With people treating wants as needs more than ever, saving is crucial – but also increasingly difficult. Cutting some expenses may be the obvious solution, but there are some other simple ways that you might be able to save.
Avoid credit cards
Steer clear of owning a credit card. When your budget is tight and you’re trying to save money it’s a good rule of thumb not to borrow anything that will not make you profits. Instead choose a debit card where you can only spend what you already have.
Ditch the designer labels
Designer goods come with a price tag that’s not good for any budget. Avoid buying an item just because it’s got a label on it and instead select the cheaper, generically branded item.
Don’t buy a holiday home
If you’re trying to save, buying a holiday home is an unnecessary luxury. You’ll be stuck with mortgage repayments and the property’s charm will probably wear off fairly quickly – most people get bored of holidaying in the same place over and over again.
Avoid the brand new car trap
New cars depreciate in value fast. According to consumer finance adviser Kirsty Lamont, as soon as you drive your new vehicle out of the showroom its value drops by 30%.
Make your own coffee
Café coffees are a sneaky expense that tends to build up. Regular café coffee purchases often cost more than buying a machine and making the coffee yourself.
Source: http://www.smh.com.au/money/saving/five-spending-cuts-that-will-boost-your-savings-20130618-2oex7.html
