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5 Things You Can Do in 5 Minutes to Improve Your Finances

By Simon Cooper
September 30, 2020

We’re firm believers in a long-term financial plan. We know how saving today can improve your tomorrow. Sometimes, you just want something tangible you can do RIGHT NOW to improve your financial health.Got 5 minutes? Get ready to make changesTake a look at our tips that only take five minutes to implement but can have a long-lasting positive effect on your bottom line.1. BudgetWe can’t stress how important a daily/weekly/monthly operating budget is. It’s the single best way to avoid debt, stick to a savings plan and get a realistic view of where you may be overspending. Not sure where to begin? Check out this budgeting tool to make the process easy and fun — yes, fun!

We love this tool because you can even create custom line items, so the whole process is completely customised to your household.2. Stop Eating OutWe know, we know — sounds like a drag. It isn’t. First, consider what you’ll be saving. The average Australian household spends $94 a week eating out. That’s nearly $5,000 a year! That’s a significant area of spending you can easily curb.

Not hitting up your favourite eatery or pub doesn’t mean your life has to get boring. Here are some ideas to make mealtime fun while still avoiding the large tab:

  • Learn a new recipe every week. You can even recreate some favourite restaurant dishes by checking out copycat recipe sites like this one.
  • Invite friends over with a dish to pass for a low-cost dinner party.
  • Take your food outside and have a picnic.

Have themed food nights at home.3. Take a Hard Look at Your Monthly Bills” use_theme_fonts=”yes”][vc_column_text]Lay them all out in front of you and go through each line item. Where can you cut? Here are several ways to reduce your monthly expenses:

  • Don’t run small loads of laundry or dishes. Wait until you can fill a machine.
  • Unplug appliances and chargers not in use. This can save up to $200 a year.
  • Consider cancelling cable. With Netflix, Hulu, Amazon and other streaming services, you might not even miss the service, and you certainly won’t miss the large monthly bill.
  • Bundle up in the winter and shed heavy clothes in the summer. Just shaving a few degrees either way on your thermostat is huge!

4. Read a Book About Money” use_theme_fonts=”yes”][vc_column_text]You can find a ton of free resources online or check out a top finance book from the library. Some of our favourites:

  • Rich Dad Poor Dad by Robert Kiyosaki
  • The Total Money Makeover by Dave Ramsey
  • Your Money or Your Life by Vicki Robin
  • The Millionaire Next Door by William Danko and Thomas Stanley

5. Set Reminders for Paying Bills” use_theme_fonts=”yes”][vc_column_text]You can avoid all late fees and surcharges simply by setting a reminder on your phone to pay BEFORE the due date. Better yet, opt for automatic bill pay so you never have to think about it.

Changing the trajectory of your finances doesn’t have to be difficult. A few easy steps and you’ll be feeling the boost in no time![/vc_column_text][vc_column_text]

As always, reach out with any questions you may have or if you’d like more advice from one of our financial experts.

Simon Cooper

Co-Founder, Managing Director, Financial Adviser

Simon is a financial advisor who takes his work seriously. He ensures that all of his clients receive the best possible advice, so that they can reach and exceed their financial goals, both personally and professionally. Simon has been in the business for many years, and has a wealth of experience to share with his clients. He is known for being friendly and approachable, and always puts the needs of his clients first. Simon Cooper is an Authorised Representative of Reedy Capital Pty Ltd (AFSL No. 495539), Authorised Representative Number 1248807 and a financial adviser at Forward360.

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