Saving and budgeting tips
Why be responsible with money?
Many people underestimate their 'bad debt' and poor money habits. For some, this can impact their financial well-being and cause stress. Too often we don't recognise our poor money habits until they have become hard to manage. The Citizens Advice Bureau provides practical money tips, such as Loans and Credit, Budgeting, and Debt Management that may be of assistance to you when dealing with one of these events.Learn more from the Citizens Advice Bureau
What are the benefits?
Like policing, the more information you have, the better financial decisions you will make, and the easier it will be to achieve personal financial well-being. This means you will:
- Reduce financial stress
- Have more control of your life
- Not have to use a 'loan shark'
- Be on your way to achieving financial well-being
How can I save?
We offer free financial courses to help you make a plan to reach your goals.
Get dedicated savings accounts
Earn bonus interest by setting aside money each month.
Set up automatic deductions
This means money from your pay check goes straight into your Savings Account. Talk to your employer about your options.
Pay off your Credit Card in full each month
If you are only paying the minimum amount on your Credit Card you are likely to continue paying it off for years to come, instead of months. The interest payments can mount up if you are only paying the minimum amount on your Credit Card and often no real progress is made to clear the overall Credit Card balance.
Consolidate your debts
Dealing with multiple loans and debts can be very difficult and frustrating for many of us. By combining all your debt into one easy repayment, you could potentially save hundreds or even thousands of dollars in interest costs, and get out of debt faster.
Be prepared for a rainy day
If you don't plan for unexpected expenses such as urgent car repairs or emergency travel, you are likely to be caught short.
Choose a savings account that earns interest
Ensure that when you are looking for a savings account it pays interest on the balance monthly that is compounded to the savings balance, as this means your investment grows faster. Sorted provides excellent information about the benefits of compounding interest.
Beware of scams
Protecting our money is very important, however there are plenty of scams out there to try and take your hard earned money off you. The Citizens Advice Bureau has some excellent tips on how to protect yourself against scams.