In a nutshell, there are only a couple of ways to do that:

• Increase your income
• Cut spending

Income

The obvious and easy way to increase your income is to ask for a raise, or if you’re self-employed, increase productivity but that is not always achievable, so let’s think of some other ways.

Do a budget. The best tip you can get for saving or at least knowing where your money goes is to have a household budget. This will show you where spending can be cut.

If you’re single and living alone, taking in a boarder or roommate will have obvious and immediate results. If you are saving for a deposit, halving your expenses is a great way to do so.

Move home. Sponging of your parents will work but only if you bank the money you would have spent.

Get a second job. Not only will this increase income, it will stop you spending, after all you can’t shop and work at the same time.

Make a goal. Nothing makes more sense than setting goals and working towards them, but most of all…

Look at all of your outgoings and budget, budget, budget!

If you would like a copy of a budget, contact me at rob@rwfs.com.au or call me on 0402 203 303.