Save Money 10 Steps to Cut Costs and Boost Savings

With interest rates and rent rising and grocery and fuel increasing, many household budgets are being stretched to the limit.

Here are some simple tips to cut costs and boost savings-

1. Budget – Work out a budget to control the spending and saving of your money. Put aside a budgeted amount of ‘Fun Money’ each week for entertainment, rewards and feel good expenses.

2. Pay with cash – Do not buy anything on credit unless it is an emergency or you know you can afford it.

3. Shop weekly – Budget how much you will spend on groceries and shop with a list.

4. Deposit or transfer payday money – before you spend it. Set up several low fee accounts for different needs. For example, one for bills, one for everyday needs, an extra one for holidays and another savings.

5. Save – Save a fixed amount every pay day in a high interest bearing account. Save your tax refund and pay increases or pay off any debts.

6. Pay credit cards off in full each month – If you are unable to do that, try not to spend anymore on the card and pay more than the ‘minimum payment’ each month. This will cut the time it takes to pay off the credit card and save a fortune on interest.

7. Switch to a debit card – A debit card is like a credit card but it your money. Attach it to your everyday account.

8. Limit takeaways – Save $1,000 per year by just cutting out buying coffee every day. Take coffee to work and apply this to lunches too – you will save thousands more.

9. Invest your tax refund – Make your tax refund work for you. Put it on your credit card, mortgage or savings account.

10. Re-access all accounts – Go through all your bank accounts and credit cards and cancel any you are not using so you are not paying unnecessary fees. Search for cheaper loans, energy, insurance and deals on phone plans.