10 ways to save more money
If you’re wanting to improve your financial situation, apply the simple 3 part strategy of increasing your income, reducing expenses and getting out of debt. Actively applying the 3 parts of this formula is the way to make the financial maths work in your favour.
In our previous article, 10 ways to make more money, we covered ideas for increasing your income. Now, on the flip side, here are a bunch of ideas for reducing expenses and saving you money. Doing a combination of both will help make you a good percentage better off each week.
10 Money Saving Ideas
- Reduce your grocery bills – head to discount stores like ALDI and buy in bulk when things are on special.
- For clothes shopping, go to factory outlet stores for brands which mostly have the same range for much less.
- Cook in bulk and freeze the leftovers – that way, when you’re tempted to hit the takeout food, you can hit the microwave instead.
- Always bring your lunch from home rather than buying it each day at work. This alone can save you thousands in a year.
- Walk or cycle to work to save on petrol or transport costs. Or if you must use public transport, make sure you get the cheaper weekly tickets or carpool.
- Turn the temperature down on your hot water system (if it’s set above 600 Celsius, you’re donating money to your energy company that would be better in your pocket than in theirs).
- Check your insurance excess – you can often save money by increasing the excess, and that means a lower monthly premium for you to pay.
- Quit memberships for clubs and gyms if unused or little used. And cut old automatic payments of things you signed up for online but no longer use. And ditch that expensive newspaper or magazine subscription – all the news is online, and most of it is free!
- Develop the habit of drinking more water rather than soft drinks and juices. Tap water is free, clean and has no calories. Over time, it will save you a lot of money and maybe a bit of weight.
- When looking for a Home Loan, consider an Offset Account, which can save you a lot of money over the life of the loan.
With a bit of discipline, lowering those expenses will leave more money in your pocket each week and help your financial situation improve. If you haven’t read our previous article yet, read it now – 10 ways to make more money. You may also like to read – How to get out of debt – 10 ways to pay off your debt faster.
If, however, you’re in a debt situation to the point beyond where even these ideas can help, contact us for a free debt assessment. If you can’t see any light at the end of your debt tunnel, we’re here to lend a hand. We’ve helped many Australians reduce debt, freeze interest and journey into financial freedom. Contact us today – what have you got to lose but your debts?