How to trim down your expenses?

24 September, 2014

In the current economic scenario, everybody should be aware of trimming down their expenses. You should do some research and gain knowledge about cutting costs. As economy starts recovering but still, you should know how to manage your salary and expenses. You can consult the financial experts for knowing each and every fact and how to convert your savings into investments which will provide you benefit, in the long term.

Ways to Save Money

Here are some ways which will help you to save money in the long term:

  1. ATM Fees: if you use another bank ATM machine, you have to pay some fee. Do not use other banks ATM to withdraw money, as you can add this money into your savings. As per research, Australians are charged $627 in ATM fees for a year.
  2. Credit card Debit: As interest of credit card has increased from 9% to 20%, you should try to reduce the usage of Credit Card.
  3. Direct Debits: Cancel direct payments from your debit card, if they are not very important. This can help you to save money.
  4. Insurance Check-Up: Check all your policies as there may be chances of cutting down some expenses, which are not required.
  5. Mortgage: you need to check your mortgage rate. You need to know whether you are paying at a fixed rate or floating rate and if such an option is available, you can switch to a lower mortgage rate.  This way, you can save thousands of dollars of the cost of your loan.
  6. Pay taxes on time: You would lose a lot of money in terms of penalties, if you do not pay your taxes on time.
  7. Check out your receipts: Collect all your receipts of the current financial year and you will get an idea about next year’s expenditures and tax returns.
  8. Make a Budget: Make sure to write down all the expenses and prepare a budget according to that. It will help you to know whether you are at a safe zone or not. If not, then you should trim down your expenses, so that you can save money for your future.
  9. Save for Christmas: As festive season is coming, start your savings right away because this move will provide you a financial cushion.

By keeping these things in mind, you can be able to a save lot of money in your account. Try to look for cheaper options for buying grocery. Money would be your best friend, during emergencies.

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