When it comes to your savings, you will undoubtedly want to put a little extra aside each month to go toward the cost of any future expenses that you may need to cover. These expenses can include the cost of a deposit toward the value of a new home, or the fees associated with obtaining finance and loans from a lender.
Hire an accountant
Most people think that accountants are only suitable for businesses, but the fact is that there are many personal bookkeepers that offer their services to sole traders, freelancers and others that operate on a smaller basis. By hiring an accountant you’ll be able to see exactly how much you spend, how much you waste – and most importantly, the amount that you can afford to save each month.
Open a savings account
Most banks offer savings accounts to their customers and these types often feature greater levels of interest to those that store cash in them. Even if you aren’t able to access your cash for five years, just imagine how much you can save by putting a few hundred dollars away every month. Further to this your account will accrue interest, which will increase the more that you put in.
Moderate your expenditures
Although the majority of people in Australia will have what is called ‘disposable income’ – money that’s left over after all of their costs for the month are covered – not all will make a point of moderating how much of this they actually spend. Switching high powered bulbs out for environmentally friendly ones can be a good start, as can reducing phone bills and cutting back on internet speeds to shave a bit of cash off with each bill payment.