Bad Financial Habits Sending Aussies Broke

July 8, 2021
, , , Budgeting

One-third of Aussies admit bad financial habits such as not knowing how to budget, using cash advances on credit cards, racking up late fees on credit facilities, and not paying attention to debt are the reasons for their personal debt situation.

People who experience money problems and chronic debt often share similar behaviours and financial habits. By watching out for the following bad habit behaviours, based on research by Lonergan Research, you might be able to adjust and reassess your approach to debt.

Impulse & Lifestyle Buying

Fact: 54% of Australians say that big-ticket purchases such as a holiday, homewares/furniture, and education costs contribute to their debt.

Some of these purchases are necessary, or they drastically improve your quality of life, but others are pure impulse. Impulse buying occurs when you purchase something you weren’t planning to. It can be as small as a candy bar in the checkout line or as big as walking into a car dealership and walking out with a brand-new car. If it’s a purchase that’s not planned ahead of time, it’s an impulse.

Emotions can affect your decision on what to buy. Maybe it’s nothing extreme, you tell yourself it’s no big deal, you just want something nice for yourself to feel better. But how many times are you telling yourself that?

Try to create a budget that you actually stick to. A budget won’t make all of your money suddenly behave. It’s for you to decide where your money goes each month and then follow through with the plan. If you absolutely need to make a few minor impulse purchases, budget them in too! Just make sure to keep that portion of the budget contained and don’t let it get too big.

If it’s not in a budget, don’t spend the money. It’s that simple. You can do it!

Everyday Addiction

Food delivery costs Australians a larget part of their budget

Fact: 44% of Australians say that everyday purchases such as take away food, eating out, and Uber Eats contribute to their debt.

The little purchases can add up, and at the end of the month, you can be facing severe buyer’s remorse and a dwindling bank account.

Figuring out what items to buy and how much you’ll spend on it really helps. You will less likely give into overspending with a plan in place.

Most consumers start by tracking the much bigger expenses, which is a great beginning. It’s also important to pay attention to those small daily purchases. Those morning coffees, lunches out, lottery tickets, or magazines from the grocery checkout line can really add up more than you think they would, and they affect your budget in a big way.

Tracking your expenses is vital as it makes you accountable for every time you spend. When you are aware of where your money goes, you can make smarter spending decisions and identify the areas you can cut back in. Use a budget tracking app or build yourself a spreadsheet—use the method that works best for you!

Debt Is Out of Sight Out of Mind

Fact: 31% of Australians say that poor management such as not knowing how to budget, not paying attention to debt, or raking up late fees and cash advances contributes to their debt.

When you tune out during debt conversations, you develop risky habits that could put you in a worse situation. People who tend to ignore their debt may engage in wilfully ignorant behaviour. Ripping up bills and statements before opening them, avoiding phone calls from collection agencies, and becoming defensive when debt is discussed. They often don’t even know how much debt they owe.

Taking an “out of sight, out of mind” attitude towards what you owe is dangerous, and it only encourages those bad habits. You don’t have to like it, but you do have to acknowledge your debt.

Get in the habit of readily and calmly opening any bills. The more you are familiar with it, the more informed you are about it, the better prepared you can be to face your debt.

Once you figured out how much you owe, work out your payment plans. If you owe a lot to various creditors, pay your fixed bills and utility first. Then focus on the one with the smallest balance. This way is more achievable, and paying off the last balance can motivate you to move onto the next one.

Credit Mismanagement

Managing credit cards and credit spending is important

Fact: 48% of Australians say that debt is at least partially due to mismanaged and maxed out credit cards, going over spending limits, frequently making purchases with AfterPay and other BNPL services, or making purchases late at night in an attempt to rort the credit card approval system.

The problem with overspending, in particular with credit cards, is that it leads to owing more money back, and that will only hurt your credit score. It makes paying off your balance harder and more expensive, getting you into debt. The good news is for most people, you are in control of your credit card spending, which means you can avoid overspending with the proper guidance.

 

Set your own credit card spending limit. Allow yourself to spend a certain amount each month, based on your income and standard expenses.  Monitor your credit card balance and make sure you’re not exceeding your limit. Ask your credit card issuer to lower your credit limit if it will help you keep your credit card spending in check.

Do not think of your credit card as free money. Remember that you will have to repay whatever you borrowed. Hold yourself accountable for your credit card spending and treat it as if you were actually using cash.

