Spring usually brings out a cleaning frenzy – cleaning out their garage, sorting out cupboards or overhauling their health and fitness regime. Although one area that tends to get overlooked is money and budgets.
The best way to get on top of your finances is to give them a spring-clean, just like you would your garage or linen cupboard. Here are a few tips to get you started…
- Go over your credit card bill from last month
Go over your credit card statement each month and see if there are any unnecessary expenses. Think about things like gym memberships, music or television subscription services and premium memberships to websites – these types of reoccurring payments can really add up.
- Buy your fresh produce from markets
Farmers markets or speciality fruit & veg sheds can often be cheaper than supermarkets so stock up on what you need for the week at your local market. Do keep an eye on specials though – sometimes supermarkets discount certain types of products so look out for competitive pricing. Or test your green thumb and give growing your own produce a go.
- Choose three things to stop spending money on
If having a takeaway coffee every day brings you joy, you should absolutely keep doing it. If you get the same buzz from an instant coffee at home and you can’t really tell the difference between the two, it might be time to ditch your daily latte habit. Have a look through your spending habits and choose three things to cut back on or cut out completely. You could save yourself a few thousand dollars to put towards that house deposit or a new piece of furniture.
A $4 takeaway coffee every day is $1460 over the course of a year.
- Commit to a savings plan
Long-term savings accounts may have a higher interest rate than regular accounts and you sometimes get rewarded for putting money in it regularly and refraining from withdrawing funds. The longer you leave your money alone in the account, the more interest you could potentially earn
- Weekly grocery budget
If you go to the supermarket every week and just buy whatever you feel like, you’re probably spending a lot more money than you need to. Set yourself a budget and challenge yourself to stick to it – and use a list, this will ensure you only buy what you need!
- Buy in bulk when you can
If you have a bulk buying store near you, try it out. Things like toilet paper, dishwasher tablets, garbage bags, long life milk and pantry staples can be purchased in larger amounts and often for a fraction of the price. Tip: Make sure you have a good idea of what price you’d pay for a particular item at different stores so you can easily identify when something is cheaper or not.