FIVE TIPS TO SAVE MORE AND SPEND LESS IN 2024

If you want to improve your financial position, begin by reviewing your past six to 12 months of expenses, either with a spreadsheet or an app. Sort the expenses into categories (Juice Finance can generate a report which categorise all expenses) which so you understand not just how much you're spending but on what.

Second, go through your expenses to see where you could cut back without having any meaningful impact on your quality of life.

Next, check if your 'rainy day fund' contains enough cash to cover three to six months of expenses. If not, it would probably be a good idea to top up this fund as soon as possible.

From there, make a list of your debts – how much you owe and the interest rate you’re paying. Many money experts recommend that you prioritise paying off the higher-rate debt first while continuing to make minimum repayments on your lower-rate debt.

Finally, decide how much you want to save each month and automatically transfer this money from your main account to a special savings account. So instead of spending first and saving what’s left, you save first and spend what’s left.

Have a question?

Contact Amol from Juice Finance on 0435 040 986 or go to www.juicefinance.com.au and click ‘Get Started’ to find out more.