Struggling with your finances? You’re not alone

We often hear mature Aussies are struggling to pay the bills but consider this new data in relation to the average Australian:

Recent data indicates that the average Aussie owes $357,500 on their mortgage, $3,195 on their credit card and roughly $18,000 on personal loans. That’s a total of $378,695.

These figures tend to indicate that the average person is living well beyond their means.

In light of this new data, we thought we’d share some money saving tips:

Plan ahead

As much as you can, try to anticipate your costs for the upcoming week. Consider factors such as meals, travelling expenses and so on. From here, you should be able to identify a pattern in your habits and how to go about things cost-effectively.

Limit eating out

While eating out doesn’t tend to be good for your body, it’s almost always far more expensive than eating in. If eating out is something you enjoy, factor it into your budget and try to minimise how many times per week you are doing it.

Compare prices

A quick online search will give you a good idea as to whether you’re spending too much for certain items or services. Always do your homework in this area!

Be mindful of what you’re putting on your credit card

Having a credit card gives us the ability to buy things without having the cash upfront. This can prove to be a major problem later when you receive a rather hefty bill. If you do need a card, keep a running tally of what you’re putting on it so that it doesn’t get out of hand.

Above all else, use your intuition when spending. If a purchase doesn’t feel right, trust your gut!

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