Have a good attitude

Have a good attitude
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As new age-y as it may sound, the law of attraction applies to money, too. The better your attitude is towards your finances, the better your finances will be. “Come at money from a place of enjoyment and abundance instead of fear or scarcity,” Taylor Simpson, founder of The Money Mindset Masterclass says. “Know and believe money comes to you easily – when you feel this, you’ll live it.” One way to do that? Say “thank you” when you spend money to start seeing it as something that comes and goes effortlessly.

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Create an emergency fund

Create an emergency fund
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According to a recent survey by Mozo, only 25 per cent of Australians have the savings to stay afloat when faced with unforeseen circumstances. To prevent going into debt, however, you should have enough set aside that you could cover a minimum of three to six months worth of living expenses in case something drastic should happen.

Keen to start saving? Here are some easy ways to save $20 a day.

Don’t boost your budget

Don’t boost your budget
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No matter what. That means even if you get a raise, start a side gig or even win the lottery – stay firm to your original budget. Better yet, funnel all that extra income directly into your savings or retirement fund, so you won’t even feel like you’re missing anything.

Skip Starbucks

Skip Starbucks
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Yes, you’ve heard it before but it bears repeating: Time, in partnership with NextAdvisor, broke down exactly how much you’d save if you swapped your twice-daily coffee habit with home-brewed coffee – and it’s a lot. Assuming you spend $3.95 on your cappuccino, twice a day, you could be losing over $2,800.00 per year – compared to spending just $100 per year with home-brewed coffee. Something to keep in mind is that number could be more or less, depending on your order. If you have a more expensive coffee habit, prepare to spend more per year.

Here are some tiny splurges that cost more than you thought.

Track your progress

Track your progress
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If you have a financial goal in mind, say to save up an emergency fund by the end of the year, track your progress to see how you’re doing. Seeing that number increase each time you look can give you the motivation to keep your smart spending habits on track. Or, if you don’t see it increase as much as you’d like, you can adjust your spending habits to get back on track. Either way, tracking how much you save will help you figure out if your saving habits are efficient or not.

Follow these 13 goal-setting tips from mental health experts.

Compare prices

Compare prices
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It’s tempting to grab something we want or need as soon as we see it, but smart spenders know to compare prices and see where to get the best deal. They utilise fliers, apps, and websites to compare prices. For instance, MotorMouth, which makes it easy to compare the price of fuel at one servo with the others, highlighting the cheaper and more expensive service stations right across the region.  Comparing prices can cut your spending and allow you to put extra money aside.

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Source: RD.com

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