10 tips to bolster your savings
Saving money doesn’t have to be a hard slog. By shaving just a few dollars off your weekly bills you can fatten your bank account – and stay financially ‘fit’.
Here are our top 10 money saving tips and tricks:
- Budget battle. Having a written budget is the simplest way to track the flow of income in and out of your household – and stay in good financial shape. Create one and stick to it.
- Shop smart. Create a weekly meal plan using your supermarket’s weekly sales catalogue. Purchase fruits and vegetables in season. Use the discount coupons on the back of your shopping docket. Try generic brands. Stock up on sale items. Don’t shop on an empty stomach.
- Rev it up. Cars can be a huge drain on finances, so make sure you have one that suits your needs now. Keep your car well serviced to avoid major repairs. Use supermarket petrol discount dockets. Wash your own car.
- Be insurance savvy. We all know that insurances, such as life, home and income protection, are important in providing peace of mind against unexpected events. But to get the very best value, look at combining your policies with the same insurance provider. Most providers offer generous discounts for multi-policy holders.
- Cut your lunch. You can save literally hundreds of dollars each year by making your own lunch to take to work. While you’re there, make lunch for your kids or partner – and save even more!
- Early bird gets the worm. Avoid nasty ‘late’ fees by paying your bills on time. Some companies even provide a discount bonus for paying on time. If you have trouble paying big bills, set up a regular repayment system to pay in installments.
- Financial fitness. Are you paying a monthly fee on your savings account? How much interest are you getting on your accounts? What interest rate are you paying on your mortgage and credit cards? Shop around to get thebest deals from banks and credit unions.
- Reap the rewards. Sign up for customer reward programs. Retailers such as Woolworths are willing to reward you for your loyalty – so take advantage of it! Remember – you can add to rewards and discounts by using rewards credit cards to earn points.
- Energy savers. Turn lights off when you leave a room. Fix leaking taps. Water your garden early in the morning or late at night. Install energy efficient light bulbs. Install a programmable thermostat.
- One step at a time. Change one small thing in your life… and save. Have a coffee before you leave for work, rather than buying one at the local café; cancel your gym membership and cycle to work; have friends over for dinner, rather than eating out in restaurants.
Following these tips can help you maximise the cash in your savings account at the end of each month.
This advice has been prepared without taking into account your personal objectives, financial situation or needs. Before acting on the advice, consider the appropriateness of the advice for your own objectives, financial situation and needs. Please read the Product Disclosure Statement relating to the product and consider the Statement before making any decision about whether to acquire the product.