If you liked our “Bad Financial Habits Sending Aussies Broke” and took away some valuable information, check our blog space regularly for more budgeting tips and tricks and other useful resources on your finances.

Getting Your Finances Back On Track After The Festive Season

July 7, 2021
, , , , Budgeting

Have you overspent at Christmas? Don’t beat yourself up about it—it’s the holidays, after all. Here’s how to get your finances back on track after the festive season.

The parties came and went. You spent too much on food, presents, or perhaps a holiday trip. Chances are, your bank balance is not looking good after the year-end celebrations. The good news is that you don’t need to panic if you’ve found yourself spending more than usual during the festivities.

If you’re looking for ways on how you’ll get your finances back on track after you’ve had a holiday blowout, these best practices can help you in no time.

Work Out What You Have Spent

First, channel your energy into figuring out how much you spent over the holidays and where you went over budget. Christmas is a time of festive decorations, lots of gifts, over-indulgence, and parties. It’s easy to splurge and forget about your budget during the celebration.

Write down all the costs you forgot to factor into a budget or all the purchases you made when you forgot about the budget itself. A cool new gadget you purchases, shipping fees on all those gifts, extended gift warranties, gift wrapping—they all add up.

You can then set yourself a realistic goal of spending less next time around. Learn from your budget mistakes, no need to sit and stew on them.

Make A Plan To Pay Off Your Debt

Know exactly how much you owe. Create a list that shows each debt and the corresponding repayments that need to be met. The list can include your rent, unpaid bills, loan repayments, credit cards, fines, etc. Anything that you need to pay on a regular basis. These are your expenses.

Sum up all your debts to come up with a monthly total. The number might come as a shock at first, but knowing your total expenses is a crucial step in taking charge of your finances, which is always a good thing.

Following that step is to list your income or the money that comes in every month, this is often made up of your salary or benefits. Now you can compare your income to your expenses and work on a plan to pay off your debt. So long as your income is greater than your expenses, you can allocate some (or all) of that to paying off debts.

Decide which are your priority debts and try to pay them first. For assistance, The National Debt Helpline has a guide that can help you to prioritise your debts.

After you’ve wiped off all your debts, fingers crossed, it’s a lot easier to create a budget for next Christmas.

Have A Strict Budget In Place For Next Christmas

Make a budget and stick to it

If your spending has burst out of control last Christmas, you better be prepared and vow to do better for the next holiday. You have to come up with a stricter budget.

Budgeting is undeniably one of the best practices for managing spending. A budget helps you save money and better utilise the money you have. Decide how much you intend to spend on the upcoming Christmas, and divide that number by 52. You now have the amount you will have to put away each week to afford that Christmas budget.

If that number is higher than you would like, there are ways to save money at Christmas. You can suggest doing a Secret Santa instead of buying gifts for every individual member of your family. Or you can set a spend limit as a group, with no gift allowed to cost more than the limit. Or perhaps the adults could agree to buy gifts for kids only. You might also want to try the best apps to save money on shopping.

Start Planning Now

The best time to start planning a budget is now. You should already have your regular budget based on your income and expenses, but there are plenty more expenses to factor in throughout those end-of-year weeks. Consider:

  • Gifts
  • Food
  • Drinks
  • Decorations
  • Parties
  • Entertainment
  • Utilities
  • Travel
  • Charity donations
  • Any other holiday expenses

Factor in all those expenses to make a reliable Christmas budget. Compute how much funds you need to set aside regularly to meet your spending surge in December. With a ballpark of how much this festive season could cost you, it’s time to develop a plan to reach your savings goals. Try running a test, putting aside the amount required to meet your goals, for two months. Is it manageable? Are those goals realistic? Could you be saving even more?

If you can’t reach those goals in your test run, you probably won’t reach them for the rest of the year either. You may need to re-budget your holiday spending into something more attainable and realistic.

 

To help monitor your Christmas savings, consider adding a separate savings account (so long as your bank doesn’t charge you it). Set up automatic transfers from your main account into your Christmas savings account to lessen the hassle of moving money around.

Earn Some Extra Money

Hustle to earn some extra cash

In some cases, it’s not enough to reduce your spending after the holidays. You may also need to increase your income as well.

Make some extra cash through side hustles. They not only help fill your bank account, but they can also be a gateway for transitioning into your own business, develop new skills, and create a network to help with your career.

