Saving probably seems like a tough job to those of us struggling to make ends meet but it’s not impossible. At Nest Quest, we help everyday Australians achieve their savings goals with these three easy steps.
Start a Budget
At the core of every savings plan, there is a budget. By creating a budget, you’ll find yourself prioritising your expenditure and finding a balance between spending and saving.
Your budget should include your regular expenses, such as your rent or home loan repayments, transport, insurance, grocery and electricity bills plus any subscriptions like Netflix, Foxtel, etc.
By creating this budget you’ll be able to deduct these expenses from your full-time or part-time income, allowing you to see how much money you have left over to transfer into a savings account.
Pay off your debt
One of the most important steps for saving is to pay off any existing debt. By paying off your credit card debt you’ll avoid paying interest charges and late payment fees.
Open a savings account and don’t touch it!
Some banks now allow you to open a savings account without having a bank card attached to it. By restricting access to your savings account you’re giving yourself a higher chance of achieving your goals.
We also recommend creating automatic monthly payments into your savings account – you’ll be growing your savings without even noticing.
Remind yourself of your savings goal
Don’t forget to remind yourself why you’re saving – you may be saving for a family holiday, first home, or purchasing a new car.
If you’d like to speak to a member of our team about how we can help you achieve your savings goals, contact us on 0411 394 575 or fill out our enquiry form and we will be in touch.