Regardless of the reason, whether you’re saving for a car, a trip, a first home, or simply to have some money aside for the rainy days, Syndeo Group is here to help you achieve your financial goals. Being one of the best accounting companies in Queensland, Syndeo Group offers financial assistance and professional services in taxation and accounting.
Therefore, you can stop worrying and instead just follow these three simple budgeting tips from Syndeo Accountants that will help you to re-ignite your savings:
1. Automate Your Savings
First of all, you need to prioritise your goals. For example, if you are trying to save for something big and important like a house or a brand new car, you should definitely consider this goal, i.e. saving, your number one priority.
According to Syndeo Accountants, you can easily ensure you reach your savings goal by putting your savings on autopilot. In other words, set up an automatic transfer of your preferred saving amount from your account to a special saving account each payday.
However, make sure that the amount of money you want to save monthly is realistic and in accordance with your salary. You don’t want to end up being without any money in the middle of the month.
2. Take Advantage of Budgeting Apps
Second, if you really want to save money, you need to stop using those spending apps and start taking advantage of some smart budgeting/ saving apps which offer you tips to help you stay on track and balance your spending and saving.
Mvelopes and TrackMySpend are only two examples of smart budgeting apps which you can use to allocate certain amounts to common expenses. Similarly, you can try Pocketmoney which will sync not only with all of your personal and savings accounts but with your loans and credit cards, too.
So, if you are one of those tech-savvy people, going digital with your money management and budgeting is the perfect choice for you. Budgeting apps can definitely help you increase your savings.
3. Stick to the 50:30:20 Approach
Last but definitely not least, this saving method is quite easy but remarkably useful when it comes to re-igniting your savings. But, what do the numbers mean? – Here’s the explanation:
First, you should divide your paycheck into three portions 50:30:20. Then, follow these budgeting rules: allocate 50% for your daily living costs, 30% for fun and entertainment, and the remaining 20% will go directly to your savings account. Easy, right?
Yet, you don’t have to stick to these percentages strictly. If you feel like 20% is enough for fun and 30% for savings sounds better, go for it. Play around with the portions and find out what works best for your lifestyle and financial goals.
And, in case you have any further questions, please don’t hesitate – seek professional financial assistance. Call Syndeo Group and book your appointment today!