Avoid vampire spending

If you have found yourself shopping up a storm online in the early hours of the morning, this is referred to as ‘vampire spending’. With the ease of buying items with one swipe or click, without having to leave our beds, it’s no wonder we end up spending more than we know we should. Add tiredness, stress and keeping hours at odds with many of your family and friends, and you are less likely able to resist the lure of online shopping.

Awareness of these spending habits is key. You can keep track of your spendings by creating savings goals, and it’s smart to delete any shopping apps from your phone to reduce the temptation to spend.

Simplify your finances and set goals

When work is busy and your downtime is precious, you can make things easier for yourself by simplifying your finances. Consolidating your debt and setting savings goals is a good place to start, as it allows you to have a clear structure. Automating your savings gives you one less thing to think about and is easy to do – setting up a regular payment in your mobile banking app can be done within minutes.

Assess how much savings you need in the short-term and also consider your long-term saving objectives – getting clear on your motivations for saving can help you stay on track. This is a good time for goal setting and making adjustments to previous targets if needed.

Take advantage of discounts and rebates

As well as taking control of your spending, you can save money by utilising the special offers made available to you in your profession. There are often discounts, memberships and sales specifically for police, nurses and first responders on everything from groceries, clothing, fuel and entertainment. One example is the Blue Light Card, and there are many more, so ask around or Google to find out what’s available.

You can also maximise your tax rebates by claiming work-related expenses. Keeping track of these expenses throughout the year will help you stay organised when it comes to tax time, making the most of your return.

For police, nurses and first responders in need of help with your finances, request a callback from BankVic.

Information in this article is general in nature and does not take into account your objectives, financial situation or needs. You should consider the appropriateness of this information and refer to the relevant Terms and Conditions or Product Disclosure Statement before acquiring a product.

Police Financial Services Limited ABN 33 087 651 661 - trading as BankVic | AFSL and Australian Credit Licence 240293.