Is life expensive? Here’s how you can save thousands!
Let’s be honest… It’s becoming more and more expensive to live. Groceries are forever increasing, petrol keeps going up and it’s just too hard to say no to those little luxuries like Netflix, Spotify and Uber Eats.
Did you know that the average couple spending in 2009-10 was $1,236 per week on good and services? Have you recently had a look at how much you and your family spend each week? 75% of our new clients come to us not ever having assessed their weekly and monthly spend, most of whom actually spend more than $100,000 each year. Just looking at what we think we spend is one of the most useful exercises we use with our clients. Once we look at how much money we spend in the past, can we start to make plans for the future.
We know how much we can save and therefore how much we can invest and even better, how much we can spend on those luxury items like a new car or holiday. Getting into more debt to get these luxury items isn’t that bad provided we know we can afford it and can ensure the extra repayments aren’t going to force us onto baked beans.
So yes, our lives are becoming more expensive, but do you think that the amount you spend can be more controlled? I know I do… The little tap and go at the checkout counter, buying the extra credits on candy crush and all those purchases on the app store tend to go unnoticed until you start tracking what you spend. Recent research has indicated that simply tracking discretionary spending on items such as entertainment, travel, hobbies and coffee decreases people’s spending by almost $5,000 each year.
We use a personalized app to help our clients track, categorise, identify and take action on their spending to help us plan for the future.
So a little tip for you is to look back through your spending. Something as simple as this could save you thousands each year.