What better time than a brand New Year to look at ways to save dollars?
Small changes to your daily routine can make a difference to your bank balance. Start by changing just one thing you do regularly and you could save money throughout 2019.
Pick an end goal and picture how good it will feel achieving it. Pay off a loan or debt, save for a house or investment property deposit or start planning that trip.
Here are twelve simple tips.
Give up drinking coffee
Coffee may be the one thing that makes your day go around, but what if you gave it up? Aside from the potential health benefits, such as a better sleep and less caffeine in your system, the one thing quitting coffee can do is boost your bottom line.
If you’re having two cups a day, purchased from your friendly neighbourhood barista, that’s almost $10 a day. Multiply that by a week, a month, or a year and the numbers start adding up.
Cut your grocery bill
Take a shopping list with you to the supermarket and buy only what’s on the list. Start planning meals in advance and add the ingredients to your list. If you have young children, ask a friend or parent to mind them whilst you go shopping or consider shopping online. Buy in bulk when things are cheaper. Meat can be cut into smaller portions and frozen. Swap brand names for generic products when you can.
Save on electricity and water
Electricity: Switch off and unplug appliances from the power point when you’re not using them. In winter, dress for the temperature by wearing a jumper and warm socks instead of turning on a heater. Avoid using the dryer and hang your washing outside on sunny days. Turn off the lights and rely on natural light as much as you can.
Water: Start with simple things like turning off the tap when brushing your teeth, take shorter showers or install a water efficient showerhead and consider a dual flush on your toilet.
Find cheaper ways to get fit
Ditch those expensive gym memberships and get free exercise doing laps around your local oval, by walking the dog or by using free apps available. If you can’t do without your PT sweat fix, shop around for the best deal and membership offers.
Cook at home more often
There’s nothing wrong with ordering the occasional takeout for dinner or splurging on a dine-in lunch but doing so on a daily basis can start to add up. You can enjoy the leftovers as lunch for the next day and basically get two meals from one.
Sell belongings you no longer need
Use clothes-selling apps or consignment shops to sell some of your clothing that no longer fits or just isn’t your style anymore.
This also applies to other pre-owned items you no longer need that are sitting at home unused. Consider having a garage sale or use online sites to list these items. You could really surprise yourself with what people are willing to buy online.
Learn how to cope with stress without spending
Buying things can be an easy way to relieve stress, but it’s not always good for your wallet or your mental state. Find a healthy and sustainable way to relieve stress and both your mind and your wallet will thank you.
Pack your own lunch
Taking a cut lunch to work or snacks a few times a week can save you a whole lot of cash. You will also be inclined to make healthier choices when you prepare your own lunch and could cut back on your calorie intake.
Do you own an investment property?
If you own a residential rental property, a commercial property or a business, make sure you’re getting the most available cash flow by maximising depreciation. It’s as simple as contacting a depreciation expert such as BMT Tax Depreciation.
Stop buying bottled water
Why pay $4 a bottle, more than you do for a litre of petrol, when you can turn on a tap? Water from this source is much cheaper and can save you a few extra dollars.
Don’t buy things on impulse
If you really want to buy a new item, make yourself wait a day. You will be amazed how often you decide not to go through with a purchase by taking an extra 24 hours.
Get rid of credit
Switch to a debit credit card and avoid interest charges and late payment fees when you don’t pay your bill on time. Debit credit cards allow you to use credit card facilities but only let you to spend your own money so you can’t go into debt.