Whether you’ve just drained all of your savings due to COVID 19 or if you are just starting out and need to put some money away for a rainy day here are some tips.
There is real power in knowing that you have the funds to rely on if you have unexpected expenses, or a job loss in the future.
- Set up a separate savings account and set up an automatic transfer.
- Pay yourself first – put some money away before you pay anything else instead of waiting to put away what you have left over.
- Make savings a part of your budget.
- Start your savings by selling something you no longer need or start a side hustle to increase your income.
- Some savings accounts let you round up your daily transactions to the nearest $1 or $5 – the change then goes directly to your savings account.
- Even if you can only save a little, make a start and keep saving.
- If you put $20 per week into a savings account you will have $1040 by the end of the year.
- Try putting all of your gold coins into a jar – you’ll be surprised how quickly they add up.
- If you have a regular income try directing 10% into your savings each pay day.
- A good target is to have enough in your emergency fund to cover three months of expenses.
DID YOU KNOW THAT A FINANCIAL COUNSELLOR CAN…
- Guide you through your options and help you plan your way out of debt.
- Help you if you have infringement debt that you are struggling to pay.
- Do a full assessment of your financial situation – including regular income and expenditure, assets and liabilities – to help you fully understand your financial position, create a budget and put a plan into place.
- Provide advice about what options, rights and responsibilities you may have regarding debts.
- Refer you to other services you may need, such as legal services, crisis food and accommodation services, and health services.
- Provide information and advice about credit and debt-related matters.
- Work out a realistic payment plan for debts.
- Help you to lodge complaints with various ombudsman schemes if you feel you are not being treated fairly and work out whether you should have been given a loan in the first place.
To schedule an appointment with a DUSA Financial Counsellor call 9246 8615.