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Budgeting Tips to Make Your Money Go Further

Saving money is the watchword for 2024 – with the cost-of-living biting at our purses and wallets, we want to make every dollar go further! Though it might be a pain, it is a necessity, and can reap much bigger rewards in the long run! What are some simple changes you can make without living like a monk in the meantime? Here are some budgeting tips to help make your money stretch just that much further, even if you’re looking to buy a car.

Audit Your Finances

Make a short-term budget for all home spending. Assess your monthly income and where it goes. By tracking spending, you may limit unnecessary expenditures. Thus, you may track your spending and redirect cash to savings or debt repayment. What can you sell that you no longer need? What subscriptions do you have that you aren’t using? Cut them and reap the rewards.

Planning Your Purchases

You may save money by planning your purchases. Only consider buying a new appliance during end-of-year sales or financial year. Planning your meals in advance will help you stock up on essentials, so you only need one or two components to produce a healthy and delicious family dinner. What’s on special and where can determine your weekly shop – as we’ll discuss below.

Compare and Contrast

One thing my mum did every week was gather all the junk mail on the kitchen table, spread it out and pick out the specials from each shop. There was no room to eat but she probably saved our family a bundle. Now with apps and browser extensions, the hard work is all done for you. Never pay retail – because you can definitely find things cheaper.

You should also do the same with your energy and insurance if you haven’t looked at them in a year or so.

What About Buying a Car?

You can definitely save money on buying a car if you time it right. One big tip is to buy at the end of financial year sales – or if you miss that boat, at the end of the calendar year. This is when dealers are desperate to liquidate on-showroom stock at razor thin margins to make way for new models. Though it takes a bit of effort on your part, gaining pre-approval for a car loan gives you an advantage in negotiations. Your dealer will need to meet your pre-approval figure or you walk away. Dealers hate that! Leverage it so you can get an even better price.

Car Subscription Services

If you need to use a car on weekends or even fewer occasions than that, you may want to consider car subscription services. It can save you on ownership – and there’s no rego or insurance to worry about – but it also means you’re at the whim of what’s available at the time. Higher demand means fewer cars, which can be frustrating. That said, it can save you the outlay and ongoing expense of buying or leasing.

And don’t just save for the sake of it – set up an emergency fund, a holiday fund – something to make the sacrifices and compromises worth their while!

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