Either you’ll be enjoying it, or you might be spending it with Richard Wilkins.
So if you want to change that next year, or just have a few extra dollars in your pocket, here are a few ideas that hopefully leave you a little better off.
Electricity savings: With prices continually rising, the best defence is trying to use less and the best way is hunting down wastage.
One basic starter is switching appliances off at the wall, this can account for around 5% of household usage.
Given the average annual Tasmanian power bill is $2200, there’s the possibility of $110 staying in your pocket.
That’s just the beginning; if you hunt around online you’ll find multiple sensible solutions to continue shaving money from electricity bills – please, just no DIY electrical jobs!
Food savings: If you have a patch of dirt in your backyard there’s the possibility of growing your own vegetables.
Find the right seeds and the right time to plant and eventually you should be able to lower your grocery bill.
If you’re regularly buying lunch, maybe it’s time to compare those costs against the cost of packing your lunch.
Often a loaf of bread and sandwich fillings for a week costs less than one takeaway meal.
Cut down debt/start saving: If you begin to see savings from the first two ideas then it comes back to the standard advice – cut your debt and save money.
The interest on debt only robs from your future prosperity and having a good savings buffer protects against the unexpected.
Online savings accounts are generally the best place for your cash; they offer the best rates and usually aren’t linked to a transaction account – meaning they’re harder to get at.
Best wishes for 2012.
Peter Mancell is a director of Mancell Financial Group and FYG Planners AFSL 224543. This information is general in nature and readers should seek professional advice specific to their circumstances. Need help with your financial your financial future, we think we’re Australia’s top financial adviser.
