Have you ever woken up on a Sunday morning and thought, “Oh my God, how much did I spend last night?” We know the feeling. While numerous studies and trends are showing not only are we earning less for longer than older generations, we’re also less likely to own assets. To help you adult, we’ve isolated our top habits to save big. After all, every little bit helps.
Save money on your commute
Do you drive to work? Optimise on your mileage by ensuring your tyres are at their optimum air pressure and change your oil regularly. If you can, adjust your hours so that you miss peak hour and therefore less time spent idling. If you catch public transport consider getting off earlier. While we don’t want you walking 13 extra blocks to work, some fares jump significantly after a certain point in the route. Again, if you can, adjust your hours so that you can get those non peak savings.
Get your head in the (investing) game
Investing is one of the easiest, and most rewarding, ways to increase your assets. Unfortunately many people are intimidated by it. The easiest way to dip your toes in the water is to start with some simple investing apps like Acorns or Scrutify. Ask those in the know about any good resources or books they use, or shell out for a financial planner.
Cut your grocery costs
Rule 1. Plan your meals. This means that you can eagerly anticipate what’s for dinner (maybe that’s just me) and you don’t spend extra money on something you already have at home. This also means you’re less likely to throw out unused food and that’s a win-win.
Rule 2. Stock up on non-perishables. If your favourite brand of flour or rice goes on sale, buy it at that price and store it for later. It never hurts too have too much flour on hand.
Rule 3. Buy in season. Not only will your produce taste better, but it will save you dollars too.
Reduce your daily costs
You might not realise how much you spend on things because they are convenient or you “need” them. Set up a budget or use a money tracking app (Level and Mint are good choices) to track your daily costs. The average Australian coffee costs $3.62 which ads up to almost $870 over the year. That means you just, drank the flights for your next holiday.
Trick yourself into spending less
Turn your budgeting into a game and find how much you can save. Instead of buying lots of low quality trend pieces, save for that investment item that will last longer. Or get excited about affordable alternatives. If you and your partner like eating out make a bet to find the cheapest, most delicious food options in your area – who knows, this might become your new local. Lastly, set up a direct deposit into a different bank. Find one specifically for saving with a high interest rate that rewards you for not taking your money out. You’re already doing this with your super, why not utilise the idea for your next holiday or large purchase.
