HAVE TO HAVE IT NOW,’ then this one is for you! It’s all too easy to see something we want and buy it on the spot. Give yourself time to think over the decision. Give the purchase a two-week think. If you still want it after 14 days, do it! Otherwise, those are some funds you could be earning interest on in a savings account.
3. Savings Accounts
Invest in a savings account, and a good one. How many of us have read The Barefoot Investor and immediately opened 4+ accounts? Now how many of us actually used them and stuck to it? Use them! Your savings account can help restrict you with your spending. Generally, a savings account with a higher rate will have transfer restrictions, giving you more self-discipline when it comes to spending.
If you’re interested in reviewing your expenditure, generating some savings for a home loan deposit or consolidating your existing debts – contact us today for an obligation free chat with our Finance Broker!