[cs_content][cs_section parallax=”false” style=”margin: 0px;padding: 0 0px;”][cs_row inner_container=”true” marginless_columns=”false” style=”margin: 0px auto;padding: 0px;”][cs_column fade=”false” fade_animation=”in” fade_animation_offset=”45px” fade_duration=”750″ type=”1/1″ style=”padding: 0px;”][cs_text]This week I had another great question from the community that I wanted to share:
“How can I pay off current debt and build a little buffer in my savings when I live pay cheque to pay cheque (just for living expenses, food and medical bills)? I very rarely go out or buy myself things. I was on a much higher wage before and now I’m on a much lower income and single.”
OK. So as you know, in general the answer is spend less, earn more or a combination of both! There may be some areas of your finances you can look at specifically, but without knowing the full details of your financial situation let me give you a few easy tips that might help.[/cs_text][/cs_column][/cs_row][/cs_section][cs_section bg_color=”#252525″ parallax=”false” style=”margin: 0px;padding: 0 0px;”][cs_row inner_container=”true” marginless_columns=”false” style=”margin: 0px auto;padding: 0px;”][cs_column fade=”false” fade_animation=”in” fade_animation_offset=”45px” fade_duration=”750″ type=”1/1″ style=”padding: 0px;”][x_custom_headline level=”h2″ looks_like=”h3″ accent=”false”]
#1 Reality check your lifestyle[/x_custom_headline][cs_text]One thing that tends to happen when our income goes up is our spending goes up with it. So while you say you now rarely go out and buy things, I would suggest that there might be a chance that there is still wiggle room in your budget – you may just be used to the old lifestyle and potentially ‘wants’ have maybe become ‘needs’. Take a close look at your budget and add up how much you spend on dining out, takeaways, clothes, TV subscriptions, or gym memberships, and be really honest with yourself about the must-haves vs the nice-to-haves. Read some more of my lifestyle on a budget tips here.[/cs_text][/cs_column][/cs_row][/cs_section][cs_section parallax=”false” style=”margin: 0px;padding: 0 0px;”][cs_row inner_container=”true” marginless_columns=”false” style=”margin: 0px auto;padding: 0px;”][cs_column fade=”false” fade_animation=”in” fade_animation_offset=”45px” fade_duration=”750″ type=”1/1″ style=”padding: 0px;”][x_custom_headline level=”h2″ looks_like=”h3″ accent=”false”]#2 Ditch the plastic[/x_custom_headline][cs_text class=”cs-ta-left”]When it comes to debt, the first thing you need to do is stop the bleeding – which means you need to get used to not using your credit card. The rule is: if it has to go on the credit card, you can’t afford it! Then you can focus on cutting your spending down further to make room to save.[/cs_text][/cs_column][/cs_row][/cs_section][cs_section bg_color=”#252525″ parallax=”false” style=”margin: 0px;padding: 0 0px;”][cs_row inner_container=”true” marginless_columns=”false” style=”margin: 0px auto;padding: 0px;”][cs_column fade=”false” fade_animation=”in” fade_animation_offset=”45px” fade_duration=”750″ type=”1/1″ style=”padding: 0px;”][x_custom_headline level=”h2″ looks_like=”h3″ accent=”false” style=”color: rgb(255, 140, 0);”]#3 Research your rate[/x_custom_headline][cs_text]If you have a mortgage, do some research to make sure you have a competitive interest rate. You can potentially refinance with another bank who has a more attractive rate, or use the competitive offers to negotiate a better rate with your current bank.[/cs_text][/cs_column][/cs_row][/cs_section][cs_section parallax=”false” style=”margin: 0px;padding: 0 0px;”][cs_row inner_container=”true” marginless_columns=”false” style=”margin: 0px auto;padding: 0px;”][cs_column fade=”false” fade_animation=”in” fade_animation_offset=”45px” fade_duration=”750″ type=”1/1″ style=”padding: 0px;”][x_custom_headline level=”h2″ looks_like=”h3″ accent=”false” style=”color: rgb(255, 140, 0);”]#4 Rethink your rent.[/x_custom_headline][cs_text]If you are a renter, consider moving to a cheaper area. Alternatively have a look at sub-letting if you aren’t already. Do you have friends or family you could stay with, even just for a month or two to help kick start the savings? Or perhaps house-sitting is another option.[/cs_text][x_image type=”none” src=”http://www.womenwithcents.com.au/wp-content/uploads/2016/07/Dollarphotoclub_76241340.jpg” alt=”” link=”false” href=”#” title=”” target=”” info=”none” info_place=”top” info_trigger=”hover” info_content=””][x_custom_headline level=”h2″ looks_like=”h3″ accent=”false”]#5 Earn some casual cash.[/x_custom_headline][cs_text class=”cs-ta-left”]The first place to start is your closet. Do a big clean-out and see what items you can afford to sell to kick start your savings. You could also look for casual weekend or evening work, like driving for Uber or running errands for Airtasker.[/cs_text][x_custom_headline level=”h2″ looks_like=”h3″ accent=”false” style=”color: rgb(255, 140, 0);”]#6 Consider your transport options.[/x_custom_headline][cs_text class=”cs-ta-left”]If you drive a gigantic fuel-guzzler, it could be time to downsize to a more economical ride. Or if you drive everywhere, consider taking public transport or walking a few days a week instead! If you have a car loan, perhaps it is time to make some hard decisions about down-sizing to a more affordable ride.