Want to save more but think your budget won’t let you? Increasing your savings doesn’t have to mean going without. Here are three instances where spending some extra time planning could have you spending less money in the long run.
1. Check your super statement
For many of us, our annual super statement is the quickest way to get a snapshot of our retirement planning. But, many respondents in the ING DIRECT/Financial Services Council report measuring Australians’ attitudes towards superannuation (2013) admitted to simply glancing at their statement and then throwing it in the bin. And while 72% said they do check their balance, that’s often where the action ends.
A super statement contain a wealth of information relating to the performance of our fund, the fees we might be paying and our activities over the past year. It may appear daunting, but some time invested in checking your statement and taking control of your super could save you money over time.
2. Clear out your house
Tempted to revamp your wardrobe? Need to buy something new for the house? Rather than see your bank balance diminish, think about how your existing household contents can help you come up with the money to pay for it.
Set aside a day to give your house a spring clean, and pick out any items you don’t currently wear or use. Rather than letting them collect dust, look at selling them – either at garage sales, or on Ebay – and put the money you’ve earned towards buying something new.
3. Make your own ‘takeaway’
At the end of a hard week at work, the temptation to splash out on a Friday night takeaway can be hard to resist. But the convenience of ordering in can quickly add up over the course of a year.
Swap saving time for saving money by looking up some recipes, getting creative in the kitchen and making your own version of a takeaway. In the time you could have ordered and waited for your delivery, you could be enjoying your own home-made meal and have saved money too!
The information in this blog does not constitute financial advice. Information is current as at 5 February 2014 and is subject to change. The information is factual only and the examples and scenarios given are for illustrative purposes only. Before acting on this information you should seek independent legal, financial and taxation advice to determine its appropriateness to your objectives, financial situation and needs.
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