It’s funny the things we do without thinking. Don’t worry, I’ve done everything on this list. Now I’m enjoying the savings from heeding my own advice. These 6 money saving tips will explode your mind and the money in your bank account.
1. Avoid buying clothes that are actually rags
Secondhand stores can be expensive. I can’t believe the prices at my local Salvo store. I can find the stuff cheaper at K-Mart. If you are thinking about investing in new clothes there are a few rules of thumb I’d like to disclose.
- Buy basic clothes in plain colours
- Avoid patterns so clothes don’t go out of vogue too quick
- Take an inventory of your wardrobe and what you have to match with the new garment
- Buy quality items that will last more than a few seasons
- If buying fad fashion items, buy them at cheap stores like K-Mart
- Shop in secondhand stores in rich areas to grab designer clothes
2. Don’t go ape at the ATM
Don’t visit your ATM too often. If you must get cash out consider just visiting an ATM once a week. When at the ATM also make sure you don’t get out too much cash. What you have in your wallet in cash you will likely spend. Here are a few simple steps you can take to avoid spending too much of your hard-earned cash.
- Try dividing cash up into envelopes and budget into categories. E.g. Groceries, fun money or other.
- When the money is gone, so is the budget.
- Wait until your next visit to the ATM to refill that envelope.
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3. Slash insurance premiums
Insurance premiums are going up and up. Spend time to reduce your annual premiums. Get on the phone and call each insurer to find the best deal. Also ask your bank manager about insurance. This year I consolidated all our insurances with our bank and we saved thousands. Now I’m happy that I have all my insurances on my Internet banking account. This makes things much easier to manage.
These money saving tips were seen here first in the Savings Room
4. Get psycho about meal planning
Eating out is one of the biggest money’s saps ever. You know the deal. You get home from work tired and lethargic– Not want to cook dinner at all. So you get the local pizza or fish and chip shop and next thing bang your minus$30 down with a big belly of fat in you. Consider having ready meals in the freezer and planning mills ahead of time. If you had time in the mornings consider getting dinner organised in the slow cooker. Or cook in bulk on the weekends and freeze feels for those evenings when you don’t feel like cooking. My book Freezer Meals completely organises your dinners for the month. You’ll also save hundreds of dollars each month too. Be sure to take a look at it.
5. You can do better than a bowl cut
Believe it or not it is actually quite simple to cut a child’s hair. Most of us have been to hairdresser long enough to get the idea. You could also jump online and learn how to cut your kids hair. There are plenty of tutorials available.
4. Quit competing with awful people
Many people get caught up in competing with others. This is a trap. Be clear about what you want in life and go for it. Sure – become inspired by what other people are doing but don’t try to be them. You will fall into a false sense of security. It is important to build your own life and personality. Since success often follows passion, find what fires you up and the money will follow. Note: many people fall into the trap of competing with or trying to impress people they don’t even like. This is a pointless exercise. Spend time learning more money saving tips in the Savings Room instead of focusing on awful people.
5. Don’t be a klepto at the cashier
We all spend a lot of time standing in lines. When you are at the supermarket don’t fall into the trap of buying items that are in front of you. Supermarket marketers are some of the best in the world. Their full-time job is to find ways to lure you into spending more while waiting in line. Don’t get sucked into this. Stay focused. Get in and get out.
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6. Stop killing yourself on the grocery run
Shop online and save your legs. The great thing about shopping online is that you’ll stick to your list. You won’t get sucked into impulse buys and you won’t have to luck those heavy groceries home. Plus you can sort by price and find the best deals faster. Final note: You won’t have any grocery-related petrol parking costs either. This is a win-win.
Tip: The Savings Room has over 25,000+ money saving tips and ways to manage life better. Be sure to visit daily to learn more.