Do you have a big occasion coming up that you’re trying to save for? Are you looking to save for a big purchase, like a new computer or furniture for your home? Or maybe you’re hoping to save long-term, for a down payment on a car or a house. Whatever your saving goal, it’s important to take control of your finances and make your money work for you.
SRG Finance knows how important it is to feel confident and comfortable when it comes to building a plan to save money. That’s why, we’ve put together our best money-saving tips, for you to keep in mind, as you embark on your saving journey.
- Cut out your daily coffee. Everyone’s got their vice, and, most likely yours is a jolt of caffeine in the morning. A whopping percentage of Australians admit to purchasing a least one cup of Joe on their way to work EACH DAY! With the average cost of a cup of coffee nearing $4.00 a pop, that’s an additional $20 per week, or $1,040 each year being spent fueling your caffeine addiction. If you can, try to cut down on the number of coffees you’re buying—or considering making coffee at home, or at the office, as a way to save money.
- Pack a lunch. Buying lunch daily is an easy habit to build, and a harder one to break. Although it can seem labour intensive at the time, dedicate a few hours at the start of each week to meal prep: consider what food you want to eat when, and do as much preparation as possible to give yourself a head start when it comes to packing lunch the night before each work day. A few hours on the weekend can go a long way towards making your week easier – and it means you’ll save money because meals will already be prepared, and you won’t be tempted to eat out during the week.
- When you can, choose home brand versions of products, over brand name counterparts. Most of the big stores across Australia, including Woolworths and Coles, offer their own brand products, which are priced considerable cheaper than traditional brand name items. Often, these products are identical in every way (but the packaging!) Embrace these home brands when you do your weekly shopping, and you’ll cut major costs on your grocery bill.
- Ride a bike or walk when you can. Chances are, unless you’re lucky enough to live around the corner from work, you’re faced with a sizeable commute from home to the office each weekday. Whether you spend that time sitting in traffic on the freeway or standing in a stuffed train or tram, that daily commute is costing you big bucks. Instead, why not try cycling to work, or breaking up your journey on transit by walking when you can? This will not only save you money, but also means you’ll be incorporating exercise directly into your daily routine. Your health and bank account will thank you.
- Borrow don’t buy. Libraries are one of our greatest resources, for free information and entertainment. Are you looking to unwind with a good book or the latest action flick? Consider visiting your local library branch and borrowing a book or movie instead of buying it.
- Make a budget, and stick to it. This one we can’t emphasize enough. Speak to anyone who’s successfully saved money over their life time, and they will agree that a budget is the key to staying on track, and keeping yourself accountable when it comes to managing your money. Start by saving your receipts and totaling up how much you’re spending in dedicated areas like clothing, entertainment, transit, etc. The results may be startling! From here, you should figure out what you can actually afford, and make choices to cut back accordingly.
- Avoid paying bank fees. You know what I’m talking about: those pesky one or two dollar charges that crop up when you withdraw cash from an ATM that isn’t your home bank, or that you pay to keep your savings account open each month. If you are paying back fees, we recommend giving your back a call and negotiating a lower fee, or proposing an abolishment of bank fees all together. A couple dollars may not seem like very much, but it’s worth it to keep the money in your account growing!
For more information on how a SRG Finance personal loan can assist you today, contact us.
