According to the Australian Bureau of Statistics’ census figures for 2016, there are 455,389 Indians living in Australia. If you’re one of them, you may be looking for ways to earn more money to boost your savings as well as to send to friends and family overseas.
Although it’s often remarked that Indians are particularly astute when it comes to handling their finances, everyone can discover new ways to earn money, stretch their savings, and provide more for their loved ones. Here are a few money-making and money-saving ideas.
Create a savings account
It may seem obvious, but you need to be organised to save money and the first step is to make saving part of your routine. Have one account for day-to-day needs and another to save money. Search for an account that pays good interest and then make regular payments by standing order from your current account. It’s a discipline that will ensure you build up funds over time.
Pay off loans and credit cards
Although you should make saving a priority, don’t forget that the interest on debt is usually much greater than the interest on savings. So, if your money is being eroded by heavy interest payments on loans and credit cards, make sure you focus on your debts first. Money spent on clearing debts, or minimising them, will leave you with more cash in the bank in the long run.
Look for reward schemes
Being rewarded for your everyday spending helps you keep more of your money. Some credit cards will give you something back when you spend with them, and there are many high street loyalty schemes that reward shoppers with points that can be put towards purchases. It certainly pays to shop around and find the best deals.
Develop a source of passive income
For the enterprising, there are innovative ways to create additional revenue streams. One example is blogging. If you have a particular skill or knowledge to share, you could earn money online by setting up a blog. Naturally, this takes time and commitment, so not entirely passive, but once you have created a blog that attracts interest, you can generate income from affiliate marketing.
Transfer money economically
Another way to make money online – or rather save it – is to find the most cost-effective way to transfer money internationally. If you use a bank, you are sure to pay a hefty fee and most likely receive a poor exchange rate. With Xpress Money you can transfer money conveniently to your loved ones back home in India. You can send money by visiting one of many partner locations across Australia, and your beneficiary can receive money transfers at any of our 60,000 agent locations in India. Not only will you get a better exchange rate, but you will also be saving up on your transfer fee. Xpress Money has a global average fee of 2%, which is amongst the lowest in the industry. The global average transfer fee is 6.99%, while the average bank remittance rate is 10.44%, according to the World Bank.
Make cost-effective money transfer part of your financial strategy. And for added economy, far better to send a large lump sum every one or two months instead of sending more regular small payments. Find out how Xpress Money can make your money go further.