Save money – Clever

If you can learn how to save money on a low income, you will be able to quickly build up a financial buffer that will help protect you from debt.

Savings are important for everyone. If you can save money on a low income, you will have the security of cash to fall back on in the event of an emergency instead of relying on quick loans to save the day.

You should hopefully be able to pay less for the things you do buy, by making payments in full up-front rather than paying on credit and incurring interest.

1. Walk more frequently

Not taking into account the health benefits of taking more exercise, walking instead of taking a car will save you money.

Small local trips in your car could be costing AUD 50 per month.

Long drives are obviously harder to avoid, but it is all too easy to get into the driving seat for a visit to the nearest shop.

Before you get into your car, consider if the journey you are making is one you could make on foot (or perhaps on your bike, if you have one).

Walking more often and starting the engine a little less frequently, could give you a good sum of money to set aside at the end of each month.

2. Withdraw cash from your bank account

If you cannot see the money that you are spending, it is hard to keep track of it.

Spending cash makes you aware of where your money is going. It may make you evaluate your purchases more carefully.

Spending on a card is too easy. This is why people often struggle with mounting credit card debt, despite promising themselves that they would only use the card for emergencies.

If you are on a tight budget, withdraw your cash at the start of the week. This will hopefully help you to control your spending and ensure you do not go into next week’s budget.

As a bonus, any change that you have left at the end of the week is ready to deposit into your savings jar.

3. Choose the best bill payment method

Often, purchases are cheapest when they are paid for in one go. This includes paying the annual rate for your car insurance or booking a holiday with full payment upfront.

You will need to have some money saved up to cover your biggest purchases, but as a result, you will not be paying as much overall.

If you cannot afford to pay the full amount, choose your installment option carefully.

But remember that you will need to have the money in your bank to cover each payment.

If you are paying by Direct Debit and do not have enough to cover the payment, you risk expensive overdraft charges.

Make sure you record when all your payments are going out and have sufficient funds.

If you are in need of quick cash for personal expenses, apply for a quick cash loan with My Cash Online today.

*Disclaimer & Example: For our Small Loans of $2,000 or less, an APR (Annual Percentage Rate) doesn't apply. These loans are fee-based only with a term between 62 and 180 days, and so the APR is 0%. The establishment fee is 20% of the amount borrowed and the monthly fee is 4% of the amount borrowed. Representative example: a loan of $1,000 repaid over 3 months equates to a total amount payable of $1,320 comprised of $1,000 principal (amount borrowed), $200 establishment fee and $120 in monthly fees. The maximum comparison rate on loans between $300 and $2000 is 199.43%.
For our Medium Loans between $2,100 and $5,000, with a term between 2 months and 12 months, the maximum Annual Percentage Rate (APR) is 48% (Comparison rate 65.6597% p.a.) and there is a $400 Establishment Fee. A Medium Loan of $3,000 borrowed over 1 year would equate to a total amount payable of $4,289 (including a $400 establishment fee).

Under the current legislation, most small personal loan providers don’t charge an annual interest rate (you’ll know this as an APR %). The maximum you will be charged is a flat 20% Establishment Fee and a flat 4% Monthly Fee. The maximum comparison rate on loans between $300 and $2000 is 199.43%. This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

© 2023 Owned by Australian Synergy Finance Pty Ltd, ABN 54 613 655 646. Australian Credit Licence 490422. The information on this webpage is general information only and does not take into account your objectives, financial situation or needs.