Money-Saving 101 – Tips & Tricks
Saving money is a challenge for many kiwis. If you’re sick of being told that if you stop buying a coffee at the local café every day you will be able to buy a house, then this article is for you! Here are some no-nonsense money-saving tips to help you get ahead. Save money without skimping on coffee, Eggs Bene, or whatever else people tell you is eating your money.
Automate Savings
If you automate your savings, this can help you to save the money that you planned to. When your pay comes in, do you then manually transfer some money to your savings account? That’s how the majority of people do it.
However, the risk with that is that you may transfer less than intended when you realise that you want to buy that new PlayStation this month or some new clothes.
Instead, automatically transfer a percentage of your wages that you know you can afford to save for a rainy day – and don’t touch it unless it starts to rain (metaphorically, of course).
Savings Account
Let’s talk about that savings account your money is automatically going into. If you can transfer money out of it whenever you like, you may want to look at other account options.
There are accounts you can get that have a waiting period for taking money out. For example, 30 days after you request it. This can stop you from making impulse purchases with your savings. Instead, you will have to make a calculated decision well in advance of your purchase.
More Than One Set of Savings
Have you ever considered having more than one set of savings? I know, many of us struggle with just one savings account! But that’s the point. If you have money tucked away for long term savings, such as a house deposit, as well as short term savings, this can help you not to touch your money.
By having a savings account for short term goals, this can stop you from eating into the money you need for long term saving goals. When you need something like a washing machine repair, a new set of plates, or something else, you’ll be more likely to take it out of your short term savings account, letting your other savings continue to pile up.
Live Within Your Means
So, you’ve decided what percentage of your income goes straight into your savings. Now look at what’s left – that’s all the money you have for bills, expenses, and spending. By living within your means, you won’t end up dipping into your savings.
Calculate how much your bills are and how much you have left at the end of the week – that’s your spending money. So, by all means, spend it on flat whites, shoes, whatever you want – but don’t overspend.
Debt Consolidation
Here is a tip that can drastically change your financial status. If you have more than one debt, debt consolidation can be one of the biggest things that will save you money. More than one debt can include a car loan, credit cards, hire purchases, and more. Paying for all of these separately gets you several sets of interest. This means that you’re paying more interest on the same amount loaned than you need to.
By applying for debt consolidation with Crester Credit, you can turn all of your debts into just one easy payment with one competitive interest rate. The savings you make on interest can help you to pay off your loan much faster than you otherwise would’ve.
Applying for A Debt Consolidation Loan
Not sure where to start with debt consolidation? Many people in New Zealand don’t, but Crester Credit is here to help. We make it easy with our repayment calculator. Start by having a play around with that and see how long it will take you to pay off your consolidated loan given the amount and the amount you can repay regularly.
For example, paying off $3,500 at $50 a week will kick your debt in just 21 months. If you can afford to pay off $60 a week instead, your debt will be gone in 17 months – that’s 4 months faster! The calculator is a fantastic way of weight up your options.
Once you’ve found an amount that works for you, head to our online application form. Simply let us know how much you owe, how much you can pay, and we’ll take care of the rest. It will take you less than 8 minutes to complete from start to finish.
Someone from our team will be in touch with you regarding your application within just 60 minutes! You can even sign for your loan online for ultra-convenience.
Contact us today to discuss your debts and let us help you roll them all into one convenient loan. One payment, one set of interest, no hassle.
by Ash Horton
July 16, 2020
