How To Get The Most Out Of Your Dollar

 Do you often get to the end of the week wondering what has happened to your bank balance? Does the money seem to be going out just as quickly as it’s coming in? Wouldn’t it be great if we could find a way to make it go that little bit further? Well, don’t stress, as I’ve got some great tips to help you get the most out of your dollar.

Avoid paying extra for bills – It might be time to look at electricity and gas retailers in your area and compare the costs. Could you save money by switching to time-of-use pricing, off-peak hot water or a gas meter? Go for energy-efficient appliances, adjust your thermostat and make sure you turn power off at the wall when you’re not using it. An average family of four could save around $825 a year just by making a few energy saving changes such as using a water efficient shower head and switching off the game console after use.

Invest – There are many ways to make your dollar go further by investing and trading. You could double your money, but it comes with risks too. Common types of investments are shares, managed funds and property. Get up-to-date on financial trading terms and what they mean with this guide from experts IG.

Free entertainment – Trips to the cinema and meals out can add up. Instead, why not arrange to meet up with family and friends in the local park or at each other’s home with a picnic or BBQ. You could even arrange a cake bake or a home movie night. If you’re looking to entertain the kids, check up on free family activities during the school holidays.

Save on groceries – Plan out your weekly shop to avoid ‘impulse buys’. Do a stock take of the cupboards and fridge and perhaps jot down weekly what meals you are going to prepare so you know exactly what ingredients to buy. It’s more expensive to buy things that are already prepared. It only takes a bit of time to chop some vegetables and put them in the freezer until needed. You can also, for example, grate cheese and freeze it. Make the most of loyalty cards, and look out for coupons you can take when shopping.

Top up your Superannuation – You may be able to boost your superannuation to make your money go further when you retire. This might be from putting some of your savings into your super account, or asking your employer to deduct extra money from your pay (before tax is taken out.) Many super funds also arrange life and disability cover for their members so consolidating your separate life and disability insurance into your super might save you money. It could be cheaper and there may be a tax advantage because premiums are paid from your super account, not your after-tax income. Before you change funds, though, make sure it is right for you and seek advice from a financial adviser if you are unsure.