You need to get a tighter grip on your finances. Reducing your fixed expenses is a logical step toward freeing extra cash flow in your household. We’re talking about bank fees, memberships and even utility bills. Shop around for more cost-effective options or eliminate them altogether.
Here are some quick ideas to get your thinking on the right track:
1. Get rid of bad credit. The plastic you swipe on the things you hardly need is ending up costing you heaps in interest and annual charges! Remember, credit cards may add to your debt each month!
2. Find out how much money you spend on ATM machines every month Stop using those that cost you money to withdraw money from.
3. Stop using bank accounts with high fees; find a no-fee bank account.
4. Focus on paying off non-deductible debt (house mortgage) first.
5. Consider investing your super into low-cost investments if this suits your objectives.
6. Learn the power of diversification and compounding interest for long-term wealth creation.
7. Get a financial coach to help you know your options and opportunities to safeguard your hard-earned money.
8. Pay less interest on your mortgage. With the current low interest rates you may save lots of money by refinancing your loan. Shop around.
9. You might be able to save five dollars here and twenty dollars there. It doesn’t sound like much, but the idea is to invest the extra money for your future.
10. Compound interest (compounding) is about reinvesting the interest you’ve earned on your interest. It all starts with investing just a little bit each month and doing so consistently.
When you think about that $5 ATM machine fee seems like a lot of money!