We always say we are finally going to get our finances under control. But life has a way of distracting us from even the best of intentions.
Here we have provided some simple money hacks to help you achieve your goals. Whether that is saving up for a new designer party dress or if you're just wanting to pay off the dreaded credit card, this quick guide will help you get one step closer!
1. Get strict on your budget
Budget is that word that many shy away from. But sitting down and finally figuring out where it is that your money goes is a sure-fire way to start taking control. Sit down with a glass of wine and your bank statements and really understand where you spend your money. You’ll be surprised at how much the little things like paid parking or trendy Instagram lunches add up.
To work out your budget, first decide which of these expenditures are necessities. Build your budget around those necessary items, taking into account savings, and then divide the money left over for your life luxuries.
2. Put your savings AWAY
And by away we don’t mean just transferring it to a different account. We all know the story- you put some money away for a rainy day but then a friend asks you to hang out and with a blink your savings are gone. If you are serious about saving then place your money into a non-transferable account. This means that the only way to access your savings is by physically entering your bank and taking the money out of there.
3. Know when to say no
You don’t have to say yes to every party, every lunch date, or every weekend away. By understanding your budget, you will know what your spending limits are and will have saving goals that give you the peace of mind to say no every once in a while.
4. Handle in cash
Did you know that it actually hurts your brain when you part with cold-hard cash? That’s why all the experts advise you to make all your purchases with cash rather than on your card. This way you’ll see exactly where your money is going and stop to re-think your purchases. The items you do end up buying will more than likely me much more valued because you took the time to put some deeper thought into the purchase.
5. Get advice from a pro
Even by following all these tips, the best way to get your finances under control is to seek out advice from a pro. They are the people who will best be able to help you in achieving your goals and setting yourself up financially for the future.
So, what are you waiting for? Get out that wine (that you of course budgeted for!) and start getting back on track!
Jade Byers-Pointer is studying a Media and Communications degree at QUT. When she's not writing you can find her either chasing the sun somewhere at a beach or researching her next adventure. Proudly admitting to her out of control lipstick collection, she also loves travel, dogs, and the ocean. Passionate about all things football and shopping, if you get her talking about either you better be prepared for a long one.