- Posted 06 Feb
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It’s the New Year, and of course, that means you will have set some resolutions, right? If that’s something you do, then most likely they will probably fall into one of these two categories: how to lose weight or how to make or save money.
If you’re a homeowner, you’re probably going to be focused on the latter, as the cost of being a homeowner always seems like costs and interest rates are going up.
To help you stay on track and stick to your home and budget goals, we’ve outlined some tips for sticking to your budget this year.
1. Hide the credit card!
We all feel like we need credit cards these days. After all, it’s pretty much impossible to book a flight or stay in a hotel without one. So why not save it for only those big-ticket purchases?
Here’s a good rule of thumb—if you can’t pay for it with cash, you really can’t afford it. So keep it in your safe at home, or hidden in your drawer. Make sure it’s somewhere you can access it if you really do need it, but do not carry it with you everywhere.
Aim to leave it at home. It’ll save you more money than you can imagine at the end of the month, and really, do you have to pay interest on that triple mochachino? Use cash instead.
2. Don’t buy retail during the week
This one’s pretty simple. Limit the amount of purchasing you make on non-essential items. There’s no need to buy that new 35 inch HD TV on Tuesday. You may not even really need it, but just couldn’t muster up the will power to say no as you walked past the huge sign.
If you live in the city, you’re always going to be tempted to buy.
Now of course you’re going to need things, but if you set a day or two aside to get those items, such as the weekend, you’ll be much less inclined to make unnecessary purchases.
3. Eat at home
This is one we all know well. Eating out can be expensive, but we all do it anyway, because it’s easy, fun and part of our social lives.
During the workweek though, you’re probably less likely to have major social plans. Use this time to clean out your cupboard and pantry and make dinner at home. Yes, make that pasta that’s been sitting there for a month. It may not be as exciting as that new Thai place that just opened up, but you’ll probably save yourself $10-$20 bucks in the process. Use that money when you’re out with friends on the weekend or better yet, save that money instead.
While the tips might seem pretty obvious, they are often hard to implement. Review your budget regularly and ensure that you’re not wasting money. If you need help with your home loan or need to refinance, we can help. Contact our team today.