Fuss-free money advice can be hard to come by, which is why Starts at 60 and Westpac have joined forces to ask everyday over-60s what their best pieces of advice are in just a few sentences. With so many genius money-saving hacks submitted, these are just a handful of the best things to consider when trying to readjust your everyday spending habits.
Lots of people have trouble trying to rein in their spending habits, particularly when it comes to distinguishing between the things they want from the things they need. From groceries to gifts, it can be easy to go overboard when you walk into a shopping centre, so here are some easy ways to make sure you’re making the most of your money.
Bills are those staple payments that you just can’t avoid. Although there are ways to reduce electricity costs, save water and cut down on credit card payments – some bills are simply unavoidable. Mortgages, insurances and rent will come out of your account regardless of how much you cut your costs, so finding an approach that works for you will not only help you to save money overall but also alleviate the stress of lump sums coming out of your account all at once.
Determining a budget that fits your lifestyle can be difficult. In most cases it’s recognising those areas in life where you tend to splurge and finding ways to reduce those costs. Budgeting can also be made easier when there’s a goal and timeframe in mind, for instance some people save to travel, others want to pay off their debts, and settling on that aim will give you something substantial to work towards.
It’s one of the most important parts of heading into retirement, but superannuation is too often overlooked when considering personal finances. Rather than sticking with the average 9.5 per cent of your pay check, actively increasing your super input could be your greatest asset when you reach retirement and something you’ll thank yourself for doing in preparation.
Important information: The information provided on this website is of a general nature and for information purposes only. It does not take into account your objectives, financial situation or needs. It is not financial product advice and must not be relied upon as such. Before making any financial decision you should determine whether the information is appropriate in terms of your particular circumstances and seek advice from an independent licensed financial services professional.