If you’ve ever wondered why it’s so hard to become a saver and not a spender, it may be because you’ve developed financial habits that are simply hard to break. Did you know that it takes an average of 20 times to break a habit? However, you don’t have to try 20 times before you become an expert at saving, you can get a jump start by using the 5 tips below to become a better saver now!
There an app
There’s an app, or a calculator, or a software program for that! You can manage just about every aspect of your financial life on your phone or the computer these days. From easy to use budgeting apps, to online financial calculators and money management software, you can become financially savvy and organised in no time. Not sure where to begin? You may want to check with ASIC’s MoneySmart to get started.
Create a budget
Sticking with MoneySmart, creating a budget is the first step in finding extra savings that you may not realise that you have. In the app, you can easily enter your income and expenses to track where your money goes. You may come to realise that you’re spending hundreds per month on small incidental costs that you don’t even really need.
Track your spending
After you get your budget in place, start keeping track of everything that you spend. While this may seem time intensive, it’s really not with the variety of apps and tools available online and on your phone. There’s an app called Pocketbook, and MoneySmart has the TrackMySPEND app to help you along your way.
Watch your savings grow
Using the three steps above, you’ve probably already found ways that you can cutback on expenses and save extra money. Now what? You can use apps like TrackMyGOALS to see your savings rise as you start putting money away. Doing so will get you excited to see your money start to add up, which will also keep you motivated.
Get Professional Advise
Now that you know about how technology can help you start to break your habits and help you save, you may also want to consider speaking to a qualified financial professional to ensure that your goals are focused. He or she can also provide you with additional tips on how to maximise your savings potential.