Freelancing is very popular for most people since it’s straightforward when you already possess skills or talent. It’s also flexible, often done online while earning decent money. Not to mention, you can always turn this into a full-time gig.

Do you have charisma in front of the camera? Have you considered starting your own YouTube channel? There are lots of fan bases you can tap into when you find your niche. Love knitting? Create a knitting tutorial channel with a unique approach. Obsessed with gaming? Look for a new angle and think about what kind of videos to show.

 

If you liked our “Getting Your Finances Back On Track After The Festive Season” and took away something useful, check our blog space regularly to learn more on basic budgeting, how to manage your debts, or, to be more specific, how you can pay down your holiday debt.

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Best Paying Jobs with No Experience Required

January 4, 2020
, Budgeting

Looking for a quick and easy source of income? Australia offers several casual jobs that’ll give your bank account a serious boost – and the best part is they don’t require formal qualifications or years of experience.

Discover some of the best jobs you can get with no experience and our top tips for a successful job hunt.

 

Cleaner

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If you’re not averse to spray and wipe, working as a domestic or commercial cleaner is a great way to earn good money in a hands-on environment.

Most cleaners work for a cleaning company. There’s a chance you can make more money working for yourself, but you might find it more difficult to get work in the first place.

Cleaners make an average of $26 per hour in Australia.

 

Retail Sales Assistant

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Are you a people person? Being good with customers is half the job of a retail sales assistant. In this role, you’ll give people advice on items, respond to questions and complaints, process transactions and make sure items look presentable.

Retail sales assistants work in a wide range of areas, from footwear and clothing to furniture and electronics.

Retail sales assistants make an average of $25 per hour in Australia. Many workers receive penalty rates (or higher pay rates) when they work on weekends and public holidays.

 

Shelf Filler

Worker Stacking Shelves - Cigno Loans

If you’d like to stock shelves without the customer interaction, a role as a shelf filler (also known as a shelf stacker or ‘night filler’) could be a great fit for you.

Shelf fillers usually work after the shop has closed to fill shelves with merchandise. They mostly work in grocery stores to restock and face shelves on a nightly basis. Because they work during the night, they don’t need the communication skills of a retail sales worker. Some even work while they listen to music or podcasts.

Shelf fillers make an average of $22 per hour in Australia.

 

Fruit Picker

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Picking fruit uses a bit of elbow grease, so while you don’t need qualifications or experience, you will need to be pretty fit.

It might be a repetitive job, but it’s an easy way to make some decent coin if you want to work outside and use your hands. Just don’t forget to slip, slop, slap!

Fruit pickers make an average of $21.60 per hour in Australia.

 

5 Quick Tips for Getting the Best Jobs That Require No Experience

Once you’ve chosen the role that’s right for you, it’s time to make yourself as employable as possible with these tips:

1. Tailor Your Resumé to the Job

Make sure you read the job description and highlight the skills you have that relate to that role. For example, if you’re applying to work as a retail sales assistant, you’ll want to focus on your great communication skills.

2. Create a Professional Email Address

We’ve all had embarrassing email addresses in our time. It’s time to give I_luv_puppies@example.com the flick and create a more professional email address to add to your contact information.

3. Make Your Social Media Recruiter-Friendly

In this day and age, chances are every hiring manager or recruiter will check out your social media accounts. Make sure you remove anything you wouldn’t want your new boss to see (or put your account on private) before you send your resumé out.

4. Tap into Your Network

Sometimes it’s who you know, not what you know, that can land you a job. If you know someone who works at a company that interests you, it can’t hurt to put your feelers out and see if there are any positions going there (and ask for a great referral!).

5. Get Personal

It’s so easy to simply attach your resumé to a job ad online these days that we sometimes forget how big an impression a personalised email or phone call can make.

If you’ve applied to a job online, following up with an email or phone call can show you’re serious and keen about the job, and it can also be a good chance to show your personality a little more.

 

If your job hunt is taking a little longer than expected, a small cash loan might help you stay on top of bills and other expenses in the meantime. Apply today with our short-term finance specialists.

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Budgeting… Why Bother? Here’s Why!

April 30, 2018
, , Budgeting, Payday Loans 3

A lot of people often ask, why bother budgeting? There are plenty of reasons! Budget setting can be a very powerful tool in saving money and achieving financial independence.

This blog post will outline some of the most effective ways to budget, in order to reach your monetary goals.

We will get into the nitty gritty of budgeting eventually, but first, let’s look at the basics.

