The Ten Best Ways To Save

The Ten Best Ways To Save

We all want to save money. And whether it’s by denying yourself that $4 mocha latte once a week or putting off an exotic family vacation, everyone has their own way to save.

Use these money-saving tips to generate ideas about the best ways to save money in your day-to-day life.

1. Eliminate Your Debt

If you’re trying to save money through budgeting but still carrying a large debt burden, start with the debt. Not convinced? Add up how much you spend servicing your debt each month, and you’ll quickly see. Once you’re free from paying interest on your debt, that money can easily be put into savings. A personal line of credit is just one option for consolidating debt so you can better pay it off.

2. Set Savings Goals

One of the best ways to save money is by visualizing what you are saving for. If you need motivation, set saving targets along with a timeline to make it easier to save. Want to buy a house in three years with a 20 percent down payment? Now you have a target and know what you will need to save each month to achieve your goal. Use Regions savings calculators to make your goal!

3. Pay Yourself First

Set up an auto debit from your checking account to your savings account each payday. Whether it’s $50 every two weeks or $500, don’t cheat yourself out of a healthy long-term savings plan.

4. Stop Smoking

No, it’s certainly not easy to quit, but if you smoke a pack and a half every day, that amounts to nearly $3,000 a year you can realize in savings if you quit. According to the Centers for Disease Control, the percentage of Americans who smoke cigarettes is now below 20 percent for the first time since at least the mid-1960s — join the club!

5. Take a “Staycation”

Though the term may be trendy, the thought behind it is solid: instead of dropping several thousand on airline tickets overseas, look in your own backyard for fun vacations close to home. If you can’t drive the distance, look for cheap flights in your region.

6. Spend to Save

Let’s face it, utility costs seldom go down over time, so take charge now and weatherize your home. Call your utility company and ask for an energy audit or find a certified contractor who can give you a whole-home energy efficiency review. This will range from easy improvements like sealing windows and doors all the way to installing new insulation, siding or ENERGY STAR high-efficiency appliances and products. You could save thousands in utility costs over time.

7. Utility Savings

Lowering the thermostat on your water heater by 10°F can save you between 3-5 percent in energy costs. And installing an on-demand or tankless water heater can deliver up to 30 percent savings compared with a standard storage tank water heater.

8. Pack Your Lunch

An obvious money-saving tip is finding everyday savings. If buying lunch at work costs $7, but bringing lunch from home costs only $2, then over the course of a year, you can create a $1250 emergency fund or make a significant contribution to a college plan or retirement fund.

9. Create an Interest-Bearing Account

For most of us, keeping your savings separate from your checking account helps reduce the tendency to borrow from savings from time to time. If your goals are more long-term, consider products with higher yield rates like a Regions CD or Regions Money Market account for even better savings.

10. Annualize Your Spending

Do you pay $20 a week for snacks at the vending machine at your office? That’s $1,000 you’re removing from your budget for soda and snacks each year. Suddenly, that habit adds up to a substantial sum.

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Saving For Fhe Future

Saving For Fhe Future

FIVE SUPER SIMPLE TIPS TO SAVE FOR THE FUTURE

Don’t plan on working forever?

Do you plan on working forever? One day you’ll want to retire, which means it’s never too early to think about your superannuation. Thankfully, we’ve put together some simple ways to boost your super so you can have more money in the future.

1. Check your payslip to make sure your superannuation is being correctly paid.

Over 2 million Australian workers eligible for super are missing out on some, or all, of their super fund entitlements. This is around an average of $2,025 per person, per year. Your super needs to be paid to you by your employer at least once every quarter, and should amount to 9.5% of your pre-tax income. Get into the habit of checking your pay slips to ensure you are receiving the correct super.

2. Make sure you’ve only got one superannuation account.

It can be easy to accumulate multiple super accounts when moving from workplace to workplace. However, having multiple accounts means multiple fees, and this will eat away at your retirement savings. Every dollar counts, because over time your super builds through the magic of compound interest. Find out more about the simple process for consolidating your super.

3. Put an extra $10 a week into super.

By contributing a tiny bit more to your super, you could boost your savings by tens of thousands of dollars by the time you retire. Most super funds will allow you to make voluntary contributions at any time, or you can ask your employer to contribute more of your pre-tax income to your account.

4. Find your lost or unclaimed superannuation.

You might have lost some of your money to old, forgotten-about super fund accounts. In fact, the Australian Tax Office says that there’s nearly $18 billion in lost or unclaimed super in Australia! If you’re worried that you might have lost track of your super, visit the MyGov website to search for your money.

5. Review your super fund and compare the pair.

Compare your existing super fund with others in the market to ensure you are with the best fund to meet your needs.

Industry SuperFunds are run to profit you and provide you with the best outcome in retirement. Compare the pair to see if you could have been better off with an Industry SuperFund.

You can also use our tool to perform side by side comparisons of funds, looking at areas such as investment performance, insurance coverage and fees.

If you’re still unsure which fund is right for you, it’s best to get independent, unbiased guidance from a professional financial adviser.