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Mybudget
Turbo boost your budget
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By Tammy May


Radical budget makeoversDo you need to boost your budget in a big way? I usually focus on small budget changes that add up into big savings over time. But sometimes small changes aren’t enough. So, let’s take a look at radical budget makeovers—strategies that could turbo boost your financial goals and put you on the super-fast track to financial fitness.

I’ve previously shared the story of real MyBudget client Nicole. She paid off $40,000 in credit card debt in less than two years by completely overhauling her lifestyle.       Nicole had a well-paying sales job, but she had accumulated debt from overspending. When she sat down with us and went through her budget, it became clear just how unsustainable her lifestyle was, so she decided to make some big changes.

She moved out her Melbourne apartment and back in with her mum. Instead of storing her furniture, she sold it, which allowed her to pay a big chunk off her debt. She also made changes to her lifestyle habits by taking her lunch to work every day, not going out for office drinks and banning herself from shopping centres. Within two years, the debt was all gone and she was starting to save for a house.

I know not everybody is in a position to make radical changes to their finances, but it’s amazing how fast things can turn around if you do. Here are some more ideas:

Boost your income with a second job: If you already have a job, getting a second job could be the boost you’re looking for. Working multiple jobs can be stressful, but it doesn’t have to be forever—just until you get back on track.

Sell some assets: Depending on the asset you sell, it might help to trim your expenses as well as put money in the bank. For example, households willing to go from two cars to one could potentially pocket the proceeds and save thousands of dollars a year in running costs.

Downsizing: Where selling an asset isn’t possible, downsizing is an alternative. Perhaps you could perhaps sell your car and by a smaller, cheaper one. The same principle applies to housing--paying less rent or a smaller mortgage could save you thousands a year.

Share accommodation: Do you have a spare room in your home? Taking in a roommate or lodger could be an ideal way to reduce your living costs and earn some tax-free income.

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