Savings. That’s a word many people know of, yet have no clue how to apply to their own financial situations. Or they have a general idea of what it is, still, they find themselves incapable of apportioning savings from their income.
Australian families today face this dilemma. Earning to pay for monthly bills and not having anything leftover to label as “savings.” But in truth, experts reveal that the majority of Oz’s income-earners actually have the means to do so. Only, they don’t.
Why? Because they may not have a know-how of the nitty-gritty of doing it.
If this sounds all too familiar, don’t despair. At Easywaystosavemoney.co.au, we’ll tell you everything we know about how you can save thousands on household bills and finally have a flow of income that isn’t merely a break-even circumstance every payday.
Save Thousands On Household Bills: Tips And Tricks
1. Loan Consolidation
Let’s start with the big bucks here. Loan consolidation is about merging all of your loans together in order for you to gain convenience in repayment. Instead of singling out debt and paying for them painstakingly and separately, through consolidation, you’ll only have one debt to think about. One interest rate on top of everything.
Although we advise against frequent loan consolidation, if your credit history is sparkling clean, you might want to consider this. In practical terms, you will be offered repayment options with terms that are still within your paying means and your regular income.
2. Rate Reduction For Your Credit Card
Yes, this is possible. And it’s unfortunate that there are Aussie’s who fail to realise that they are allowed to ask their banks for a rate reduction. It’s something you are legally entitled to. Negotiate terms with your bank regarding this.
Of course, a good credit score will be an excellent support in letting your bank decide to give you the go signal on this. Still, if this isn’t the case, there are other means such as seeking advice about a credit card for the purpose of smoothing out bad credit, or a zero-balance transfer towards a different card.
3. Auto-Debit Repayment
There are banks who offer a lower interest rate for having loans be debited from your account automatically. This is because it’s as if you’re signing yourself up for a sure-fire method of paying back what you owe. No delays. No skipping. Only regular repayments through auto-debit.
If you come to think of it, it’s a win-win situation for you and your bank. First, you’ll be sure to make payments regularly, without fail. Not unless your bank experiences a technical failure that won’t allow them to auto-deduct from your account. Second, your bank won’t ever have to worry about late payments.
4. Membership Plans
Cancel them. This one’s a piece of throw-in advice we hope you’ll find extremely practical. Find out what memberships you may have. Go over them and cancel the ones that aren’t necessary.
Target those that you don’t frequent. Once a month? You don’t need that. So go ahead and terminate your membership with them.
We’ll leave the discerning to you.