3 steps to instant savings

There’s a lot that you can do to make big savings, and sometimes, it’s the little things that can make a big difference.

You can make significant savings by doing these 3 things right now:

  1. Calculate your weekly income
  2. Calculate your weekly spend
  3. Automate your current savings

For example, let’s say you take home $750 a week after tax. And let’s say last week, you spent $733. The simplest thing you can do right now is set up a weekly automatic transfer of $17 from wherever your income sits to an account that you rarely touch – hello, instant savings.  

Level up with these 3 steps:

  1. Identify your biggest (adjustable) categories
  2. Which do you wish you spent more/less on?
  3. Adjust your planned spend for next week

Besides fixed costs (rent, mortgage, bills), which areas do you spend the most, and how does that make you feel? For example, you might find you spend $200 on groceries and $80 on eating out but only $20 on fun activities with your friends.

Make a slight adjustment and see how that feels – for example, you might want to spend $60 on eating out, $175 on groceries and $50 on fun activities. If you find it hard to plan your spend, take out each amount in cash at the start of the week.  

Credit Simple

Credit Simple gives all Kiwis free access to their credit score, as well as their detailed credit report. See how your credit score compares by age, gender and community and gain valuable insights into what it all means.

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