[/cs_text][/cs_column][/cs_row][/cs_section][cs_section bg_color=”rgb(37, 37, 37)” parallax=”false” style=”margin: 0px;padding: 25px 0px 0;”][cs_row inner_container=”true” marginless_columns=”false” style=”margin: 0px auto;padding: 0px;”][cs_column bg_color=”rgb(37, 37, 37)” fade=”false” fade_animation=”in” fade_animation_offset=”45px” fade_duration=”750″ type=”1/1″ style=”padding: 0px;”][x_custom_headline level=”h2″ looks_like=”h3″ accent=”false” style=”color: rgb(255, 140, 0);”]#7 Decrease those bills..[/x_custom_headline][cs_text]There are loads of ways to save on your essential bills – just switching off all the lights and appliances at the power point can make a big difference to your energy bill. You should also shop around providers for your car, home or health insurance. There are even comparison sites for energy providers – just be sure not to compare % discounts and instead look at what rates they charge for consumption after the discount. A few phone calls can easily save you hundreds of dollars – your existing providers may even match the competitor offers and save you the hassle of switching.[/cs_text][x_custom_headline level=”h2″ looks_like=”h3″ accent=”false”]#8 Shop smarter.[/x_custom_headline][cs_text class=”cs-ta-left”]Just by shopping at Aldi I saved $30 on my weekly shop. But if you’re not quite ready for a supermarket switch, check out my blog on smarter grocery shopping for other ways to save. The big tip – meal plan and reduce the need for take away![/cs_text][/cs_column][/cs_row][/cs_section][cs_section bg_color=”hsl(0, 0%, 100%)” parallax=”false” style=”margin: 0px;padding: 25px 0px 0;”][cs_row inner_container=”true” marginless_columns=”false” style=”margin: 0px auto;padding: 0px;”][cs_column fade=”false” fade_animation=”in” fade_animation_offset=”45px” fade_duration=”750″ type=”1/1″ style=”padding: 0px;”][x_custom_headline level=”h2″ looks_like=”h3″ accent=”false” style=”color: rgb(255, 140, 0);”]#9 Investigate Centrelink Support[/x_custom_headline][cs_text]There are lots of Government support payments available, depending on your circumstances, so it’s worth doing your research. A good starting point is the latest version of “A Guide to Australian Government Payments” for a listing of available payments and eligibility criteria.
[/cs_text][/cs_column][/cs_row][/cs_section][cs_section bg_color=”rgb(37, 37, 37)” parallax=”false” style=”margin: 0px;padding: 0 0px 25px;”][cs_row inner_container=”true” marginless_columns=”false” style=”margin: 0px auto;padding: 0px;”][cs_column fade=”false” fade_animation=”in” fade_animation_offset=”45px” fade_duration=”750″ type=”1/1″ style=”padding: 0px;”][x_custom_headline level=”h2″ looks_like=”h3″ accent=”false”]Submit a Question![/x_custom_headline][cs_text]Have a finance question you’d like answered? Why not drop me a line! Each week I would love to answer a question from the community. Click below to get in touch.[/cs_text][x_button size=”global” block=”false” circle=”false” icon_only=”false” href=”mailto:tash@womenwithcents.com.au” title=”” target=”” info=”none” info_place=”top” info_trigger=”hover” info_content=””]ASK TASH[/x_button][/cs_column][/cs_row][/cs_section][cs_section parallax=”false” style=”margin: 0px;padding: 25px 0px 0;”][cs_row inner_container=”true” marginless_columns=”false” style=”margin: 0px auto;padding: 0px;”][cs_column fade=”false” fade_animation=”in” fade_animation_offset=”45px” fade_duration=”750″ type=”1/1″ style=”padding: 0px;”][x_image type=”none” src=”http://www.womenwithcents.com.au/wp-content/uploads/2016/07/Email-photo.jpg” alt=”” link=”false” href=”#” title=”” target=”” info=”none” info_place=”top” info_trigger=”hover” info_content=””][/cs_column][/cs_row][/cs_section][cs_section parallax=”false” style=”margin: 0px;padding: 45px 0px;”][cs_row inner_container=”true” marginless_columns=”false” style=”margin: 0px auto;padding: 0px;”][cs_column fade=”false” fade_animation=”in” fade_animation_offset=”45px” fade_duration=”750″ type=”1/1″ style=”padding: 0px;”][cs_text style=”font-size:12px;”]The information provided by Women with Cents is general in nature. It doesn’t take into account your objectives, personal financial situation or needs. Think of it as educational material in which to help you make more-informed decisions. We recommend you obtain financial, tax and credit advice specific to your situation before making any investments or financial decisions.
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One comment
Irene
July 21, 2016 at 17:22
Hey Natasha, I’m 60 this year – a few bad choices over my life has left me firmly behind the eight ball regarding my finances. I have no savings as I’m a pay to pay person. I’m worried about my super and understand I need to get a handle on it. I’m fortunate to have full time work in a job (if I remain healthy) I’ll be able to do for the next 10 years if necessary. I have no dependents and no partner but three glorious grandchildren whom I’d love to spoil occasionally. Thanks for the website – you seem to have done a lot of hard work on this and I’m going to make sure I examine every avenue I can to get ahead and change my position….thanks again (you have a gorgeous baby by the way)…Irene
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