Being a grown up sucks when it comes to money discussions. Good habits are tops, but if you fall in to bad habits it’s hard to break the cycle. Never has there been a more apt time to start managing and tracking your hard earned dollars. The average wage isn’t going up enough in relation to living costs, so penny pinching is important. There are so many online resources and tips on how to help you get on top of things. Taking stock of your hard earned dollar is the best thing you can ever do!
Here are a few ways you can save money by changing these habits…
I changed banks earlier this year. It was a hassle I won’t lie, but soooo worth it! I was tired of seeing all the fees at the end of very month. You know… $3 for this ATM, excess eftpos transactions blah blah. With tap and go a popular choice for shoppers it’s so annoying when your bank only allows a certain number per month or they’ll slog you with extra costs. I started following BFI this year and it’s made a HUGE difference. So, find a bank who won’t charge you excessive fees. If you haven’t heard of Barefoot Investor (BFI) I wrote a post here on that.
What do you do with your spare change? Throw it in the bottom of your bag, or leave it lying around in your car, pull it out of the washing machine?? Pick a designated spot (like a jar or bowl) and be really conscious of putting any of your spare change there. You’ll be surprised at how quickly the pile grows. I never leave change lying around, I always think it’s such bad Feng Shui (careless with money), plus I know I’ll always have a place to go when I need school excursion or canteen money.
Wasting food is just like tossing your spare change around. And money is too hard to get these days, so keeping an eye on your food waste is a great way to save you some cash each week. Meal planning also changed my life (and my weekly budget). I wrote all about that here.
A lot of companies are offering pay on time discounts. If you can pay your gas/electricity in small increments every single week then when the bill arrives you only have a small balance and if you pay that on time sometimes you’ll receive quite a big discount. If you don’t pay on time you may incur late fees and you’ll forever be chasing your tail. Like credit card late fees!
Paying for memberships you don’t use
What about that gym membership? Or magazine subscription? I went through my paypal subscriptions a few months ago (when I switched to BFI methods) and was shocked to see a lot of silly little monthly membership things I was paying for (especially kids games and music!).
Follow up on rebates
Have you got a health fund rebate, or travel rebate you can claim? Or any government incentives you can apply for? What about daycare or child rebate you might be owed? There’s always something you can claim. The paperwork may be annoying but that extra $$ helps your monthly budget.
If you buy items which don’t quite fit, or you’ve never worn with tags on them, can you return them? I often have something from Kmart which I bought which is no good so needs returning either for the money back or a voucher for my next purchase.
Keep your tyres pumped up
My husband and eldest child always tell me this. I get a laugh out of it, but it’s true! Pumped up tyres will save you money at the petrol station! Don’t ask me the technical side of it, but something to do with the weight of the car??
Use your bank app
Keep track of everything going out. Look for any direct debits you’re not sure about. Especially small fraudulent amounts (which can happen and go unnoticed!). Also keep an eye on any health or insurance premiums being direct debited – sometimes these go up without you noticing or considering.
Have you got any good little money tips?