For many of us, there is increasing financial pressure due to the current economic environment we find ourselves in. This is why it is crucially important to spend our money carefully and on purpose – because every dollar you spend is a dollar that you can’t multiply. As we like to say “A dollar saved is better than a dollar earned as you don’t pay tax on a dollar saved”.
Here are 21 ways you can save money this week:
- Keep a track of your spending by creating a Money Plan – read about a Money Plan here.
- Try buying your groceries online – This may help you stick to your grocery allowance, particularly if you’re prone to impulse buying from the chocolate aisle.
- Consider buying generic branded products or products on sale.
- Unsubscribe from email lists that encourage you to spend.
- Make your coffee at home – This could save you $5 (or more) each day, $35 each week or about $1820 a year! If you were to invest this money into a reputable mutual fund instead (that averages 10%), this simple act over 40 years could amass nearly $1 million.
- Cook food at home rather than eat out – It is a lot cheaper to make a meal and feed a family at home, than it is to feed them at a restaurant. Extra Tip: make a little extra so you can take the leftovers to work or school for lunch the next day! Similar to the daily coffee, if you were to invest the daily lunch money, it could also grow to well over $1 million over a 40 year period.
- Assess and cancel any memberships you may not be using.
- Unsubscribe from streaming platforms – Do your friends or family have platforms that you may be able to share?
- Be creative with your entertainment – Most communities have a bunch of free events and activities every week that you can enjoy. You don’t have to spend money to be entertained.
- Do NOT buy anything on credit / BNPL – You may end up paying more for the item, at a particularly high interest rate.
- Try and negotiate a price – It may not always be an option, but take a moment to ask the seller if “this is their best price” or “can you do better for cash” or ”how much if I buy it now”. The worst they can say is “no”.
- If you plan to buy an item, take a moment to search online for a better price – If the price is cheaper elsewhere, ask the seller if they will match or even beat the price. If not, walk away and buy elsewhere.
- Search for and use discount coupons and promotional codes – A moment spent here can save you a fortune over a year.
- Buy fuel when it is cheapest – There are Apps which will tell you where the cheapest fuel is nearby and the usual cheapest day to buy. Avoid filling up near the weekend or right before holidays.
- Keep your car tyres pumped up – Regularly check your tyre pressure is correct. This will make them last longer and may save your fuel.
- Turn your lights off – Power is not cheap, and simply taking the time to walk through your house and turn off (at the wall) any unnecessary lights or appliances may save you a noticeable amount over a year. Bonus tip: Shop around for your power supplier.
- Shop around for a better mobile phone and home internet plan – Telco companies often have deals and promotions. You may even be able to save money by bundling your mobile phone and internet.
- Check your insurance annually (house, car, life, income protection) – Shop around annually to ensure you are paying a competitive price.
- Buy second hand. Not everything needs to be new. Can you buy your textbooks, garden tools, school uniforms… or whatever, second hand and save a bunch off buying new?
- Sell any items that cost you or you are not using anymore (such as a motorbike or boat that requires servicing, insurance or registration) – this is a sure way to make some quick cash. Platforms like Facebook Marketplace and Gumtree and free and make it super easy to sell your goods.
- Educate yourself about money – Here are 5 great books to read if you want to grow your financial wisdom and learn behaviours that will help you win with handling money:
- The Total Money Makeover – Dave Ramsay
- The Barefoot Investor – Scott Pape
- The Richest Man in Babylon – George S. Clason
- The Millionaire Next Door – Thomas J. Stanley & William D. Danko
- Rich Dad Poor Dad – Robert T. Kiyosaki
