Every week, Really Simple Money brings you some great money-saving tips. Today we focus on how you can save and help slash your day-to-day spending.
31) Top American money wizard Warren Buffet says: “Don’t save what is left after spending, spend what is left after saving.’’
32) The old piggy bank method still works – put aside $5 notes from your wallet and save them. Set a target and bank the notes when you reach $200 then start again.
33) Open a savings account that will deter you from making withdrawals like a term deposit which has penalties for pulling out before the end of the term.
34) Open a basic bank account with zero fees – this will help reduce your bank fees and make your savings work for you.
35) Open accounts for different projects like holidays, money for paying bills or home deposits. This will help track your progress.
36) Set up an automatic transfer to your savings account after payday. This will make sure you won’t have time to miss the money.
37) Set a budget. Use a budget calculator to work out your expenditure, understand where your money goes and find out how much you need to put aside each payday. In this way you will not run out of money before your next pay packet.
38) Consolidate your debt. Get rid of extra credit cards and opt for a simple card with lower interest rates and less fees. Check out Canstar for a comparison of credit cards.
39) Buy cotton wool from the aisle selling baby items – they are often cheaper.
40) Slow down on buying new clothes. Not only do they contribute to landfill, they also cost money. You can always look at Op shops as they are often bulging with hardly-worn clothes. If you really have to buy something new, avoid dry-clean only items – they are expensive to maintain.