In today’s economy with the constant rise in cost of living and inflation, we are constantly looking for ways to increase our income and savings.
There are many ways we can increase our income and savings. Here are among some little things you could be doing to achieve your goal.
Never pay unnecessary fees
Welcome to 2017, and for some, welcome to another fee. If you're paying an annual fee on your credit card, ask to have it waived. Worst case scenario is your balance transfers to a better rate and a card with no annual fee – easy!
Also make an effort to ensure that your bills are paid on time. Certain companies offer their customers a small discount as an incentive for paying your bills early or on time. Credit card providers often charge additional fees and interest if you do not pay your balance off each month.
Use your virtual assistant in your smartphone to keep you reminded on the due dates as soon as you receive the bill. Siri and OK google does a fantastic job in noting reminders in your calendar.
Start spending wiser
Your daily work lunches might seem cheap at $10 a day, but then that's $200 a month and approximately $2200 a year (excluding a month's holiday). Dedicate an afternoon each week to grocery shopping, and pack your lunches rather than purchasing them. Make sure you take a pre-written list to avoid impulse buying.
Another good example of this is getting a mobile phone contract. Signing up to a 2 year mobile phone contract may seem cheap at first but over the course of 2 years it actually ends up costing the customer significantly more than buying the mobile phone outright.
Even if you can't afford to purchase a mobile phone outright, you can still purchase a mobile phone outright interest free off our website via ZipPay.
You can read more about ZipPay in the link below.
Creating a detailed account of your current expenditure will also help to create clear picture of where most of your expenditure is going to and in that way you can easily eliminate unnecessary expenditure. You can use spreadsheets on your phone to create detailed budgeting lists.
Do not save just to save but to invest instead
Investing may seem daunting at first but start off small. You may start off with looking into investing your superannuation.
We ain’t no professionals in regards to providing investment advice however we are able to provide you with some gadgets/devices that you can invest in to further help you save money.
For instance Solar Panels may seem costly at first however in the long run the saving does outweigh the cost of the solar panels.
Another good range of gadgets to invest in are home automation products. Home automation products have become more popular in recent years. They are not overly costly to set up but the savings you’ll earn from it is incredible.
The main key to building up a regular savings is to set money aside automatically. You can do this by automatically setting your bank account to put a set amount of money into a separate account on a weekly or monthly basis. This way you wouldn’t even realise that you have money set aside and before you know it you will have built up a substantial amount of savings.
Make side income
If you find that your main income isn’t enough why not generate a side income may it be by selling some of your creations from your existing hobbies (baking, knitting, card making etc) .
Uber and Airtasker are also great ways of generating side income. If you already own a car utilise it and be an Uber driver. Or utilise your man power to help someone move their couch on Airtasker for extra income.
In line with generating side income we will be discussing how you can generate additional income for yourself or your business by recycling mobile phones in our next blog post.