Cigno is here to help in times of need. If you are experiencing financial difficulty, get in contact with us today and apply for a payday loan to assist until your wages or salary is paid.

What’s the ultimate purpose of budgeting?

Is it to make sure that you’re not spending too much money on shoes versus cat food versus toilet paper? Of course not.

The point of budgeting is to make sure that at the end of the month, you still have money left over.

The Real Point of Budgeting

The purpose of budgeting, in other words, is to make sure that you’re living below your means, rather than living at or above your means.

Some people use a budget as a tool to make sure that they don’t live payday to payday.

How Budgeting Can Help

One of my good friends used to move money into his savings account at the start of each month. He’d pat himself on the back, thinking that he was saving money.

At the end of the month, in order to pay his bills, he’d transfer money from savings back to his checking account. His savings account wasn’t growing – he was just playing the transfer game.

He fooled himself into thinking that he was saving. He didn’t recognise this fact until he made a budget and began tracking his expenses.

Monitoring his net worth, he says, also helped him recognise the effects of his money habits.

Don’t be like my friend. (Or, if you’re already like him, act like his new, reformed self.) If at the end of the month you’re breaking even and you don’t have any margin of error left over, you’re living for the next payday, and that isn’t a position you want to be in.

Budgeting Basics

A budget is one possible tool that could get you out of that bind. Strictly speaking, a detailed line item budget isn’t necessary.

You don’t need to track or care about how much money you’re spending on restaurants versus clothes, particularly if you’re already debt-free and saving a significant portion of every payday.

How Much Should You Be Saving?

At a minimum, everyone should try and save at least 20% of their income. That divides out as 10 to 15% into retirement accounts, and 5 to 10% into other savings goals.

That 20% figure is just a starting point. There’s no harm in saving more, and there’s even a growing movement of people who promote the notion of saving half.

A detailed line item budget is simply a tool that helps you get there. It’s not the solution to your problems; it’s just a mechanism that you can use to help you save more.

Different Kinds of Savings

By the way, when I talk about savings, I’m referring to any activity that ultimately boosts your net worth. I don’t literally just mean money that you stuff into a savings account.

I’m referring broadly to money that you might put into retirement accounts, a health savings account, flat spending accounts, or that you might use as additional payments on a debt.

For example, say your mortgage is $1,500 per month, but you pay $2,000 per month.

That marks the extra $500 as an additional principal payment, so the $500 counts as savings.

Sure, it’s not literal savings in a bank account, but it’s money that directly boosts your net worth. It’s savings nonetheless.

Budgeting… Why Bother? Here’s Why!

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Are you inspired to go and save?

If you find luck just isn’t on your side when it comes to money, Cigno may be able to lend a hand.

Try our loan calculator to decide whether or not the Cigno service is right for you.

To apply, simply complete our quick and easy online application and send us a bank statement. If you prefer give us a call on 1300 88 23 24 and one of our friendly staff will be happy to help.

All applications are considered and we do our very best to find a suitable solution to your needs.

Read the original source article here.

You can also read more about payday loans in our previous blog post: What Are Payday Loans? Your Guide to Understanding Payday Loans

 

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4 Financial Issues That Can Throw Your Budget Out Of Whack

April 6, 2018
, , , , Emergency Loans

Do you want the secret to staying out of debt? It’s all about budgeting. You need to make sure that you are constantly keeping control of your spending and that you have a check on how much money you have for various different purchases and bills. Unfortunately, this is easier said than done because there are a number of problems that can throw your budget off completely. Let’s look at a few of the issues and some of the best ways to deal with them.

As you’re closing one year and resolving to make the next one even better – in whatever way you have in mind – remember that your financial plan has to be ready for the new year, too. You need to go over what you did with your money in 2017 and consider what expenses you’ll face in 2018. In short, you need a budget.

“While [budgeting’s] not necessarily anyone’s favourite part of the financial planning process, it’s a really important part because that’s where you can uncover opportunities or problems,” says Chantel Bonneau, a financial advisor with Northwestern Mutual. “And it really gives us the data to take action from there.”

 

High Energy Bills

If you own your property, you have probably at some point worried about how much your electric, gas or water usage is costing you. These days, with smart meters, it’s impossible not to keep a check on your energy usage. But that doesn’t mean that an unexpectedly high bill could catch you by surprise. In the winter months, when we use the heating more and stay inside regularly, it’s easy to use far more than the typical amount. Then, when the bill comes in it can be a nasty shock. To deal with this, it’s important that you keep your home as green as possible. Switch out any tech that is costing you a fortune.

