Things You Should Consider Saving Money For

If you’re getting ready to start saving for the future, there are a number of things you should consider saving money for. While many individuals choose to simply save in general savings accounts, the truth is that having a specific goal can help motivate you to save even more. Saving for something specific can take weeks, months, or even years, so it’s a good idea to plan ahead and to plan early in order to meet your financial goals for your future.

saving money

The first thing many people decide to save for is a house. This is one of the biggest, most expensive purchases a couple can make, so it’s natural to want to start saving as soon and as early as possible. Consider how much you’ll need for a down payment and make that your goal. Begin saving a specific amount of money each month in order to reach that goal as quickly and as reasonably as possible.

Another important goal many people realize and decide to reach for is a retirement savings. If you aren’t sure how to save for retirement, consider reaching out to Scott Reiman or another financial professional who can help you plan and attain your goals. Retirement planning isn’t easy. In fact, it’s one of the most complicated goals you have. Additionally, most people who plan to have a retirement savings account choose to invest in other areas aside from simply utilizing their savings account. For example, you may choose to invest in stocks or bonds.

Finally, many people choose to start a college savings plan for a child or grandchild in their life. A college savings plan is essential if you want to help finance someone’s educational future. Many college savings plans are actually tax-exempt, so remember to speak with your financial adviser about which savings plan is right for a college student. Additionally, remember to start saving for college as early as possible. Tuition prices rise yearly, which means that the earlier you start saving, the sooner you’ll be able to fund a child’s education. This is one of the most amazing gifts you can gift to a child as it’s something they can use forever.

Image Credit:
Stuart Miles – FreeDigitalPhotos.Net

Share Button

5 Simple Ways You Can Reduce Your Daily Expenses

Budgeting, saving, and paying off your debts can be difficult, but if your daily expenses are out of control, these things can become almost impossible. It’s important to make sure you’re doing all you can to control your spending and get the most out of your paycheque.

reduce daily expenses

To help you get started, we’ve assembled our top five ideas for reducing your day-to-day spend.

Keep a Spending Diary

Keeping a log of all your spending makes you conscious of every cent you part with. Keep a small notepad in your bag or somewhere handy to you and write down everything you spend money on from day to day. This is a great way to be more aware of your spending habits and it allows you to easily identify any bad habits and room for improvement.

Shop Online

Doing your shopping online can help you save money in a few ways. Firstly, online shops have far fewer overhead costs and are often able to offer better prices on many goods.

Secondly, shopping online can often reduce the temptation to impulse buy, especially when grocery shopping, as you’re not walking past shelves of enticing goodies to add to your basket. You can see everything online but the items you don’t need are far less appealing than in person.

Shopping online is also beneficial to your bank account in that you can see the totals before you reach the checkout, making it much easier to spend inside a budget. It’s also much easier to do price comparisons with everything on one screen, and many online shops have the option to sort items by price, making it easy to seek out the best deals.

Don’t Carry Cash

When you’re sticking to a budget it’s often the small costs that go unnoticed, but they add up. If you don’t carry cash with you it’s more difficult to spend on incidentals here and there. A lot of places actually have minimum spends for using EFTPOS too, so that candy bar or scratchie that you don’t really need becomes harder to get.

Combine Your Debt Repayments

Debt consolidation means taking out a new loan to repay your existing personal debts, thus replacing all your high-interest repayments with one monthly instalment, usually at a lower interest rate. This means a better deal for you and savings in the long run. Having only one repayment instead of several throughout the month will also mean less forgotten or late payments and, as a result, no more forking out for late fees. Ideally you’ll also be spending less on interest. Getting your debt in order will mean putting a dent in your daily expenses that will really add up over time.

Make sure you go through a reputable provider, for example, Fox Symes. A free phone call will provide you with some great information on Fox Symes debt consolidation options.

Haggle for a Deal

Call up service providers that cost you a fair bit of money, like your insurance company or Telco, and make sure you’re getting the best deal that they can give you. The best way to do this is to shop around for better prices, get cheaper quotes, then let your company know that you’ve found a better deal and ask what they can do to keep you, whether it’s by matching or beating the price or maybe offering you something like additional services or other perks.

Saving money doesn’t have to be a complex system of money-juggling. These are just five simple ways to save money on your day-to-day expenses, but don’t stop at five, there’s plenty more room for reducing your daily spend. Be creative, do your research, and never hesitate to ask for help.

Katie is a Personal Finance Writer from Brisbane, Australia. She says that combing your debts is a great way to save on your weekly loan repayments and recommends talking to the professionals at Fox Symes for more information.

Image Credit:
Stuart Miles – Free Digital Photos.Net

Share Button

Find the Best Rates for Your Savings

Every country in the world is facing economic problem. The problem is that the world and every individual in it have limited resources in relation to the wants and needs we have resulting to trade deficits, currency problems, stock market fiasco, unemployment and poor job growth because of recessions, etc.

We don’t know what will happen in the future so in this money-pinching world, saving for the future is a must. Money is a product of our hard work and time spent. We should be wise in investing and keeping it. It is best to keep it the bank than in our house. Have you ever think of saving through CD? Well, I am not referring to the compact disk but to the certificate of deposits. Savings account and certificate of deposits are similar in terms of security and both are virtually risk free. But they differ in terms of time table and interest rate. The amount of deposit is kept in the CD for specific period of time. The longer the time period the money is being kept, the higher the interest rate will generally be and the interest rate offered for this type of financial product is generally higher than if the same amount of money is placed into a savings account for the same period of time.

However, CD rates continue to decline because of the global economic crisis. The best thing to do is to find the best CD rates by monitoring the bank rates. Don’t be lazy to browse the web for the sites that can help you for your savings is at stake or maybe your future too.

Share Button