1. Write a budget
Do you check your account balance at the end of the week and wonder where all your hard-earned dollars have disappeared to? In a world of electronic transactions and pay wave, it is easy to lose track of your spending. Writing a budget and tracking your expenses is a great way to identify areas you can save. Use our Budget Planner Calculator to assist you with your budget.
2. Reduce your spend on food
Food shopping can be one of the biggest monthly expenses, but there are plenty of ways to cut back.
- Write a weekly meal plan to stop those impulse buys and the need to buy takeaway. By writing a meal plan you should be able to shop once a week and have no wastage.
- Make more than you need at dinner time and have the left-overs for lunch the next day.
- Drink more water. Not only is water better for you it is cheaper than other options such as juice, soft drink or coffee. Buy a water bottle, re-use it and remember to take it with you wherever you go.
3. Spring Clean
We all have items that have been sitting in unseen corners of our homes for too long. Take the time to declutter your house and you may be surprised by just how much you don’t need or no longer use. Sell these items on Gumtree or eBay or have a garage sale, not only will you feel more organised but you will have extra cash in your pocket too.
4. Compare providers
When did you last compare your utility providers? Quite often you sign up with a provider, set up a direct debit, and before you know it you have been with the same provider for years. Make time to compare your providers yearly and you could save you hundreds of dollars or find a better deal.
5. Check your memberships
Are you using that gym membership? Many Australians sign up for gym memberships with good intentions to go every week, yet many don’t end up going at all. Other memberships such as those to sporting clubs are also worth a review. Cancel any that you are not using, it is just wasted money.
6. Use multiple bank accounts to control your spending
Dividing your money into separate bank accounts can reduce those impulse buys and ensure that you always have money for your bills. Separate your money into a bills account, spending account and savings account. Allow card access to your spending account, have all your direct debits come from the bills account, and pop money aside into the savings account for something special or that holiday you have been planning.
7. Convert purchases into hours of work
Calculating how many hours of work it takes to pay for an item can be a great way to stop impulse buys.
The information in this article is of a general nature only and does not consider your personal objectives, financial situation or particular needs