 

Car Trouble

Cars can cost drivers a fortune, and we are of course talking about accidents and crashes. If you are responsible for a car accident, you might need to pay damages to any other driver involved in the collision. If there were no other drivers, you might still need to pay for the costs to repair a car. You might think that you can just leave the car damaged. But this won’t be a possibility if you need your car for the commute into work or to drive the kids to school. It’s worth making sure that you do have an excellent insurance coverage. This will guarantee that you do not end up in the situation where car trouble is costing you a fortune.

 

Home Repairs

Another issue that can take your finances through the ringer is a home repair. Renters won’t need to deal with this, but homeowners may one day find themselves facing an expensive home fix such as a broken boiler. This is why you need a rainy day fund. Save a little each month, and you should have enough to stay afloat even when you are hit with a heavy cost like this.

 

Redundancy

Finally, you may find that at some point you experience redundancy. Redundancy can occur without any warning, and you need to be prepared. You should always be keeping one ear to the ground, making sure you know of the job opportunities that could replace a lost income. As well as this, you need to have a plan in place to survive the average six months it usually takes people to find work.

4 Financial Issues That Can Throw Your Budget Out Of Whack

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We hope this helps you deal with some of the financial issues that can throw your careful budgeting off completely and allow you to keep control.

 

Try our loan calculator to decide whether or not a Cigno loan is right for you.

To apply, simply complete our quick and easy online application and send us a bank statement. If you prefer to give us a call on 1300 88 23 24 and one of our friendly staff will be happy to help.

All applications are considered, and we do our very best to find a suitable solution to your needs.

Short-term cash advance solutions to get to your next payday? Receive up to $1000 in your account today with manageable repayment options, contact us: https://staging8.cignoloans.com.au/how-it-works/

Read the original source article: here

 

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Saving Up – It’s Hard To Do On A Low Income

March 19, 2018
, , , Budgeting

When you’re in your 20s, you will most likely be on a limited income. You may even be struggling on a minimum wage. That’s a problem because according to experts, you should be saving up to 20 percent of your income each month. This means experts recommend that a significant portion of your income is stored away for the future. Unfortunately, for many people, this just doesn’t seem realistic. With the bills, the unexpected costs and the little things we need, there never seems to be a lot left at the end of the month. How should you deal with this?

How many times in your 20s did you find yourself on your last $50 scraping the barrel till payday? Looking back, you probably spent a lot on things you didn’t really need, like monthly bedroom design updates.

These habits are simply unsustainable. Now that you’re getting older, wiser and more responsible it’s time you built in some good savings habits. Read on for some real tips that take into account the fact you still want to have fun on the weekends.

 

Get A Second Income

You should certainly think about setting up a second income for yourself, especially if you are single. Financial experts tend to agree that without a second income, you will struggle with both spendings and savings each month. We’re not suggesting that you start working both days and nights. Instead, you should be looking for a side hustle. This is something that you can accomplish in your spare time to add a little extra cash. An example of this would be tutoring. If you have any academic skills, then you can easily make a little extra money helping students get passing grades.

If you can afford to survive with your first income, make sure you put all the money accumulated from your side hustle into savings. Don’t fall into the trap of just spending more of the money you make.

 

Build Your Brand

Obviously one of the best ways to deal with a low income is to make sure that it rises in the future. To do this, you need to think about how to obtain a greater position in your career. You can accomplish that by building up your brand online, getting the right attention from potential employers.

Consider setting up your own website. With a website, you will be able to build up a career history and highlight some of your unique skills that will make you a valuable asset. Setting up a website doesn’t need to cost you anything but paying a little extra could ensure that you gain significantly more leads online.

 

Buy Into Budgeting

Finally, you might discover that the reason you’re struggling on a low income is due to the fact that you are simply not budgeting effectively. Here’s how to budget.

  1. First, think about how much you make each month, then subtract all the bills you know about and a 100 or so extra for the ones that could take you by surprise.
  2. Once you have done this, you should then halve the amount left and put that towards savings. Don’t worry if it’s a fairly small amount, every little will help in the grand scheme of things.
  3. The money in the account after this is what you have to spend on little luxuries. It won’t be a lot, and you’ll be tempted to crack into those savings.
  4. That’s why you should treat savings as a tax, a direct debit that leaves your account at the end of each month. That way, you’ll have no choice but to save.

