Five financial tips to make you richer

If you have ever dreamed of winning the lotto then you know exactly what you would do if you found instant cash. For most of us getting rich quick will always be just a dream. There are however ways to improve your financial situation and make you better off in the process. Here are our top 5 tips to get you on your way. 

1. Savings
   We’ve all heard that we need to save more and spend less but sometimes this is easier said than done. When you are on a shoestring budget you might not think that you can save but the thing about savings is that even a small amount makes an impact in the long run. If you put away just $10 a week you will have over $500 a year in savings. As you make more money, you can increase your savings amount but getting started will get you into the habit. If you can, put your money in a high interest saving account that isn’t that easy to access or you may end up spending it. 

2. Debt consolidation
   If you find that you have too many loans or credit cards and you can’t pay them all, you could consider consolidating your debt into a mini loan. A mini loan (small personal loan) gives you one loan to pay which means just one interest rate. This could save you money and also means you are just making one payment; it’s just good financial planning. Having too many credit cards and loans can impact your credit score so you will want to get on to this today. If you've previously applied for a debt consolidation loan elsewhere and haven't been successful, ask us about our debt management options before you pay too much interest elsewhere. 

3. Budgeting
   If you are living close to the breadline, a budget plan will help you make your pay check last. Start by working out what you are spending your money on. Once you have a handle on your outgoings you can create a budget that helps you cut down on any unnecessary purchases and allows you to better save. Use the budget template in Google Sheets or a budget app to get started with a simple and easy budget planner. 

4. Cost cutting
   Cheap and cheerful? Nifty and thrifty? Call it what you will but there are many ways to save on necessities. From buying things online to waiting for sales, you can save a lot by making a few adjustments. You can also do a lot of things yourself. From cooking at home instead of eating out to freezing leftovers for lunches, there are many tips to help you keep a few extra dollars in your pockets. 

5. Supers, taxes and rebates
   Did you know that your Super may be charging you money for insurance that you may already get through work? Did you know that you may be able to write off some of your uniform or work expenses through your taxes? Did you know you may be eligible for government rebates? The more you learn, the more you can keep money in your pocket. Do some research by calling your Super fund, the ATO and look up the rebates available through the government. Asking questions is one of the best things you can do.

By making small changes to your daily habits you can make better financial choices that help you to save for the future.