I love a great rubber band analogy when I consider ways to save money. Yes, stretch the stuff (money) out and you’ll get richer. Simple. This is a fab visual if you want to save more.
I’ve done some amazing money stretching this year in every aspect of my life. Some examples include putting a kitchen in my house for under $1500 and skipping a grocery shop every second week.
If you want some quick fixes for making more money in the New Year, read on to discover some ways to manage money more efficiently by making some simple changes and better choices.
- Decide whether you really need the item, especially if it is a big-ticket item
- Use comparison sites to compare prices and shop around for the best deal
- Consider testing out a similar item first before making a big investment (e.g Visit a friend with a Thermomix and have a cook up before investing)
Save money faster
- Always read reviews online before purchasing anything so you get the best deal for the money you are planning to part with
- Consider buying secondhand items – it is amazing what some people will throw out or simply don’t need anymore
- Buy items in the off season and reap discounts E.g Boxing Day Sales or shopping on Christmas Eve for last-minute bargains
- With investments like real estate or stocks, always buy in a low market and sell in a high market
But don’t be in a hurry
- Be patient. Give yourself cooling off periods before spending straight away. Emotional purchases are easy to regret later.
- Shop around online for better insurances, mortgage rates and ways to put your money to better use. Every dollar counts and it all adds up.
- Search for better services for phones, insurance and utilities. Do this as a quarterly habit.
- Tell your providers you are planning to leave and go elsewhere. Many would rather keep you at a much-reduced cost than lose you altogether. (E.g Foxtel)
Budgets are a money-saving must-do
- Definitely write a monthly budget for essential items and drop luxury items. I use a combination of PocketSmith for weekly and detailed analysis of my finances on my computer and I use GetPocketBook which delivers regular updates on my phone of how my finances (all my accounts) are tracking.
- Consider swapping expensive and extravagant outings for simple excursions, such as a picnic in the park.
- Eat healthy. Buying packaged food is very expensive. You’ll also save on health and medical bills in the long term.
- Plan menus to avoid wasting food and overspending at the shops.
- Pay all your bills within their due dates.
Got some great money tips. Share them in comments below.