Take this advice, and even on a low income, you should find saving is a lot easier.

Saving Up – It’s Hard To Do On A Low Income

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Thus, you can see simple changes have a direct impact on your budget and savings.

If you are looking for quick loans, a Cigno loan might be right for you.

To apply, simply complete our quick and easy online application and send us a bank statement. Receive up to $1000 in your account with our same day loans offering manageable repayment options. For details, contact us.

Read the original source article: here

 

 

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Think Like the Wealthy

October 28, 2017
, , , Budgeting 2

The only thing holding you back from future financial freedom is you. Maybe all you have to do to reach your goals is change your thinking. According to Grant Cardone you need to think like the rich.

No one would deny that the wealthy think and operate differently regarding money, wealth, finances and investing.

You do not want to be a burden on your loved ones in the future. Get your finances in order today. Stop over spending, start paying off any debt you already have and then start saving. If your needs exceed your pay check, it is time to look into other revenue sources. If getting another job or more hours is impossible, consider passive income. It is a great way to earn money without investing a fortune.

Think Like the Wealthy

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Try our Loan calculator to decide whether or not the Cigno service is right for you.

To apply, simply complete our quick and easy online application and send us a bank statement. If you prefer give us a call on 1300 88 23 24 and one of our friendly staff will be happy to help.

All applications are considered and we do our very best to find a suitable solution to your needs.

Short-term Cash Advance solutions to get to your next payday. Receive up to $1000 in your account Today with manageable repayment options, contact us:  https://staging8.cignoloans.com.au/how-it-works/

Original source: entrepreneur.com

 

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Teach Kids to Save From a Young Age

October 25, 2017
, Budgeting 2

If you do not teach your children how to manage their money properly you are setting them up to fail. We are inundated with advertising messages geared towards instant gratification daily and the thought of patiently saving for that dream item seems out of reach for most. According to Sophie Elsworth one way to teach our children how to save is to open a savings account for them early on and then to regularly deposit money into it, this will slowly grow to a sizeable amount by the time they can access it.

“There’s a lot we can do now to get him started and the cost of living is so high and real estate is so difficult to get into at the moment so if we can start early it will give him a headstart.”

Another way to teach our children to save is to get them involved in the process. You can work towards a shared goal to which everyone has to contribute.

Teach Kids to Save From a Young Age

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Try our Loan calculator to decide whether or not the Cigno service is right for you.

To apply, simply complete our quick and easy online application and send us a bank statement. If you prefer give us a call on 1300 88 23 24 and one of our friendly staff will be happy to help.

All applications are considered and we do our very best to find a suitable solution to your needs.

Short-term Cash Advance solutions to get to your next payday.

Receive up to $1000 in your account Today with manageable repayment options, contact us:  https://staging8.cignoloans.com.au/how-it-works/

Read the original source article here: news.com.au/finance

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Parents Teach Your Kids To Invest In Their Piggy Bank

August 7, 2017
Budgeting 3

Parents have the sometimes daunting responsibility of teaching their children how to manage money. At a young age, this usually involves saving pocket money to buy something they really want. Once kids understand the concept of money and saving, you can take it a step further and broach the subject of investment. It does not have to be overwhelming, it can be fun, according to Marissa Schulze playing games like Monopoly or Monopoly Junior is a great starting point.

“Your children will have fun while learning that they more money they have invested in property, the more rental income they will receive and the easier it is to become wealthy and win the game,” she said.

Parents Teach Your Kids To Invest In Their Piggy Bank

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You should teach your younger children about using cash as money has become invisible, money is a debit card and we’re not seeing money in notes as much anymore.

You can divide their money into three categories, spend, save and give. This teaches them to be responsible with their money and to be more involved in helping their community. Scott Pape uses the ‘jam jar’ approach to make the process easy to understand.

Discuss where and why you invest in certain portfolios with your teenagers. If they show an interest in following the share market you can discuss possible future investments and keep track of certain shares regularly. This way you ensure they are educated to make the best possible investment choices for their savings.

Follow Cigno Loans on Facebook: https://www.facebook.com/cignoloansau/

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5 Financial Apps that Will Show you How to Save Money

July 19, 2017
Budgeting 4
Would you like to take your money management on the go? Would you like cheap financial advice? Here are 5 apps that will show you how to save money.

