Tried and true money saving tips
These tried and true money saving tips can help you pay your mortgage off faster, save for a deposit for a property or just save for something special, so you can get to where you want to be, faster.
Saving takes patience and focus but can bring great rewards and set you up for longer term wealth. It is also a great habit to teach the kids.
To help start your savings habit, start with a small savings goal. Then once you achieve it, your confidence will grow and allow you to take on bigger savings challenges.
Here are our tried and true money saving tips:
- Avoid buying take-a-way. Or if you do take-a-way two or three times a month reduce it by one or two and pocket the saving.
- When buying clothes, check washing instructions to avoid hefty dry cleaning bills.
- If you buy a new piece of clothing make sure it goes with at least two other things in your wardrobe so you can get a few different outfits out of one item.
- If you are a smoker, try giving up. At around $40 a packet – it is a no brainer when it comes to saving money and being healthy.
- Give up drinking coffee or cut down on alcohol. As a test take part in Dry July or set an office challenge of not drinking coffee and raise money for a charity at the same time.
- Take shorter showers and where possible reuse your shower water to water the garden. To help, install a timer or choose a short song to shower to, and when the music ends, so does your shower 😉
- Better still shower with your partner. Just avoid any hanky panky otherwise the shower could take longer and cancel out the savings…
- Capitalise and check out op-shops and local markets for bargains.
- Borrow books and DVDs, read the daily paper and use the internet at your library.
- Ask your neighbours, friends or family if you can borrow tools or gardening equipment, rather than buy new items.
- Take advantage of stocktake sales or end-of-season clearances to pay less for the things you need.
- Freeze your credit card in a block of ice in the freezer for a month and only pay for things with cash.
- Cancel your gym membership, download a workout App to your phone and workout at home.
- Use a hot water bottle instead of an electric blanket.
- Saving money doesn’t mean you have to cut yourself off from the social circuit. Have people over for dinner rather than going out and ask everyone to bring a plate of food.
- Set a limit for birthday and Christmas presents.
- Try making groovy homemade gifts.
- Pot up multiples of plants from your garden, pop a ribbon around them and give them as gifts.
- The use of clothing dyers rack up the power bill, instead, hang your washing outside on sunny days, and use an indoor clothes rack when it’s raining.
- Turn off lights if you don’t need them on.
- Use a door snake under the door it stops cold drafts coming in and heat escaping.
- Seal up any gaps or cracks around your windows, doors, ceilings and floors.
- Closing curtains or blinds at night also helps to trap the heat in.
- Choose energy efficient appliances. Check the energy rating on new appliance purchases and calculate the long term energy cost of the appliance.
- Install a water efficient showerhead. One that gets you wet, but still saves water!
- Toilet 101: Install a dual flush on your toilet.
- Turn the tap off when you brush your teeth.
- Get into the habit of reading your energy and water meters and monitoring your usage.
- Save the water you use when boiling eggs, vegetables or pasta, and use it to water your plants – wait for it to cool before watering of course!
- You can also water your plants with grey water from your washing machine or shower.
- Get a laundry product that thrives in a cold wash and wash clothes in cold water.
- Avoid over-heating your water and lower the temperature on your hot water system to 60°C.
- Release your inner entrepreneur and turn a hobby into cash by selling your gear online or at a local market.
- Sell preloved items on eBay or Gum Tree.
- Keep your shopper dockets and other discounts as they may come in handy when you do your grocery shop.
- DIY car washing. Wash it at home and save cash.
- Start a coin jar. A coin jar that cannot be opened.
- When buying items, always ask for the best price.
- If you have a mortgage make sure you have a competitive home loan rate.
So what are you waiting for? Why not take up the challenge and put in place a couple of these tired and true money saving tips today!
In the meantime, take a look at the Urban Money home loan interest rates and compare them to the major banks.