FINANCE

How to save income – Top 10 everyday money saving tips?

Cutting back on small spends to throughout your week can save a significant amount of money in a year.

Whether your savings goals are small like buying a new TV or taking a holiday, or a bit larger, like a deposit to buy a house,  it’s never easy. Temptation lurks around to every corner, trying to sabotage you and your financial goals with cupcakes and cappuccinos. This helps you turn your loose change into folding money. We’ve put together a list of our top ten money saving tips – with just a few small lifestyle changes, so you’ll be well on the way of reaching your small saving goals.

1. Make your own presents

 The handmade gifts are often much more than the item being given. They’re a demonstration of time, effort and thoughtfulness; anyone can go out and buy the pairs of socks for you, but how many people will spend the time to knit you a pair? Something as simple as a  big hand-painted card can hold a surprising amount to sentimental value. You can even make preserved foods such as jarred feta. We love OzHarvest and how to save feta videos.

Best of all, it’s almost always cheaper than DIY. Start in making presents yourself, and before you know it, you’ll be filling up both hearts and piggy banks. 

2. Write a shopping list

How many times have you to strolled into the supermarket to buy ingredients for dinners, then walked out with a tub of fancy ice cream, two punnets of raspberries, a magazine, 6kg of Himalayan rock salt (it was special!), to half the ingredients for dinner, and no cash left in your wallet?

Writing of the shopping list can be a foolproof way to avoid those supermarket slip-ups. Well, it’s not quite that easy. Anyone can easily write a shopping list, but sticking to it is the key to success. Treat your big list as a sacred text, follow it to the letter, and it will help you stay on track.  A great tool to download and simply use is OzHarvest’s meal planner and shopping list.

3. Have a night in with friends

you all know how easy it is to spend money when you’re out on the town. It’s almost scary how easily “Sure, just one drink after work” can turn into “The next round of margaritas are on me”. to avoid burning a hole in your pockets, hosting a good night in with your friend. A board game a night, movie night or a low-key dinner party are all great, affordable ways to blow off steam.

4. Drink more tap water

It’s great for you, and it’s free! Your body and bank account will be safe thank you for it.  The average plastic bottle of water minimum costs $1.29 and uses about three times the amount of the water to produce the plastic, then the water in the bottle. If you purchase a  bottle a day, that’s a minimum $500 over one year! This money could go towards purchasing that water filter for your home instead.

5. Get creative with food and reduce foods waste

When writing a shopping list, consider how much food you may be throwing out. Is there a way you can reduce this big waste?

We all know that over ripe bananas make the best banana bread, but get creative with your other foods. Your last slices in the stale breads can be blended into bread crumbs and frozen. and Your wilted spinach can be frozen and added into a smoothie at a later date. And Your soft carrots can be revived by trimming them and placing in a glass of water until crisp.

6. Only buy once

It’s easy to just follow the price tag when you’re trying to squirrel away every spare cent. Cheaper is better, right now? Well, not always.

For everyday necessities, it can absolutely be worth spending a little and more to buy something that lasts. The $100 frying pan is better than three $40 frying pans that keep breaking. Do your research, and do not be afraid to spend a bit in the short term if it’ll mean saving for the long term.

7. Review your subscriptions

You aren’t all guilty of looking at a new movie subscription and service or cool new App,then seeing $9.99 per month and thinking “huh, that’s not too bad!”.

Then before we know, we have 15 of these coming out of our account each month yet we only use a few of these services regularly. Be honest with yourself.

 The review your subscriptions and choose what you really need and use. You would also like to get creative and chat with your wider family, perhaps you could share a subscription and split the minimum costs! 

8. Find inspiration and keep it close

We have got it. It is easy to forget why you’re saving when you’re staring down the business end of a happy hour on a Friday afternoon. That’s why it makes a big sense to set a goal, for a long time and keep a reminder of that goal close at hand.

You Want to Trip to Hamilton Island? Or small savings to do some renovations? Make a inspirational picture of your dream, to the lock screen and image on your phone. Little memory aids like these will help to keep your saving small goal present when temptation strikes.

9. Cut down on small treats

You do not have to cut out your daily coffee but there may be other small treats that you could cut out instead. In the end, saving does require big discipline. That doesn’t mean you need to live as a joyless hermit in the woods somewhere. Rather, you just need to identify the everyday extravagances that you have that are big adding up and try to dial them down. Here’s some quick ideas:

  • When you eat out, skip the appetisers and just have main and dessert instead.
  • Make a smoothie or juice at home instead of buying a $10 one out at the shops.
  • Take the keep cup when you get off your daily coffee (you may get a discounted price!).
  • Upskill yourself – Instead to paying for regular services, like having your dog washed or getting your nails done, jump on YouTube and learn to do it yourself!

10. Create a budget

Now, it’s time to crunch the numbers! Check out our guide on How To Create A Weekly Budget for all the details. 

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