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Saving money is something that almost everyone strives to do – and fortunately, there are often plenty of ways that a person could reduce their outgoings to save a little extra cash. Because of this, keeping a few money saving tips in mind on a day-to-day basis may be useful for anyone who wants to start spending less, and saving more.
Tip 1: Checking the Super Fund
Often, an individual who wants to start saving money may find that taking a look at their super fund can be a good idea. Checking its performance and how much is in there may the place to start.
Most find that using (or switching to) a higher performing super fund can be ideal; this could provide a person with a higher return on their investment. Also, it may be wise to only have one fund, as it can usually reduce fees that can be associated with having more than one.
These additional savings may not always be large, but over time they can often build up to offer a much more substantial amount. This is not a one size fits all approach, which is why financial advice tailored to your specific needs could identify a solution.
Tip 2: Checking Utility Costs
Another potential method of saving money is to review utility costs to see what can be adjusted. For example, using energy efficient appliances, or turning off appliances when not in use, can lead to savings.
Savings may be made by reviewing electricity and gas contracts and asking their provider for a reduction in fee. If they can’t, consider switching to a more competitive one. There are several different tools out there today to help people to find the right deal for their needs.
Tip 3: What Isn’t Necessary?
Many people spend money on things they don’t need – and while most won’t want to forego all their luxuries in life, there are often a few things that can be sacrificed to help saving money.
Buying less expensive products (or leaving things that aren’t necessary) can be a way to save a little extra cash when shopping. Also, additional expenses such as eating out can also be reduced to save money.
Tip 4: Sacrificing Salary
Depending on your circumstances, making additional payment to super may be helpful for two reasons. Firstly, extra payments into a person’s super fund may reduce their taxable income. Secondly, extra payments are saving for the future.
Please feel free to contact us, where we will help to determine a solution aimed at your personal needs.
Lindale Insurances Pty ltd ATF Lindale Insurances Trust ABN 27 027 421 832 is a Corporate Authorised Representative of Millennium3 Financial Services Pty Ltd AFSL 244252and ABN 61 094 529 987. This information (including taxation) is general in nature and does not consider your individual circumstances or needs. Do not act until you seek professional advice and consider a Product Disclosure Statement. For Australian Residents Only.
Disclaimer: The views expressed in this publication are solely those of the author; they are not reflective or indicative of Millennium3. They cannot be reproduced in any form without the express written consent of the author.