Money always seems to go as quickly as it comes in. It’s frustrating knowing that you’ve worked hard by trading in your time and effort to earn an income and provide for your loved ones, only to have nothing left over after you have paid off all of your creditors. Sometimes, it can seem like everyone is getting ahead financially except for you – and nobody should feel like they have to live with this burden.
To make things easier, we have shared the following hacks to help you start saving money, so you can take back control of your finances.
Invest In LED light bulbs
If there’s any smart investment that you can do right now, it is to make the switch from using incandescent light bulbs to LED light bulbs. LED light bulbs consume up to 80% less energy than incandescent light bulbs. This is because most of the energy that is used in incandescent light bulbs is lost as heat in home or office lighting. LED light bulbs are more efficient, which leads to lower costs and bigger energy consumption savings.
Pay Yourself First
Whenever you earn an income, the first thought is to start paying everybody else before you pay yourself. You actually need to pay yourself a separate income that can go into a bank account or an income generating asset, so that you can start saving more money in the future. A simple way to do this is setting up a direct debit from your main bank account to a high interest savings account. Depending on how much you earn, you could make an extra $50-100 a month from the interest alone.
Don’t Get Yourself A Credit Card
There’s the temptation to use credit cards to get items in advance. But if you aren’t good with your personal cash flow management, you will get yourself into financial trouble. The interest and penalty rates that first credit card providers charge for late payments will send you into a deeper financial wormhole that you won’t be able to get out of.
Additionally, credit card companies charge several transaction fees, which will have you spending hundreds or even thousands of dollars more over time.
Adopt Better Printing Habits
It’s common to print regularly at home or in the office. Ink cartridges cost a fair bit, as does the paper. You should only focus on printing essential documents to minimise printing costs. If you do need to purchase printer cartridges, you can take advantage of any clearance deals on offer. You should also focus on storing digital documents on storage or cloud devices.
Keep On Top of Your Taxes
If you are responsible for paying your own taxes (i.e. not your employer), then it is important that you keep on top of your tax bills and pay the right amount on time. Paying the wrong amount or not keeping up with tax payments can put you into serious financial debt with the tax office, which could force you into liquidation and bankruptcy.
Follow these tips and you will start saving money in the next 30 days. Do you think there is anything that should be added? Let us know in the comments below.