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Author: Peter Ross

Tips for better spending management

We’ve all been there.

Payday is just around the corner, but you find yourself caught just that little bit short. Usually you find this out somewhere convenient like at the grocery checkout with a queue of waiting customers tapping their toe behind you as you fumble through your wallet for another card.

It can be easy to let spending get the better of you.

Let me clarify what I mean when I say spending – I’m not talking about a Lamborghini here, a new home there, the odd yacht or two. I’m talking about the frittering type of spending. The type that eats away at your bottom line and leaves you wondering where it all went.

The good news is, loose spending habits are not a life-sentence. Here are my top tips for mending the hole in your pocket.

Set a Budget

Probably seems pretty straightforward, but outlining your incomings and outgoings will allow you to account for every dollar that enters your account. Putting some rules and structure around how you manage your money will keep you honest and allow you to reign in your impulsive spending. Be sure to allow for flexibility and emergencies, because as we all know, life happens sometimes. If you’ve never set up a budget before, or could use a refresher course, why not check out our How-To guide?

Consolidate your debt

If you’ve got multiple lines of credit on the go, your money could be being leached away without you even noticing. Say you have a home loan, two car loans, and a couple of hefty credit card bills arriving each month – you are probably paying multiple different rates of interest and sets of fees. One way to simplify your debt situation and bring your spending under control is to speak to a lending expert about consolidating. We’ve put together a quick guide to debt consolidation, which you’ll find more than helpful

Set a savings goal

If the opposite of spending is saving, then it goes without saying that to kerb your spending, improve your saving skills. However, a lot of us have trouble just saving a certain part of our earnings week in, week out. A great way to stay dedicated to growing your savings balance is to set yourself a savings goal. Whether it be a new car, a holiday or even as small as some new clothes and a night out, keeping your goal in mind will stay your hand when you feel the old familiar urge to spend. Take advantage of our online savings goal calculator  to reach your savings goals.

Keep a closer eye on your money

Accountability and access are also useful tools when it comes to reigning in your spending. If you’re regularly being caught short before payday, why not set up a Low Balance SMS or email alert in Internet Banking, so you know when you’ve dipped below your ideal spending threshold? Or, if you’re out and about and see something that catches your eye, using our Mobile Banking and smartphone App lets you access your accounts on the spot to see if you can afford to reach for your wallet.

Hopefully by putting one or more of these strategies in place, you’ll be able to bring your spending under control and see your balance grow.

If you’ve got a spending management tip we haven’t mentioned, why not leave it for us in the comments below? And if you found this content helpful, don’t forget to connect with The Greater on Social Media for regularly updated content.