Are you trying to save? Is it proving impossible to put money aside? If you’re firing blanks when it comes to your savings targets, it pays to know how to make your money go further. If you’re keen to save more without making wholesale changes to your lifestyle, here are some ways to get more bang for your buck.
Making the most of your salary
You work hard for a paycheck every month, so it’s only right that you get the most out of your salary. If you don’t already know about features like easisalary’s salary sacrifice calculator, it’s worth doing some research into salary packaging. By doing this, you can reduce your taxable income while also planning for the future. If you have a new job or you haven’t explored employee benefits in depth before, now is the time to have a conversation with your boss, do some research online, and arrange to see a financial adviser. Your salary won’t increase, but you can often use it in a more effective way.
If you’re not used to shopping around for the best deals, you could be missing out on preferential rates on almost every service or utility you use at home. Think about how much money you spend on gas and electricity bills, TV, broadband and your mobile phone. By making some calls and using online comparison sites, you could save yourself a small fortune. You may find that the prices you’re used to paying are significantly higher than those available to new customers, so get online now and see how much you could save. It’s also wise to compare prices for any insurance policies you have, especially those that are due for renewal.
Reducing your outgoings
Do you have a credit card or store cards? If so, how much do you pay in interest each month? If you’re used to parting with a significant sum of cash every month, you could save yourself a lot of money by transferring your balance to a card that offers 0% interest for a period of time. You can reduce your interest payments, giving you more money to pay off the outstanding total. If you have a lot of cards, and you’re paying far more than you’d like to in interest, it may be worth seeing a financial adviser to go through some options. If you do use a credit card on a regular basis, it’s also worth investigating cards that offer cash back on purchases. As well as paying off cards and switching providers, you can also reduce your monthly outgoings by changing the way you shop for groceries, and switching expensive social activities for more affordable options. Having friends over for dinner and splitting the food bill will cost a lot less than going to a restaurant, for example.
Finding the best savings account
If you are making an effort to save, you want the best interest rate possible. Look around at rates offered by major banks, and see which account suits you best. You can compare different options online in a matter of minutes.
If you’re struggling to save, take these tips on board, and hopefully, you’ll be hitting the target in no time.