Monday, February 27, 2012

Make like a bird, CHEAP!

When you need a little more then Mr. Good Luck bear to get you out of trouble.

Whether your budget is a skinny Minny or a little more comfortable this year/month/week, it never hurts to review it and see where you could possibly 'trim' some excess from.

Take weddings for example, flicking through pages of a $15.00 Bridal magazine (borrowed from a family member) I started to see a trend. Weddings are expensive, but not for very good reasons at all.

Queue the: Best day of your life, spend as much as you can to make it memorable.

The idea of having a simple wedding for some is more a 'if we can't afford our DREAM wedding we'll settle for simple.' This is quite an absurb way of viewing not only your 'BIG' day but also your finances. Shop around! Im not just targeting wedding spendings, I'm talking about day to day basics, one off purchases and those 'lifetime investments'. We need to shop around much more.

Simple isn't always cheap but it can be much cheaper then our complicated ways of handling finance, in fact its just another way of looking at the exact same circumstance just in a less complicated way. You're not settling for less, you're investing in your financial future by cutting the excess fat from your expenses.

Here's some areas to review:

- Daily habits: coffee drinker? smoker? online shopper? Review the little expenses that you don't often pay much attention to. More than likely if you add up all your daily expenses, you'll find a lot of money going really quickly down the drain of no return.

Solution: I'm not saying chuck out all your habits, but you do need to have a think about bigger goals. Do you want to travel? Would you love a quality item but you've never been able to afford it? Put the average amount that you'd spend on junk (let's say $20) into a savings account a week, and watch that figure grow!

- Planning a wedding: Local options will GENERALLY be a cheaper option with produce availability and transportation not being a high cost factor, however it is always best to shop around. Online shopping is always an option for most brides looking to save in areas that don't necessarily require a lot of spending i.e. table decorations, stationary (yes, these areas DON'T have to be costly)

-Expanding your family: Whether your having baby no. 1,2,3 or 6 looking at the areas that most require your finance will help determine what you do need and what you can live without just fine ie. do you need a cot? a pram? a bouncer? a custom made diaper bag?

This is key to having savings for the more day to day basics such as food, formula (if relevant) and clothes.

Going back to school: if Uni is on your cards and you've not exactly been keeping a comfortable number in your savings account, now would be the time to start. Can't afford textbooks but manage to scrap together funds for alcohol or take-out... you're not alone, plenty of uni students though are becoming more finance smart by getting professional advice.

Don't feel silly going to a financial adviser for assistance, it's their job, they know what will benefit your savings the most. Most financial advisers have payment options also, so you're not forking out money you don't have to get help obtaining money you really want.

Hope this has been of some assistance loveys.

Until next time,

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