Money Matters
Spent your pay already? Want to go to the movies or out with your mates but have no cash to get you through the night, let alone the week?
Here are some tips on how to make your money last longer, or at least pay for the things that are important in life.
1. Plan ahead
If you know you have a bill coming in or a special event (i.e. concert, birthday, Christmas) coming up, make sure you work out in advance how much money you will need and put it aside. If you can't put it aside at once, put some aside each week.
2. Avoid extra fees
Does your bank charge ATM fees? What about when you use an ATM that doesn't belong to your bank? These fees and those you get hit with when you overdraw your bank account can add up. Make sure you know how much money you have in your account and try to visit an ATM from your bank to stop the extra charges. Try getting out money you need for the day in one transaction (rather than lots of little ones) and also shop around for your bank. We shop around for clothes, why not shop around to find a bank with low fees and charges. Every little bit you save helps.
3. Put some money aside each week
It's never easy to save a huge amount of money each week. Especially when there are things you want to buy or tickets you want. It's easier to save $20 each week than $100, so put some aside with each pay and work towards a goal - whether it is a holiday or a new amp. It's easier to save when you have something you are saving for.
4. Avoid interest
Credit cards may seem like the answer to your problems, but what happens when the credit card bill comes in? If you can't pay for it straight away, you'll be charged interest and may have to pay a lot more in the end than the price of what you bought. Try to buy things on cash, not plastic. Use the motto, if you can't afford it, do you really need it?
5. Superannuation
Think super is something you dont have to worry about until you retire? If you look after your super now and try to roll your super into the one account (just think of how many times you may change jobs in your lifetime - if you don't provide your super details, you could end up with heaps of different accounts). Having your super in one account means you'll earn more interest and pay less fees.
Based on information provided by Australian Securities and Investment Commission (ASIC), 07-52 Living on a shoestring: six tips for new uni students.