Tuesday, 9 July 2013

Money smart saving tips

Money Smart Saving Tips

Having difficulty making ends meet?  Struggling to pay down debt?  Saving for something special?  Whatever your reasons, if you want to save extra money each month you will need to focus on spending less by reducing your outgoings, and increasing your incomings if possible.  Follow 1MUM's money smart saving tips to keep your cash in your pocket!

1. Review your budget - This is the best place to start and allows you to see at a glance where you could make any potential money smart savings.

2. Rent/mortgage payments - Can you reduce your costs in this area?

3.  Utility bills - It pays to do your homework and shop around as providers may offer better deals in a competitive market than they did when you first signed on.

4. Insurance - Always shop around for insurance when you are taking out a new policy, it also pays to do so when you are renewing and it can even be worth a phone call to negotiate a better rate.

5. Food and entertainment - This is simply about making some smart choices to keep on top of your budget, it doesn't need to be all about missing out on the fun, for example:

·        Caffeine hit - Are you a dedicated follower of the daily coffee run at work?  Consider sitting out three days and take a cafetiere to work to brew your own fresh coffee at a fraction of the cost ... SAVE $10+/week
·        @ work - Instead of going out for lunch with your work colleagues, suggest a date in the park with a picnic.  Avoid the takeaway counters each day and take a simple salad or sandwich ... SAVE $25+/week
·        Meals out - Instead of going out for dinner, entertain at home and cook a meal or have a BBQ.  BYO on the drinks ... SAVE $50+/week
·        Takeaway - With a tendency to be unhealthy, takeaway food can stack on the calories and be a burden on your budget!  If you fancy a night off from the apron strings, why not cook in advance and have a few of your favourite meals stored in the freezer in anticipation of that late night at work ... Save $20+/week
·        Grocery shopping - Try cutting out meat for one month, it can be healthier, cheaper and tasty too ...Save $10+/week
·        Memberships - Cancel any unused gym memberships, or if you are a gym fanatic, but would like to make some savings here, consider taking up running as a cheaper alternative ... Save $75/month

6. Transport -  Avoid taxis and hop on the bus/train instead.  If the trip is not too far, reap the rewards of walking - a healthier and cheaper alternative!  When it comes to parking, always look for free or cheaper parking when out and about.

7. Spending habits - Stop spending on credit cards and become a bargain hunter. 

8. Increase your income - Ask for a pay rise and even consider taking on a second job babysitting, waitressing/bar work, retail, manual labour etc.

9. Set yourself a goal - Decide where you are happy (and able) to make your money smart savings and calculate what this will be each month.  Once you have your figure, aim for it ... you should find it easier if you have a goal to motivate you! 

For example, only taking into account the savings example listed in the food/entertainment section, you could potentially save up to $130 per week ... $6,760 per year. 

10. Savings - You've done the hard yards, you've saved the cash, now don't blow it!  And finally, ensure it earns as much interest as possible.

Check out Sally Tyrie's money smart saving tips @ 1MUM for further details on making your budget work for you.

Money Smart not Money Short


No comments:

Post a Comment