12 Simple Steps to Reduce Your Expenses and Save


It’s easy to become stressed about your finances, especially during these difficult times. Remember to take each day as it comes and stay positive. Always have an achievable goal in mind. Start small and build upon it. Before you know it, you will have achieved another milestone. We know things are tough but let’s start with what you can control, your expenses. You’ll be surprised at how much you can save.

Below are a few helpful tips to enable you to reduce your expenses and gain extra cash for you personally, and your business.

  1. Eliminate need less fees – eg. subscriptions you’re not using or don’t need. There are often many services you are paying for but not getting any direct benefit.
  2. Compare packaged services for internet, telephone, health or other to see if these are still delivering value. If not, shop around for better options.
  3. Be aware of hidden costs, or additional fees such as delivery charges on food or products.
  4. Sell unwanted or unused personal items. Repurpose others or make your own.
  5. Keep a detailed register of inventory to avoid stock losses.
  6. Write off old stock and claim depreciation on assets.
  7. If you own investment properties, be sure to claim depreciation to offset rental income, manage cash flow and reduce taxes.
  8. If you have unused space on your premises, consider leasing this out. This will increase your income and help with any future loan applications.
  9. Remember to claim all expenses associated with your rental properties and business to reduce your tax.
  10. Consolidate debt. Cancel unused credit cards. These still count as available debt. Also, pay all credit card bills and expenses on time to reduce interest or late fee charges.
  11. Review your current loan arrangements for both your home and business. Do the terms and type of loans still suit you?  If not, then consult your mortgage broker for better options.
  12. If your business is doing well, but you have cash flow issues, due to unforeseen circumstances, then a working capital loan may be something to consider.

If you’re looking to buy a property or business in the near future, or you are unhappy with your current financial arrangements for either your home loan or business finance, please contact me to discuss your options on PH:  0409 497202, john@jrmbf.com.au, or via www.jrmbf.com.au

By John Rashleigh, JR Mortgage Brokers and Finances

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