5 Financial Apps that Will Show you How to Save Money

Saving money isn’t easy. Whether finances just aren’t your forte or you’re just learning how to manage them on your own, you probably have questions about how to save money.

While it seems simple, there’s a lot you need to take into account. Luckily, we have different apps to help you manage your money wherever you are!

Curious to learn how to save money in the digital age? Don’t have time to record your finances the old fashioned way? Maybe you’re just looking for some new and improved budgeting tools.

Read on. We’ve got all the answers you need.

How to save money the digital way

Gone are the days of paper and pen budgets. In today’s environment, you don’t need an accountant to help you learn how to save money.

Everything is digital, so it makes sense that budget and financial apps would go that route too!

If you want to learn to budget your money and save some, we’ve got 5 of the best financial apps available for you!

Mint

When it comes to learning how to save money, Mint is the ultimate budgeting tool.

Mint is highly versatile. It allows you to set savings goals, and it sends you daily notifications regarding your progress!

While Mint used to have a bill-paying feature, they’ve discontinued that recently in order to focus strictly on their budgeting app.

If you’re looking for an easy app to teach you how to save money, Mint is great because of how user-friendly it is.

It allows you to set up different budgets than the one that’s already pre-made. You can also use this to monitor the progress of each budget.

For instance, it can easily tell you that you’re spending more on gas or fast food than you intended. Once you look at that, you can figure out where you need to cut back.

BillGuard

BillGuard is a fantastic tool to help you learn how to save money. This app works twofold. One one hand, it helps you build a solid spending budget. Additionally, it helps keep your cards safe from any fraudulent charges.

BillGuard is super easy to use. This means you don’t have to figure out this app when you’re on the go.

The first step is to sync BillGuard to your bank accounts. It’ll be able to show you your entire balance. You’ll also get a peek at how much you’ve spent already this month.

If you’re used to dating apps, you’ll be fine with BillGuard. Swipe through the app to review all your transactions. This helps the app know that the charge wasn’t fraudulent.

If you don’t recognize the charges, swipe left. Then, BillGuard will take over to help guide you through the reporting process to get your accounts in order.

HelloWallet

Like a couple of other options on this list, HelloWallet offers you mobile apps and a desktop interface. Regardless of whether you’re at home on the road, learning how to save money has never been easier.

HelloWallet has a very simple interface, but it’s entirely secure – which is a must for any financial app.

This app boasts a read-only interface. This means that absolutely nobody can touch your money through this app – even yourself.

It also allows you to view your financial information all in one place. You can set goals and priorities, and you can take a detailed peek at your financial progress.

HelloWallet’s interface can also hold any and all financial info you have. It can track your income, checking and savings accounts, any credit cards you have, and investments. It can also keep an eye on your 401Ks, healthcare info, and more.

It stays up to date by streaming your information directly from your bank.

Since everything’s in one handy place, it lets you learn how to save money by picking out patterns in your spending habits. Once you analyze those trends, you can figure out which areas need work.

You Need a Budget

First things first, You Need a Budget is not a free app. However, it does offer a free trial for those who are eager to try it out!

YNAB takes an active approach to budgeting, claiming that the key to effective finances is just to make sure each dollar you spend has a purpose.

Oh, and you have to make sure this purpose is figured out before you actually spend the dollars.

YNAB is a very flexible app, letting you make changes to your budget when you need to. YNAB proposes that with a change of mindset and technique, it can be easy to take control of your finances again.

If you’re ready to learn how to save money and stop living paycheck to paycheck, You Need a Budget might be the app you’ve been looking for.

Level Money

Level Money is a unique app in that it helps you budget, but it also lets you know how much money you have left to spend.

This app helps you budget any spending essentials. Things like rent and the rest of your bills are handled and taken care of, and you’ll also get a target savings goal automatically.

Anything left over goes into your Spendable balance. This can help you save more money than you think.

If you’re going out, you can only really take your Spendable balance into account. Disregard everything else. Level Money tells you right off the bat how much money you can effectively spend.

Conclusion

Figuring out how to be financially independent can be a struggle. Millenials, in particular, tend to live paycheck to paycheck, but once you’re in that hole, it can be difficult to get out.

Luckily, the apps available on the market today make managing your finances an easy breeze. A quick check on one of these apps can help you figure out where you stand financially in an instant – and some of them can even help you pay any bills you have!

Have questions regarding how to save money and manage your finances? Contact us today!